Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.8.0.1
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Reconciliation of Warrant Liability Measured at Fair Value

The following table is a reconciliation of the warrant liability measured at fair value using level 3 inputs (in thousands):

 

 

 

Warrant

Liability

 

Balance at December 31, 2016

 

$

49

 

Change in fair value through August 1, 2017

 

 

(3

)

Exercise of warrant put related to 2014 warrants

 

 

(46

)

Warrant liability related to Merger on August 1, 2017

 

 

1,120

 

Change in fair value during the two months ended September 30, 2017

 

 

272

 

Balance at September 30, 2017

 

$

1,392

 

 

Outstanding Warrants Valuation Assumption

The fair value of these warrants on September 30, 2017 and December 31, 2016 was determined using a Black-Scholes model with the following key level 3 inputs:

 

 

September 30, 2017

 

 

December 31, 2016

 

Risk-free interest rate

 

1.62

%

 

 

1.20

%

Expected life (in years)

 

2.39

 

 

 

2.25

 

Dividend yield

 

 

 

 

 

Volatility

 

154

%

 

 

76

%

Stock price

$

6.97

 

 

$

3.07

 

 

Financial Liabilities Subject to Fair Value Measurements

The following table sets forth the Company’s financial liabilities subject to fair value measurements as of September 30, 2017 and December 31, 2016 (in thousands):

 

 

 

 

 

 

Basis of Fair Value Measurements

 

 

Fair Value as of September 30, 2017

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

2017 warrants

$

1,392

 

 

$

 

 

$

 

 

$

1,392

 

 

 

 

 

 

 

Basis of Fair Value Measurements

 

 

Fair Value as of

December 31,

2016

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

2014 warrants

$

49

 

 

$

 

 

$

 

 

$

49