Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.6.0.2
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2016
Schedule of fair value of stock warrants, notes

The table below presents the allocation of the proceeds based on the relative fair values of the stock, warrants and note (in thousands).

 

    Fair value     Allocated value  
             
Allocation of Proceeds                
Convertible note   $ 4,879     $ 1,844  
Warrants     13,586       5,134  
Common stock     7,998       3,022  
                 
    $ 26,463     $ 10,000  
Schedule of principal assumptions used in the measurement of the fair values of the warrants

Provided below are the principal assumptions used in the measurement of the fair values of the warrants issued during 2015 (Warrants fair value in thousands).

 
    Consulting     IPO     O-A     Consulting     Consulting  
    09/08/14     08/05/15     08/13/15     10/31/15     11/02/15  
Fair market value of shares   $ 1.64     $ 5.00     $ 5.36     $ 5.00     $ 4.89  
Assumed exercise price   $ 0.0034375     $ 6.00     $ 6.00     $ 3.00     $ 6.00  
Term in years     3       5       5       2.75       1  
Volatility     80 %     80 %     80 %     80 %     80 %
Annual rate of dividends     0 %     0 %     0 %     0 %     0 %
Discount rate     1.02 %     1.64 %     1.57 %     1.26 %     1.26 %
Call option value   $ 1.49     $ 3.05     $ 3.34     $ 2.28     $ 1.21  
Warrant shares issued     436,364       660,000       64,193       12,500       30,000  
Warrants fair value   $ 714     $ 2,014     $ 214     $ 28     $ 36  
Schedule of the allocation of stock-based compensation

The stock-based compensation expense recorded was allocated as follows (in thousands):

 

    Year ended December 31,  
    2016     2015  
Operations and development costs   $ 256     $ 119  
General and administrative expense     804       182  
Total   $ 1,060     $ 301  
Schedule of assumptions used in the black-scholes-Merton option-pricing model

The following assumptions were used in the Black-Scholes-Merton option pricing model to estimate the fair value of the awards granted during the year ended December 31, 2016 and 2015.

 

    2016     2015  
             
Expected stock volatility     71.2% - 80.0%       80 %
Risk free interest rate     0.92% - 1.77%       1.32% - 1.75%  
Expected years until exercise     2.5 - 4.0       3.42 - 3.5  
Dividend yield     0 %     0 %
Schedule of stock option activity and related information

The following table summarizes the stock option activity and related information through December 31, 2016.

 

          Options Outstanding  
    Number of
Shares
Available for
Grant
    Number of
Shares
    Weighted-
Average
Exercise Price
Per Share ($)
 
Balance at December 31, 2014                        
Options authorized     1,363,637                  
Options granted     (777,779 )     777,779     $ 3.94  
Options forfeited     25,455       (25,455 )     3.56  
Balance at December 31, 2015     611,313       752,324       3.95  
Options granted     (229,497 )     229,497       8.56  
Options exercised     -       (4,500 )     4.18  
Options forfeited     61,749       (61,749 )     6.14  
Balance at December 31, 2016     443,565       915,572     $ 4.96  
Schedule of additional information related to status options

Additional information related to the status of options at December 31, 2016 is as follows:

 

    Shares     Weighted-
Average
Exercise
Price Per
Share
    Weighted-
Average
Remaining
Contractural
Life (Years)
    Aggregate
Intrinsic
Value (in
thousands)
 
Outstanding     915,572     $ 4.96       3.73     $ 7,465  
Vested and exercisable     338,099     $ 4.46       3.83     $ 2,925  
Shedule of stock options outstanding

The following table summarizes information about stock options outstanding as of December 31, 2016:

 

    Options Outstanding     Options Exercisable  
Range of Exercise Prices   Quantity     Weighted-
Average
Remaining
Contractural
Life
(Years)
    Quantity     Weighted-
Average
Remaining
Contractural
Life (Years)
 
                         
$3.56     559,047       3.42       197,670       3.71  
$3.92 - $5.07     112,662       3.87       95,996       3.94  
$5.08 - $8.04     84,335       3.96       17,001       3.74  
$8.05 - $8.82     79,236       4.41       27,432       4.33  
$8.83 - $12.72     80,292       4.77       -       -  
                                 
      915,572       3.73       338,099       3.83  
Warrants [Member]  
Schedule of warrants

The following assumptions were used in the Black-Scholes-Merton pricing model to estimate the fair value of the warrant (FV of warrant in thousands).

 

    1/31/2016     4/30/2016     7/31/2016  
Warrant shares issued     12,500       12,500       12,500  
Market price   $ 4.63     $ 8.37     $ 9.31  
Exercise price   $ 6.00     $ 6.00     $ 6.00  
Term (years)     1.25       2.25       2.00  
Risk-free interest rate     0.97 %     0.77 %     0.72 %
Volatility     80.00 %     80.00 %     80.00 %
Dividend rate     0 %     0 %     0 %
Per share FV of warrant   $ 1.24     $ 4.58     $ 5.19  
FV of warrant   $ 16     $ 57     $ 65  
Interstate Battery System International, Inc. [Member]  
Schedule of warrants

The fair value of the warrants using the Black-Scholes-Merton Option Pricing Model and the assumptions are listed in the table below (FV of warrant in thousands).

 

    Warrant #1     Warrant #2  
Warrant shares issued     702,247       1,605,131  
Market price   $ 11.39     $ 11.39  
Exercise price   $ 7.12     $ 9.00  
Term (years)     2       3  
Risk-free interest rate     0.91 %     1.05 %
Volatility     65.70 %     67.80 %
Dividend rate     0 %     0 %
Per share FV of warrant   $ 5.89     $ 5.89  
FV of warrant   $ 4,136     $ 9,450