Stockholders’ Equity and Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Stockholders Equity And Stock-based Compensation Tables |
|
Schedule of Aspire Option Agreement |
The
assumptions used in the Black Scholes option-pricing model for these warrants on August 10, 2016, were as follows:
Closing
price per share of common stock |
|
$ |
3.34 |
|
Average
risk-free interest rate |
|
|
.83 |
% |
Average
expected life- years |
|
|
3.3 |
|
Expected
volatility |
|
|
92.61 |
% |
Expected
dividends |
|
|
0 |
% |
|
Schedule of Warrants Outstanding |
Outstanding Warrants |
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
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. |
|
|
- |
|
|
|
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. 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 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 were exercised on July 12, 2017. |
|
|
- |
|
|
|
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 were exercised in January 2018 (Note 13 - Subsequent Events). |
|
|
500,000 |
|
|
|
500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,210,905 |
|
|
|
1,713,172 |
|
|
Schedule of Share-based Compensation, Stock Options, Activity |
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 year ended December 31, 2016:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Beginning of the year |
|
|
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 year |
|
|
2,172,581 |
|
|
$ |
6.70 |
|
|
$ |
4.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable |
|
|
1,722,105 |
|
|
$ |
7.03 |
|
|
$ |
5.15 |
|
|
Schedule of Non-Vested Options, Activity |
A
summary of the status of the Companys non-vested options as of December 31, 2016 and 2017, and changes during the years
ended December 31, 2017 and 2016, is presented below:
|
|
Shares |
|
|
Weighted-Average Fair Value Grant Date |
|
|
Weighted Average Exercise Price |
|
Non-vested Option Shares |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
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, 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 |
|
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 |
|
|
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 and 2016, were as follows:
|
|
Year
ended |
|
|
Year
ended |
|
|
|
December
31, |
|
|
December
31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
Average
risk-free interest rate |
|
|
2.15 |
% |
|
|
1.57 |
% |
Average
expected life- years |
|
|
5.67 |
|
|
|
5.05 |
|
Expected
volatility |
|
|
87.24 |
% |
|
|
87.74 |
% |
Expected
dividends |
|
$ |
0.0 |
|
|
$ |
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 |
|