Annual report pursuant to Section 13 and 15(d) 12-31-2018

Fair Value Measurements (Tables)

v3.19.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy

The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2018 and 2017.

 

    Fair Value Measurements as of December 31, 2018
(in thousands)
 
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                
Common stock warrants   $ -     $ -     $ 1,566     $ 1,566  

 

    Fair Value Measurements as of December 31, 2017
(in thousands)
 
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                
Common stock warrants   $ -     $ -     $ 1,357     $ 1,357  

Schedule of Fair Value Measurement Hierarchy of Derivative Liability

The following table presents a reconciliation of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2018 and 2017 (in thousands):

 

    Common Stock Warrants  
Balance at December 31, 2016   $ (3,665 )
Issuance of derivatives     (810 )
Change in fair value     3,118  
Balance at December 31, 2017     (1,357 )
Issuance of derivatives     (7,577 )
Change in fair value     7,005  
Exercise of warrants     575  
Other, net     (212 )
Balance at December 31, 2018   $ (1,566 )

Black-Scholes-Merton Valuation Model [Member]  
Schedule of Assumptions Used in Estimating Fair Value

The assumptions used in estimating the common stock warrant liability using the Black-Scholes-Merton valuation model at December 31, 2018 and 2017 were as follows:

 

    December 31, 2018     December 31, 2017  
Weighted-average risk-free interest rate     2.51 %     1.89 %
Weighted-average expected life (in years)     0.9       1.9  
Expected dividend yield     - %     - %
Weighted average expected volatility     157 %     107 %

Monte Carlo Simulation Valuation Model [Member]  
Schedule of Assumptions Used in Estimating Fair Value

The assumptions used in estimating the common stock warrant liability using the Monte Carlo Simulation valuation model at December 31, 2018 and 2017 were as follows:

 

    December 31, 2018     December 31, 2017  
Weighted-average risk-free interest rate     2.46 %     2.20 %
Weighted-average expected life (in years)     3.1       3.6  
Expected dividend yield     - %     - %
Weighted average expected volatility     68 %     64 %