Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.8.0.1
Equity (Tables)
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Summary of Option Activity

The following is a summary of option activities for the three months ended March 31, 2018:  
 
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value
Outstanding, December 31, 2017
 
1,345,000

 
$
1.93

 
$
3.50

 
9.07
 
$
83,000

 
 
 
 
 
 
 
 
 
 
 
Granted
 
230,000

 
$
1.32

 
$
1.76

 
 
 
 

Outstanding, March 31, 2018
 
1,575,000

 
$
1.81

 
$
3.25

 
9.27
 
$
80,000

Exercisable, March 31, 2018
 
85,000

 
$
1.15

 
$
0.20

 
2.42
 
$
80,000

Schedule of Assumptions Used
The assumptions used in the BSM and MCM models for the February 2018 warrants are as follows:

 
 
Three Months Ended March 31, 2018
 
Year Ended December 31,
2017
Risk-free interest rate
 
2.58%-2.68%
 
N/A
Volatility
 
80%-85%
 
N/A
Expected life (years)
 
5.38-5.5
 
N/A
Dividend yield
 
—%
 
N/A
The assumptions used in the BSM model for the February 2017 warrants are as follows:
 
 
 
Three Months Ended March 31, 2018
 
Year Ended December 31,
2017
Risk-free interest rate
 
2.46%-2.55%
 
1.68%-1.86%
Volatility
 
80.0%
 
80.00%-160.11%
Expected life (years)
 
3.87-3.96
 
0.5-5.0
Dividend yield
 
—%
 
—%
The fair value of the option grants has been estimated, with the following weighted-average assumptions:
 
Three Months Ended March 31,
 
2018
 
2017
Risk-free interest rate
1.3% - 2.24%
 
1.3% - 2.24%
Volatility
70.18% - 89.11%
 
70.18% - 89.11%
Expected life (years)
5 to 6.25
 
6 to 6.25
Expected dividend yield

 

Components of Share-Based Compensation
Stock-based compensation for the three months ended March 31, 2018 and 2017, are as follows (in thousands):
 
Three Months Ended March 31,
 
2018
 
2017
General and administrative
$
209

 
$
108

Research and development
33

 
2

Total
$
242

 
$
110