Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| 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).
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Fair value |
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Allocated value |
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| Allocation of Proceeds |
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| Convertible note |
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$ |
4,879 |
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$ |
1,844 |
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| Warrants |
|
13,586 |
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|
5,134 |
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| Common stock |
|
7,998 |
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|
3,022 |
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$ |
26,463 |
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$ |
10,000 |
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| Schedule of estimated fair value 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).
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Veolia Warrant #1 |
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Veolia Warrant #2 |
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Jan. 2019 Offering Underwriter |
| Warrant shares issued |
|
2,000,000 |
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|
2,000,000 |
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|
103,500 |
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| Market price |
|
$ |
3.02 |
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$ |
3.02 |
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$ |
2.16 |
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| Exercise price |
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$ |
5.00 |
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$ |
7.00 |
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$ |
1.90 |
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| Term (years) |
|
10 |
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10 |
|
5 |
| Risk-free interest rate |
|
2.64 |
% |
|
2.64 |
% |
|
2.57 |
% |
| Volatility |
|
81.50 |
% |
|
81.50 |
% |
|
81.00 |
% |
| Dividend rate |
|
— |
% |
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— |
% |
|
— |
% |
| Per share FV of warrant |
|
$ |
2.35 |
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$ |
2.24 |
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$ |
1.47 |
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| FV of warrant |
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$ |
4,699 |
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$ |
4,474 |
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$ |
152 |
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| Shedule of Warrants to purchase shares |
Warrants outstanding to purchase shares of the Company’s common stock at a weighted average exercise price of $5.52 per share are as follows.
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Exercise Price
per Share |
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Expiration
Date |
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Shares Subject to Purchase
at December 31, 2019 |
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| $ |
3.33 |
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2020-06-23 |
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702,247 |
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| $ |
1.90 |
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2024-01-22 |
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103,500 |
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| $ |
5.00 |
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2030-02-28 |
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2,000,000 |
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| $ |
7.00 |
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2031-02-28 |
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2,000,000 |
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4,805,747 |
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| Schedule of the allocation of stock-based compensation |
Stock-based compensation expense recorded was allocated as follows (in thousands):
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Year ended December 31, |
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2019 |
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2018 |
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| Cost of product sales |
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$ |
357 |
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$ |
154 |
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| Research and development cost |
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200 |
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215 |
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| General and administrative expense |
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3,649 |
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|
832 |
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| Total |
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$ |
4,206 |
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$ |
1,201 |
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| 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, 2019 and December 31, 2018.
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Year ended December 31, |
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2019 |
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2018 |
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| Expected stock volatility |
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82.2% - 87.5% |
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76.9% - 86.3% |
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| Risk free interest rate |
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1.7% - 2.6% |
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2.1% - 3.0% |
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| Expected years until exercise |
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1.0-4.0 |
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2.5-3.5 |
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| Dividend yield |
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— |
% |
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— |
% |
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| Schedule of stock option activity and related information |
The following table summarizes the stock-based compensation plan activity and related information through December 31, 2019.
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Options Outstanding |
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RSUs Outstanding |
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Number of
Shares
Available for
Grant |
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Number of Shares |
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Weighted-
Average
Exercise
Price Per
Share |
|
Number of
RSUs |
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
| Balance at December 31, 2017 |
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1,065,003 |
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|
578,813 |
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$ |
6.51 |
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180,951 |
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$ |
7.40 |
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| Granted |
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(640,275) |
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1,269,925 |
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|
3.99 |
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207,623 |
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|
2.42 |
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| Exercised/ Released |
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— |
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— |
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— |
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(65,600) |
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5.78 |
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| Forfeited |
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381,021 |
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(154,670) |
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7.00 |
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(226,351) |
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4.74 |
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| Balance at December 31, 2018 |
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805,749 |
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1,694,068 |
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$ |
4.57 |
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96,623 |
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$ |
4.01 |
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| Authorized |
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4,500,000 |
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| Granted |
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(3,468,296) |
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2,197,074 |
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3.19 |
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1,271,222 |
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1.52 |
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| Exercised/ Released |
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— |
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— |
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— |
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(970,630) |
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1.63 |
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| Forfeited |
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564,873 |
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(427,450) |
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4.46 |
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(137,423) |
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1.85 |
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| Balance at December 31, 2019 |
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2,402,326 |
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3,463,692 |
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$ |
3.71 |
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259,792 |
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$ |
1.83 |
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| Schedule of additional information related to status options |
Additional information related to the status of options at December 31, 2019 is as follows:
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Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life (Years) |
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Aggregate
Intrinsic
Value (in
thousands) |
| Outstanding |
|
3,463,692 |
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$ |
3.71 |
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|
3.44 |
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$ |
— |
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| Vested and exercisable |
|
1,096,071 |
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$ |
3.74 |
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2.28 |
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$ |
— |
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| Shedule of stock options outstanding |
The following table summarizes information about stock options outstanding as of December 31, 2019:
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Options Outstanding |
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Options Exercisable |
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| Range of Exercise Prices |
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Number of Shares |
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Weighted-
Average
Remaining
Contractual
Life
(Years) |
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Number of Shares |
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Weighted-
Average
Remaining
Contractual
Life
(Years) |
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$1.60 -$2.93 |
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732,627 |
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3.00 |
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440,330 |
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2.08 |
$2.94 - $3.00 |
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849,998 |
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3.67 |
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146,832 |
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3.33 |
$3.01 - $3.95 |
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685,152 |
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3.50 |
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138,819 |
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1.00 |
$3.96 - $6.92 |
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578,720 |
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4.00 |
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95,553 |
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3.30 |
$6.93 - $19.20 |
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617,195 |
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3.00 |
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274,537 |
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2.30 |
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3,463,692 |
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3.44 |
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1,096,071 |
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2.28 |
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| Shedule of common stock for future issuance |
At December 31, 2019, the Company has reserved shares of common stock for future issuance as follows:
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Number of
Shares |
| Equity Plan |
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| Subject to outstanding options and restricted shares |
3,723,484 |
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| Available for future grants |
2,402,326 |
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| Officer and Director Purchase Plan |
245,562 |
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| Warrants |
4,805,747 |
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| |
11,177,119 |
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| Interstate Battery System International, Inc. |
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| 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).
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| |
|
Warrant #1 |
|
Warrant #2 |
| Warrant shares issued |
|
702,247 |
|
|
1,605,131 |
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| Market price |
|
$ |
11.39 |
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$ |
11.39 |
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| Exercise price |
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$ |
7.12 |
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$ |
9.00 |
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| Term (years) |
|
2 years |
|
3 years |
| Risk-free interest rate |
|
0.91 |
% |
|
1.05 |
% |
| Volatility |
|
65.70 |
% |
|
67.80 |
% |
| Dividend rate |
|
— |
% |
|
— |
% |
| Per share FV of warrant |
|
$ |
5.89 |
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$ |
5.89 |
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| FV of warrant |
|
$ |
4,136 |
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$ |
9,450 |
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