Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Stockholders Equity |
|
Schedule of warrants outstanding |
|
|
June
30, |
|
|
December
31, |
|
Outstanding
Warrants |
|
2018 |
|
|
2017 |
|
Issued
to Investors on October 25, 2013, entitling the holders to purchase 250,000 common shares in the Company at an exercise price
of $11.50 per common share up to and including April 24, 2021. In 2016, 59,450 of these warrants were exchanged for common
stock, and all remaining warrant holders agreed to new warrant terms which excluded any potential net cash settlement provisions
in exchange for a reduced exercise price of $6.25 per share. |
|
|
163,986 |
|
|
|
163,986 |
|
|
|
|
|
|
|
|
|
|
Issued
to Investors on November 17, 2014, entitling the holders to purchase 546,919 common shares in the Company at an exercise price
of $11.55 per common share up to and including May 16, 2022. On June 30, 2016, the warrant holders agreed to new warrant terms
which excluded any potential net cash settlement provisions in order to classify them as equity in exchange for a reduced
exercise price of $6.25 per share. |
|
|
546,919 |
|
|
|
546,919 |
|
|
|
|
|
|
|
|
|
|
Issued
to an investor on August 10, 2016, entitling the holders to purchase 500,000 common shares in the Company at an exercise price
of price of $0.01 per share, up to and including December 31, 2019. These warrants were exercised in January 2018. |
|
|
- |
|
|
|
500,000 |
|
|
|
|
|
|
|
|
|
|
Issued
to Series B Preferred Stock investors on January 30, 2018, entitling the holders to purchase 666,664 common shares in the
Company at an exercise price of price of $1.875 per share, up to and including July 30, 2018. |
|
|
666,664 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Issued
to an investment bank regarding the Series B Preferred Stock investment on January 30, 2018, entitling the holder to purchase
133,432 common shares in the Company at an exercise price of price of $1.50 per share, up to and including January 30, 2021. |
|
|
133,432 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,511,001 |
|
|
|
1,210,905 |
|
|
Schedule of share-based compensation, stock options activity |
Stock
option transactions to the employees, directors and consultants are summarized as follows for the six months ended June 30, 2018:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant
Date
Fair
Value
|
|
Beginning
of the period |
|
|
3,976,884 |
|
|
$ |
3.58 |
|
|
$ |
2.49 |
|
Granted
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired
|
|
|
(6,145 |
) |
|
$ |
46.82 |
|
|
$ |
30.85 |
|
End
of the period |
|
|
3,970,739 |
|
|
$ |
3.51 |
|
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable |
|
|
3,585,055 |
|
|
$ |
3.60 |
|
|
$ |
2.59 |
|
Stock
option transactions to the employees, directors and consultants are summarized as follows for the year ended December 31, 2017:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant
Date
Fair
Value
|
|
Beginning
of the year |
|
|
2,172,581 |
|
|
$ |
6.70 |
|
|
$ |
4.83 |
|
Granted
|
|
|
1,854,277 |
|
|
|
1.05 |
|
|
|
0.77 |
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired
|
|
|
(49,974 |
) |
|
|
45.53 |
|
|
|
38.70 |
|
End
of the year |
|
|
3,976,884 |
|
|
$ |
3.58 |
|
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable |
|
|
2,434,148 |
|
|
$ |
4.84 |
|
|
$ |
3.36 |
|
Stock
option transactions to the employees, directors and consultants are summarized as follows for the six months ended June 30, 2018:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant
Date
Fair
Value
|
|
Beginning
of the period |
|
|
3,976,884 |
|
|
$ |
3.58 |
|
|
$ |
2.49 |
|
Granted
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired
|
|
|
(6,145 |
) |
|
$ |
46.82 |
|
|
$ |
30.85 |
|
End
of the period |
|
|
3,970,739 |
|
|
$ |
3.51 |
|
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable |
|
|
3,585,055 |
|
|
$ |
3.60 |
|
|
$ |
2.59 |
|
Stock
option transactions to the employees, directors and consultants are summarized as follows for the year ended December 31, 2017:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant
Date
Fair
Value
|
|
Beginning
of the year |
|
|
2,172,581 |
|
|
$ |
6.70 |
|
|
$ |
4.83 |
|
Granted
|
|
|
1,854,277 |
|
|
|
1.05 |
|
|
|
0.77 |
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired
|
|
|
(49,974 |
) |
|
|
45.53 |
|
|
|
38.70 |
|
End
of the year |
|
|
3,976,884 |
|
|
$ |
3.58 |
|
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable |
|
|
2,434,148 |
|
|
$ |
4.84 |
|
|
$ |
3.36 |
|
|
Schedule of non-vested options, activity |
|
|
Shares |
|
|
Weighted-
Average
Fair
Value
Grant
Date
|
|
|
Weighted
Average
Exercise
Price
|
|
Non-vested
– December 31, 2016 |
|
|
450,476 |
|
|
$ |
3.60 |
|
|
$ |
5.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
1,854,277 |
|
|
$ |
0.77 |
|
|
$ |
1.05 |
|
Vested
|
|
|
(762,017 |
) |
|
|
1.67 |
|
|
|
2.54 |
|
Forfeited
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-vested
– December 31, 2017 |
|
|
1,542,736 |
|
|
$ |
1.10 |
|
|
$ |
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Vested
|
|
|
(1,157,052 |
) |
|
$ |
1.22 |
|
|
$ |
1.13 |
|
Forfeited
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested
– June 30, 2018 |
|
|
385,684 |
|
|
$ |
2.69 |
|
|
$ |
1.70 |
|
|
Schedule of disclosure of share-based compensation arrangements by share-based payment award |
The
following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable
at June 30, 2018:
|
|
Stock
Options Outstanding |
|
|
Stock
Options Vested |
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
|
Life |
|
|
of |
|
|
Exercise |
|
|
Life |
|
|
of |
|
|
Exercise |
|
Exercise
Prices |
|
|
-Years |
|
|
Awards |
|
|
Price |
|
|
|
-Years |
|
|
Awards |
|
|
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.05-$2.00 |
|
|
9.06 |
|
|
|
2,528,666 |
|
|
$ |
1.18 |
|
|
|
9.04 |
|
|
|
2,318,030 |
|
|
$ |
1.19 |
|
$2.01-$6.00 |
|
|
7.36 |
|
|
|
821,174 |
|
|
$ |
4.59 |
|
|
|
7.36 |
|
|
|
651,429 |
|
|
$ |
4.58 |
|
$6.01-$20.00 |
|
|
4.63 |
|
|
|
505,694 |
|
|
$ |
7.47 |
|
|
|
4.60 |
|
|
|
500,391 |
|
|
$ |
7.58 |
|
$20.00-$43.25 |
|
|
1.19 |
|
|
|
115,205 |
|
|
$ |
29.85 |
|
|
|
1.19 |
|
|
|
115,205 |
|
|
$ |
29.54 |
|
Total
|
|
|
7.92 |
|
|
|
3,970,739 |
|
|
$ |
3.51 |
|
|
|
7.86 |
|
|
|
3,585,055 |
|
|
$ |
3.60 |
|
The
following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable
at December 31, 2017:
|
|
Stock
Options Outstanding |
|
|
Stock
Options Vested |
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
|
Life |
|
|
of |
|
|
Exercise |
|
|
Life |
|
|
of |
|
|
Exercise |
|
Exercise
Prices |
|
|
-Years |
|
|
Awards |
|
|
Price |
|
|
|
-Years |
|
|
Awards |
|
|
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.05-$2.00 |
|
|
9.56 |
|
|
|
2,528,666 |
|
|
$ |
1.18 |
|
|
|
9.28 |
|
|
|
1,197,708 |
|
|
$ |
1.33 |
|
$2.01-$6.00 |
|
|
7.86 |
|
|
|
821,174 |
|
|
$ |
4.59 |
|
|
|
7.86 |
|
|
|
651,429 |
|
|
$ |
4.58 |
|
$6.01-$20.00
|
|
|
5.12 |
|
|
|
505,694 |
|
|
$ |
7.47 |
|
|
|
4.93 |
|
|
|
463,661 |
|
|
$ |
7.58 |
|
$20.01-$45.00
|
|
|
1.66 |
|
|
|
118,016 |
|
|
$ |
29.85 |
|
|
|
1.66 |
|
|
|
118,016 |
|
|
$ |
29.85 |
|
$45.01-$72.00
|
|
|
0.18 |
|
|
|
3,334 |
|
|
$ |
50.25 |
|
|
|
0.18 |
|
|
|
3,334 |
|
|
$ |
50.25 |
|
Total
|
|
|
8.40 |
|
|
|
3,976,884 |
|
|
$ |
3.58 |
|
|
|
7.70 |
|
|
|
2,434,148 |
|
|
$ |
4.84 |
|
|
Schedule of service-based payment award, stock options, valuation assumptions |
Weighted
average assumptions used in the Black Scholes option-pricing model for the service-based stock options issued for the years ended
December 31, 2017, was as follows:
|
|
Year
ended |
|
|
|
December
31, |
|
|
|
2017 |
|
|
|
|
|
Average
risk-free interest rate |
|
|
2.15 |
% |
Average
expected life- years |
|
|
5.67 |
|
Expected
volatility |
|
|
87.24 |
% |
Expected
dividends |
|
$ |
0.0 |
|
In
accordance with ASC 718, the market-based and performance-based long-term non-qualified option grants awards issued in 2017 were
assigned a fair value of $0.80 per option share (total value of $0.9 million) on the date of grant using a Monte Carlo simulation.
The following assumptions were used in the Monte-Carlo simulation model:
Expected
volatility |
|
|
87.5%
to 91 |
|
Risk
free interest rate |
|
|
2.24%
to 2.42 |
|
Dividend
yield rate |
|
|
0 |
|
Weighted
average remaining expected life |
|
|
4.2 years |
|
Closing
price per share – common stock |
|
$ |
1.05 |
|
|