Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.8.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2018
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
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 March 31, 2018 and December 31, 2017:

 

    Fair Value Measurements as of March 31, 2018  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                
Common stock warrants   $ -     $ -     $ 758     $ 758  

 

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

Schedule of Reconciliation of Derivative Liability

The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the three months ended March 31, 2018 and 2017.

 

    Common Stock
Warrants 		   
Balance at December 31, 2016   $ (3,665 )  
Issuances of derivatives     (810 )  
Decrease in liability due to warrants being exercised     -    
Change in fair value     1,780    
Other, net     (1 )  
Balance at March 31, 2017   $ (2,696 )  
           
Balance at December 31, 2017   $ (1,357 )  
Issuances of derivatives     -    
Decrease in liability due to warrants being exercised     -    
Change in fair value     811    
Other, net     (212 )  
Balance at March 31, 2018   $ (758 )  

Black-Scholes-Merton Valuation Model [Member]  
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
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 as of March 31, 2018 and December 31, 2017 were as follows:

 

    March 31, 2018     December 31, 2017  
Weighted-average risk-free interest rate     2.36 %     1.89 %
Weighted-average expected life (in years)     1.5       1.9  
Expected dividend yield     - %     - %
Weighted-average expected volatility     104 %     107 %

Monte Carlo Simulation Valuation Model [Member]  
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
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 March 31, 2018 and December 31, 2017 were as follows:

 

    March 31, 2018     December 31, 2017  
Weighted-average risk-free interest rate     2.56 %     2.2 %
Weighted-average expected life (in years)     3.3       3.6  
Expected dividend yield     - %     - %
Weighted average expected volatility     63 %     64 %