Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| 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).
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1/31/2016 |
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4/30/2016 |
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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 |
|
Risk-free interest rate |
|
0.97 |
% |
|
0.77 |
% |
|
0.72 |
% |
Volatility |
|
80.00 |
% |
|
80.00 |
% |
|
80.00 |
% |
Dividend rate |
|
— |
% |
|
— |
% |
|
— |
% |
Per share FV of warrant |
|
1.24 |
|
|
4.58 |
|
|
5.19 |
|
FV of warrant |
|
$ |
16 |
|
|
$ |
57 |
|
|
$ |
65 |
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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 |
|
$ |
4,879 |
|
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$ |
1,844 |
|
Warrants |
|
13,586 |
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|
5,134 |
|
Common stock |
|
7,998 |
|
|
3,022 |
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|
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$ |
26,463 |
|
|
$ |
10,000 |
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| Schedule of warrants exercised |
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Date of
Warrant
Exercise
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Average Closing
Market Price
Per Share
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Exercise Price
Per Share
|
|
Warrant
Shares
Exercised
|
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Common
Shares
Issued
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2/10/2017 |
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$ |
11.016 |
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|
0.0034375 |
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392,728 |
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|
392,605 |
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2/13/2017 |
|
$ |
13.062 |
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$ |
3.00 |
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25,119 |
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19,349 |
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2/13/2017 |
|
$ |
13.062 |
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$ |
6.00 |
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|
72,420 |
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39,154 |
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2/15/2017 |
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$ |
16.768 |
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$ |
6.00 |
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65,177 |
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41,856 |
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2/16/2017 |
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$ |
16.768 |
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$ |
6.00 |
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35,000 |
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22,470 |
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3/17/2017 |
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$ |
20.262 |
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$ |
6.00 |
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|
2,500 |
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2,500 |
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3/20/2017 |
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$ |
20.304 |
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$ |
3.00 |
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226,068 |
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192,666 |
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3/20/2017 |
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$ |
20.304 |
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$ |
6.00 |
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586,596 |
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413,253 |
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4/3/2017 |
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$ |
19.148 |
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|
0.0034375 |
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|
43,636 |
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|
43,628 |
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4/11/2017 |
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$ |
17.920 |
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$ |
6.00 |
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|
12,500 |
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|
8,315 |
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1,461,744 |
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1,175,796 |
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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 $7.31 per share are as follows.
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Exercise Price
per Share
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Expiration
Date
|
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Shares Subject to purchase
at December 31, 2018
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$ |
3.33 |
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6/23/2020 |
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702,247 |
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$ |
9.00 |
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5/18/2019 |
|
1,605,131 |
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$ |
10.00 |
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11/21/2019 |
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33,450 |
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2,340,828 |
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| Schedule of the allocation of stock-based compensation |
tock-based compensation expense recorded was allocated as follows (in thousands):
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Year ended December 31, |
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2018 |
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2017 |
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2016 |
Cost of product sales |
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$ |
154 |
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$ |
143 |
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|
— |
|
Research and development cost |
|
215 |
|
|
456 |
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|
256 |
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General and administrative expense |
|
832 |
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|
482 |
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|
804 |
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Total |
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$ |
1,201 |
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|
$ |
1,081 |
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|
$ |
1,060 |
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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, 2018, 2017 and 2016.
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Year ended December 31, |
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2018 |
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2017 |
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2016 |
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Expected stock volatility |
|
76.9% - 86.3 |
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|
70.5% - 73.2 |
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|
71%-80 |
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Risk free interest rate |
|
2.1% - 3.0 |
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1.4% - 2.0 |
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0.9%-1.8 |
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Expected years until exercise |
|
2.5-3.5 |
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|
2.5-3.5 |
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2.5-4.0 |
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Dividend yield |
|
— |
% |
|
— |
% |
|
— |
% |
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| Schedule of stock option activity and related information |
The following table summarizes the 2014 Plan activity and related information through December 31, 2018.
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Options Outstanding |
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RSU’s outstanding |
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Number of
Shares
Available for
Grant
|
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Number of Shares |
|
Weighted-
Average
Exercise
Price Per
Share
|
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Number of
RSU’s
|
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Weighted-
Average
Grant Date
Fair Value
Per Share
|
Balance at December 31, 2016 |
|
443,565 |
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|
915,572 |
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|
$ |
4.96 |
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|
— |
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|
$ |
— |
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Authorized |
|
750,000 |
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Granted |
|
(330,884 |
) |
|
134,933 |
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|
11.19 |
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|
195,951 |
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|
7.28 |
|
Exercised |
|
— |
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(284,370 |
) |
|
3.77 |
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|
— |
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— |
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Forfeited |
|
202,322 |
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(187,322 |
) |
|
6.44 |
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(15,000 |
) |
|
5.78 |
|
Balance at December 31, 2017 |
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1,065,003 |
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|
578,813 |
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|
6.51 |
|
|
180,951 |
|
|
7.40 |
|
Granted |
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(640,275 |
) |
|
1,269,925 |
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|
3.99 |
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|
207,623 |
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|
2.42 |
|
Exercised |
|
— |
|
|
— |
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|
— |
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(65,600 |
) |
|
5.78 |
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Forfeited |
|
381,021 |
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(154,670 |
) |
|
7 |
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(226,351 |
) |
|
4.74 |
|
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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| Schedule of additional information related to status options |
Additional information related to the status of options at December 31, 2018 is as follows:
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Shares |
|
Weighted-
Average
Exercise
Price Per
Share
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Weighted-
Average
Remaining
Contractural
Life (Years)
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Aggregate
Intrinsic
Value (in
thousands)
|
Outstanding |
|
1,694,068 |
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|
4.57 |
|
3.77 |
|
6 |
|
Vested and exercisable |
|
678,264 |
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|
5.21 |
|
2.86 |
|
— |
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| Shedule of stock options outstanding |
The following table summarizes information about stock options outstanding as of December 31, 2018:
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Options Outstanding |
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Options Exercisable |
Range of Exercise Prices |
|
Quantity |
|
Weighted-
Average
Remaining
Contractural
Life
(Years)
|
|
Quantity |
|
Weighted-
Average
Remaining
Contractural
Life
(Years)
|
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|
|
|
|
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|
$1.60 -$2.93 |
|
212,750 |
|
|
4.77 |
|
— |
|
|
0.00 |
$2.94 - $3.00 |
|
422,500 |
|
|
4.33 |
|
82,500 |
|
|
4.33 |
$3.01 - $3.95 |
|
395,220 |
|
|
2.98 |
|
305,458 |
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|
2.58 |
$3.96 - $6.92 |
|
310,267 |
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|
3.44 |
|
134,494 |
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|
2.30 |
$6.93 - $19.20 |
|
353,331 |
|
|
3.70 |
|
155,812 |
|
|
3.13 |
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|
1,694,068 |
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|
3.78 |
|
678,264 |
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|
2.86 |
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| Shedule of common stock for future issuance |
At December 31, 2018, the Company has reserved shares of common stock for future issuance as follows:
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Number of
Shares
|
Equity Plan |
|
|
Subject to outstanding options and restricted shares |
1,790,691 |
|
Available for future grants |
805,749 |
|
Convertible note-principal |
702,247 |
|
Officer and Director Purchase Plan |
245,562 |
|
Warrants |
2,340,828 |
|
|
5,885,077 |
|
|
| Interstate Battery System International, Inc. |
|
| 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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|
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|
|
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|
|
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 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 |
|
|
5.89 |
|
FV of warrant |
|
$ |
4,136 |
|
|
$ |
9,450 |
|
|