Annual report pursuant to Section 13 and 15(d)

Convertible Notes (Tables)

v3.8.0.1
Convertible Notes (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of convertible notes payble

The convertible note payable is comprised of the following (in thousands):

 

    December 31,  
    2017     2016  
             
Convertible note payable   $ 5,000     $ 5,000  
Accrued interest     961       343  
Deferred financing costs, net     (67 )     (115 )
Note discount     (4,562 )     (4,921 )
                 
Convertible note payable, non-current portion   $ 1,332     $ 307  
Schedule of private placement convertible notes

The balance of Private Placement Convertible Notes as of December 31, 2014 was as follows (in thousands):

 

Face value of the Private Placement Convertible Notes   $ 6,000  
Debt discount and value of embedded option, net of amortization     (909 )
Private Placement Convertible Notes, net   $ 5,091  
Schedule of fair value of the convertible notes using the Monte Carlo simulation

Significant increases in either the probability or severity of default of the host instrument would result in a significantly lower fair value measurement (Aggregate fair value in thousands).

 

    As of     As of  
    October 31,     December 31,  
    2014     2014  
Fair value of stock price on valuation date   $ 1.77     $ 2.18  
High collar   $ 2.50     $ 2.50  
Low collar   $ 1.67     $ 1.67  
Term (years)     0.75       0.58  
Expected volatility     80 %     80 %
Weighted average risk-free interest rate     0.11 %     0.14 %
Trials     50,000       50,000  
Aggregate fair value   $ 212     $ 1,109  
Schedule of subsequent measurement of the fair values of the financing warrants

Provided below are the principal assumptions used in the initial and subsequent measurement of the fair values of the Financing Warrants (Warrants fair value in thousands):

 

    10/31/14     12/31/14     8/5/15  
Fair market value of shares   $ 1.77     $ 2.18     $ 5.00  
Assumed exercise price   $ 3.00     $ 3.00     $ 3.00  
Term in years     5       4.84       4.25  
Volatility     80 %     80 %     80 %
Annual rate of dividends     0 %     0 %     0 %
Discount rate     1.62 %     1.65 %     1.55 %
Call option value   $ 0.88     $ 1.14     $ 3.51  
Warrant shares issuable     220,268       220,268       251,187  
Warrants fair value   $ 212     $ 276     $ 881