Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
Stockholders Equity Tables |
|
Schedule of Aspire Option Agreement |
Closing price per share of common stock |
|
$ |
3.34 |
|
Average risk-free interest rate |
|
|
0.83 |
% |
Average expected life- years |
|
|
3.38 |
|
Expected volatility |
|
|
92.61 |
% |
Expected dividends |
|
|
0 |
% |
|
Schedule of Future Amortization of Deferred Financing Costs |
2017 |
|
$ |
0.5 |
|
2018 |
|
$ |
0.5 |
|
2019 |
|
$ |
0.5 |
|
|
Schedule of Warrants Outstanding |
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Issued to Investors on July 28, 2010, entitling the holders to purchase 207,000 common shares in the Company at an exercise price of $45.00 per common share up to and including July 27, 2017. These warrants were reported in the liability section of our balance sheet in 2015, but at December 31, 2016, the fair market value of these warrants was not significant. |
|
|
207,000 |
|
|
|
207,000 |
|
|
|
|
|
|
|
|
|
|
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. These warrants were reported in the liability section of our balance sheet in 2015. In 2016, 59,450 of these warrants were exchanged for common stock, and all remaining warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. There warrants are reported in the equity section of our balance sheet as of December 31, 2016. |
|
|
163,986 |
|
|
|
223,436 |
|
|
|
|
|
|
|
|
|
|
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 in exchange for a reduced exercise price of $6.25 per share. These warrants are reported in the equity section of our balance sheet on December 31, 2016 and in the liability section of our balance sheet on December 31, 2015. |
|
|
546,919 |
|
|
|
546,919 |
|
|
|
|
|
|
|
|
|
|
Issued to an Investor on June 28, 2016, entitling the holders to purchase 295,267 common shares in the Company at an exercise price of $0.05 per common share (pre-funded) up to and including June 27, 2021. These warrants are reported in the equity section of our balance sheet. |
|
|
295,267 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
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 are reported in the equity section of our balance sheet. |
|
|
500,000 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,713,172 |
|
|
|
977,355 |
|
|
Schedule of Share-based Compensation, Stock Options, Activity |
Stock option transactions to the employees,
directors and consultants are summarized as follows for the years ended December 31, 2016:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Beginning of the period |
|
|
1,047,450 |
|
|
$ |
18.50 |
|
|
$ |
20.30 |
|
Granted |
|
|
1,210,467 |
|
|
|
3.02 |
|
|
|
1.71 |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired |
|
|
(85,336 |
) |
|
|
99.37 |
|
|
|
97.81 |
|
End of the period |
|
|
2,172,581 |
|
|
$ |
6.70 |
|
|
$ |
4.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable |
|
|
1,722,105 |
|
|
$ |
7.03 |
|
|
$ |
5.15 |
|
Stock option transactions to the employees,
directors and consultants are summarized as follows for the year ended December 31, 2015:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Beginning of the year |
|
|
405,344 |
|
|
$ |
45.95 |
|
|
$ |
53.05 |
|
Granted |
|
|
698,323 |
|
|
|
5.40 |
|
|
|
3.70 |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
(22,883 |
) |
|
|
33.15 |
|
|
|
30.30 |
|
Expired |
|
|
(33,334 |
) |
|
|
67.50 |
|
|
|
64.20 |
|
End of the year |
|
|
1,047,450 |
|
|
$ |
18.50 |
|
|
$ |
20.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable |
|
|
688,452 |
|
|
$ |
24.75 |
|
|
$ |
8.40 |
|
|
Schedule of Non-Vested Shares, Activity |
|
|
Shares
|
|
|
Weighted-
Average Fair
Value
Grant Date
|
|
|
Weighted
Average
Exercise Price
|
|
Non-vested Shares |
|
|
|
|
|
|
|
|
|
Non-vested at January 1, 2015 |
|
|
92,467 |
|
|
$ |
8.55 |
|
|
$ |
12.75 |
|
Granted |
|
|
698,323 |
|
|
|
3.70 |
|
|
|
5.40 |
|
Vested |
|
|
(431,789 |
) |
|
|
4.00 |
|
|
|
5.90 |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-vested - December 31, 2015 |
|
|
359,001 |
|
|
$ |
4.55 |
|
|
$ |
6.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
1,210,467 |
|
|
$ |
1.71 |
|
|
$ |
3.02 |
|
Vested |
|
|
(1,118,992 |
) |
|
|
1.81 |
|
|
|
3.19 |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-vested December 31, 2016 |
|
|
450,476 |
|
|
$ |
3.60 |
|
|
$ |
5.40 |
|
|
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 December 31, 2016:
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.14-$4.00 |
|
|
9.85 |
|
|
|
678,769 |
|
|
$ |
1.55 |
|
|
|
9.85 |
|
|
|
678,769 |
|
|
$ |
1.55 |
|
$4.01-$6.00 |
|
|
8.86 |
|
|
|
816,794 |
|
|
$ |
4.60 |
|
|
|
8.83 |
|
|
|
477,302 |
|
|
$ |
4.60 |
|
$6.01-$20.00 |
|
|
6.12 |
|
|
|
505,694 |
|
|
$ |
7.47 |
|
|
|
5.91 |
|
|
|
394,710 |
|
|
$ |
7.36 |
|
$20.01-$45.00 |
|
|
2.24 |
|
|
|
144,683 |
|
|
$ |
31.47 |
|
|
|
2.24 |
|
|
|
144,683 |
|
|
$ |
31.47 |
|
$45.01-$72.00 |
|
|
0.94 |
|
|
|
26,641 |
|
|
$ |
53.03 |
|
|
|
0.94 |
|
|
|
26,641 |
|
|
$ |
53.03 |
|
Total |
|
|
7.99 |
|
|
|
2,172,581 |
|
|
$ |
6.70 |
|
|
|
7.89 |
|
|
|
1,722,105 |
|
|
$ |
7.03 |
|
The following table provides certain information
with respect to the above-referenced stock options that are outstanding and exercisable at December 31, 2015:
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$4.15-$6.30 |
|
|
9.60 |
|
|
|
698,323 |
|
|
$ |
5.38 |
|
|
|
9.58 |
|
|
|
393,145 |
|
|
$ |
5.30 |
|
$12.75-$25.00 |
|
|
3.26 |
|
|
|
129,141 |
|
|
$ |
15.52 |
|
|
|
3.20 |
|
|
|
75,321 |
|
|
$ |
17.50 |
|
$25.05-$64.50 |
|
|
3.04 |
|
|
|
133,648 |
|
|
$ |
37.93 |
|
|
|
3.04 |
|
|
|
133,648 |
|
|
$ |
37.95 |
|
$67.50-$94.50 |
|
|
0.63 |
|
|
|
38,338 |
|
|
$ |
73.77 |
|
|
|
0.63 |
|
|
|
38,338 |
|
|
$ |
73.75 |
|
$96.00-$119.25 |
|
|
0.12 |
|
|
|
48,000 |
|
|
$ |
119.25 |
|
|
|
0.12 |
|
|
|
48,000 |
|
|
$ |
119.25 |
|
Total |
|
|
7.21 |
|
|
|
1,047,450 |
|
|
$ |
18.50 |
|
|
|
6.46 |
|
|
|
688,452 |
|
|
$ |
24.75 |
|
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
|
|
Year ended |
|
|
Year ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
Average risk-free interest rate |
|
|
1.57 |
% |
|
|
1.64 |
% |
Average expected life- years |
|
|
5.05 |
|
|
|
5.38 |
|
Expected volatility |
|
|
87.74 |
% |
|
|
86.66 |
% |
Expected dividends |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|