Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Inputs Liabilities Quantitative Information [Line Items]  
Financial Liabilities Subject to Fair Value Measurements

The following table sets forth the Company’s financial liabilities, related to warrants issued in the March 2011 and February 2015 offerings, subject to fair value measurements as of December 31, 2016 and 2015:

 

 

 

Fair Value as of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December  31,

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

2016

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

February 2015 warrants

 

$

1,743

 

 

$

 

 

$

 

 

$

1,743

 

 

 

 

Fair Value as of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December  31,

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

2015

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

March 2011 warrants

 

$

38

 

 

$

 

 

$

 

 

$

38

 

February 2015 warrants

 

 

1,826

 

 

 

 

 

 

 

 

 

1,826

 

Total common stock warrants

 

$

1,864

 

 

$

 

 

$

 

 

$

1,864

 

 

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, 2013

 

$

23,421

 

Exercise of common stock warrants during 2014

 

 

(10,116

)

Change in fair value of common stock warrants during 2014

 

 

(9,344

)

Balance at December 31, 2014

 

 

3,961

 

Initial fair value of common stock warrant related to

   February 2015 offering

 

 

14,693

 

Exercise of common stock warrants during 2015

 

 

(17

)

Change in fair value of common stock warrants during 2015

 

 

(16,773

)

Balance at December 31, 2015

 

 

1,864

 

Change in fair value related to expired March 2016

   common stock warrants

 

 

(38

)

Change in fair value of common stock warrants during 2016

 

 

(83

)

Balance at December 31, 2016

 

$

1,743

 

 

March 2011 Warrants  
Fair Value Inputs Liabilities Quantitative Information [Line Items]  
Outstanding Warrants Valuation Assumption

The fair value of these warrants on December 31, 2015 was determined using a Black Scholes valuation model with the following key level 3 inputs:

 

 

 

December 31,

2015

 

Risk-free interest rate

 

 

0.16

%

Expected life (in years)

 

 

0.21

 

Dividend yield

 

 

 

Volatility

 

 

179

%

Stock price

 

$

0.48

 

 

February 2015 Warrants  
Fair Value Inputs Liabilities Quantitative Information [Line Items]  
Outstanding Warrants Valuation Assumption

The fair value of these warrants on December 31, 2016 and 2015 was determined using a Black Scholes valuation model with the following key level 3 inputs:

 

 

 

December 31,

2016

 

 

December 31,

2015

 

Risk-free interest rate

 

 

1.93

%

 

 

1.76

%

Expected life (in years)

 

 

3.13

 

 

 

4.14

 

Dividend yield

 

 

 

 

 

 

Volatility

 

 

135

%

 

 

112

%

Stock price

 

$

0.44

 

 

$

0.48