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 |
|
|