Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| 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 2014 and 2015 (Warrants
fair value in thousands).
| |
|
Consulting
09/08/14 |
|
|
IPO
08/05/15 |
|
|
O-A
08/13/15 |
|
|
Consulting
10/31/15 |
|
|
Consulting
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 |
|
|
$ |
6.00 |
|
|
$ |
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, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Cost of
product sales |
|
$ |
143 |
|
|
$ |
— |
|
|
$ |
— |
|
| Research and development
cost |
|
|
456 |
|
|
|
256 |
|
|
|
119 |
|
| General
and administrative expense |
|
|
482 |
|
|
|
804 |
|
|
|
182 |
|
| Total |
|
$ |
1,081 |
|
|
$ |
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, 2017, 2016 and 2015.
| |
|
Year
ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
| Expected
stock volatility |
|
|
70.5%
- 73.2 |
% |
|
|
71%-80 |
% |
|
|
80 |
% |
| Risk free interest
rate |
|
|
1.38% - 2.03 |
% |
|
|
0.92%-1.77 |
% |
|
|
1.32%-1.75 |
% |
| Expected years until
exercise |
|
|
2.5-3.5 |
|
|
|
2.5-4.0 |
|
|
|
3.4-3.5 |
|
| Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
| Schedule of stock option activity and related information |
The
following table summarizes the 2014 Plan activity and related information through December 31, 2017.
| |
|
|
|
|
|
Options
Outstanding |
|
|
RSU’s
outstanding |
|
| |
|
|
Number
of
Shares
Available for
Grant |
|
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share ($) |
|
|
Number
of
RSU’s |
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
($) |
|
| Balance
at December 31, 2015 |
|
|
|
611,313 |
|
|
|
752,324 |
|
|
$ |
3.95 |
|
|
|
— |
|
|
$ |
— |
|
| Granted |
|
|
|
(229,497 |
) |
|
|
229,497 |
|
|
|
8.56 |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
|
— |
|
|
|
(4,500 |
) |
|
|
4.18 |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
|
61,749 |
|
|
|
(61,749 |
) |
|
|
6.14 |
|
|
|
— |
|
|
|
— |
|
| Balance
at December 31, 2016 |
|
|
|
443,565 |
|
|
|
915,572 |
|
|
|
4.96 |
|
|
|
— |
|
|
|
— |
|
| Authorized |
|
|
|
750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
|
(330,884 |
) |
|
|
134,933 |
|
|
|
11.19 |
|
|
|
195,951 |
|
|
|
7.28 |
|
| Exercised |
|
|
|
— |
|
|
|
(284,370 |
) |
|
|
3.77 |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
|
202,322 |
|
|
|
(187,322 |
) |
|
|
6.44 |
|
|
|
(15,000 |
) |
|
|
5.78 |
|
| Balance
at December 31, 2017 |
|
|
|
1,065,003 |
|
|
|
578,813 |
|
|
$ |
6.51 |
|
|
|
180,951 |
|
|
$ |
7.40 |
|
| Schedule of additional information related to status options |
Additional
information related to the status of options at December 31, 2017 is as follows:
| |
|
Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Weighted-
Average
Remaining
Contractural
Life (Years) |
|
|
Aggregate
Intrinsic
Value (in
thousands) |
|
| Outstanding |
|
|
578,813 |
|
|
$ |
6.51 |
|
|
|
3.27 |
|
|
$ |
— |
|
| Vested and exercisable |
|
|
376,039 |
|
|
$ |
5.58 |
|
|
|
3.00 |
|
|
$ |
— |
|
|
| Shedule of stock options outstanding |
The
following table summarizes information about stock options outstanding as of December 31, 2017:
| |
|
|
Options
Outstanding |
|
|
Options
Exercisable |
|
| Range
of Exercise Prices |
|
|
Quantity |
|
|
Weighted-
Average
Remaining
Contractural
Life
(Years) |
|
|
Quantity |
|
|
Weighted-
Average
Remaining
Contractural
Life
(Years) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $2.03 -$3.57 |
|
|
|
211,045 |
|
|
|
2.78 |
|
|
|
178,091 |
|
|
|
2.77 |
|
| $3.58 -
$5.24 |
|
|
|
92,796 |
|
|
|
3.00 |
|
|
|
83,752 |
|
|
|
2.90 |
|
| $5.25 -
$8.04 |
|
|
|
94,370 |
|
|
|
3.54 |
|
|
|
36,552 |
|
|
|
2.83 |
|
| $8.05 -
$9.41 |
|
|
|
93,241 |
|
|
|
3.59 |
|
|
|
48,330 |
|
|
|
3.46 |
|
| $9.42 -
$19.20 |
|
|
|
87,361 |
|
|
|
4.14 |
|
|
|
29,314 |
|
|
|
4.10 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
578,813 |
|
|
|
3.28 |
|
|
|
376,039 |
|
|
|
3.00 |
|
|
| Schedule of warrants exercised |
| Date
of |
|
|
Average
Closing |
|
|
|
|
|
Warrant |
|
|
Common |
|
| Warrant |
|
|
Market
Price |
|
|
Exercise
Price |
|
|
Shares |
|
|
Shares |
|
| Exercise |
|
|
Per
Share |
|
|
Per
Share |
|
|
Exercised |
|
|
Issued |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2/10/2017 |
|
|
$ |
11.016 |
|
|
$ |
0.0034375 |
|
|
|
392,728 |
|
|
|
392,605 |
|
| |
2/13/2017 |
|
|
$ |
13.062 |
|
|
$ |
3.00 |
|
|
|
25,119 |
|
|
|
19,349 |
|
| |
2/13/2017 |
|
|
$ |
13.062 |
|
|
$ |
6.00 |
|
|
|
72,420 |
|
|
|
39,154 |
|
| |
2/15/2017 |
|
|
$ |
16.768 |
|
|
$ |
6.00 |
|
|
|
65,177 |
|
|
|
41,856 |
|
| |
2/16/2017 |
|
|
$ |
16.768 |
|
|
$ |
6.00 |
|
|
|
35,000 |
|
|
|
22,470 |
|
| |
3/17/2017 |
|
|
$ |
20.262 |
|
|
$ |
6.00 |
|
|
|
2,500 |
|
|
|
2,500 |
|
| |
3/20/2017 |
|
|
$ |
20.304 |
|
|
$ |
3.00 |
|
|
|
226,068 |
|
|
|
192,666 |
|
| |
3/20/2017 |
|
|
$ |
20.304 |
|
|
$ |
6.00 |
|
|
|
586,596 |
|
|
|
413,253 |
|
| |
4/3/2017 |
|
|
$ |
19.148 |
|
|
$ |
0.0034375 |
|
|
|
43,636 |
|
|
|
43,628 |
|
| |
4/11/2017 |
|
|
$ |
17.920 |
|
|
$ |
6.00 |
|
|
|
12,500 |
|
|
|
8,315 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
1,461,744 |
|
|
|
1,175,796 |
|
|
| Shedule of Warrants to purchase shares |
Warrants
to purchase shares of the Company’s common stock at a weighted average exercise price of $8.45 per share are as follows.
| Exercise
Price |
|
|
Expiration |
|
|
Shares
Subject to purchase |
|
| per
Share |
|
|
Date |
|
|
at
September 30, 2017 |
|
| |
|
|
|
|
|
|
|
| $ |
7.12 |
|
|
|
5/18/2018 |
|
|
|
702,247 |
|
| $ |
9.00 |
|
|
|
5/18/2019 |
|
|
|
1,605,131 |
|
| $ |
10.00 |
|
|
|
11/21/2019 |
|
|
|
33,450 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
2,340,828 |
|
|
| Shedule of common stock for future issuance |
At
December 31, 2017, the Company has reserved shares of common stock for future issuance as follows:
| |
|
Number
of |
|
| |
|
Shares |
|
| Equity
Plan |
|
|
|
|
| Subject
to outstanding options and restricted shares |
|
|
759,764 |
|
| Available
for future grants |
|
|
1,065,003 |
|
| Convertible
note-principal |
|
|
702,247 |
|
| Officer
and Director Purchase Plan |
|
|
247,596 |
|
| Warrants |
|
|
2,340,828 |
|
| December
2017 public financing overallotment |
|
|
1,072,500 |
|
| |
|
|
6,187,938 |
|
| Warrants [Member] |
|
| Schedule of warrants |
The
following assumptions were used in the Black-Scholes-Merton pricing model to estimate the fair value of the warrants (FV of warrants
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 |
|
|