Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.4.0.3
Warrants
3 Months Ended
Mar. 31, 2016
Warrants [Abstract]  
WARRANTS

NOTE 9 - WARRANTS 

 

On March 3, 2016, the Company completed the first tranche of the Financing, pursuant to which the Purchaser acquired a warrant to purchase 375,000 shares of Common Stock. The First Closing Warrant is immediately exercisable upon issuance, will expire five years after issuance and has an exercise price of $7.00 per share. The First Closing Warrant was determined to have an estimated aggregate fair value of $480 at issuance.

 

The following table summarizes information about outstanding and exercisable warrants at March 31, 2016:

 

Description   Grant Date   Number of
Shares Underlying
Warrants Originally
Granted
    Shares Underlying
Warrants
Exchanged,
Exercised
or Expired
    Shares
Underlying
Warrants Outstanding
and Exercisable at
March 31, 2016
    Exercise
Price
    Expiration
Term in
Years
 
Series A(1)   January 27, 2014     315,676       -       315,676     $ 15.00       0.83  
Series B(1)   January 27, 2014     157,846       -       157,846     $ 45.00       2.82  
Series C(2)   November 19, 2014     145,399       (142,957 )     2,442     $ 12.00       4.13  
                  142,957       142,957     $ 9.00       4.13  
Series D(2)   November 19, 2014     193,865       (193,865 )     -       N/A       N/A  
Series E(2)   November 19, 2014     145,399       (145,399 )     -       N/A       N/A  
                  142,957       142,957     $ 9.00       6.13  
First Closing(3)   March 3, 2016     375,000       -       375,000     $ 7.00       4.92  
          1,333,185       (196,307 )     1,136,878                  

 

(1) Issued in connection with the January 27, 2014 private placement transaction.
(2) Issued in connection with the November 19, 2014 registered-direct public offering, and subsequently revised pursuant to Warrant Exercise Agreements entered into on May 18, 2015.
(3) Issued upon the closing of the first tranche of the Financing with Rens Technology Inc. on March 3, 2016.

 

The following table summarizes the activities in warrants for the three months ended March 31, 2016:

 

          Weighted  
    Shares     Average  
    Underlying     Exercise  
    Warrants     Price  
Balance at December 31, 2015     761,878     $ 18.95  
Warrants granted     375,000       7.00  
Balance at March 31, 2016     1,136,878     $ 15.01  

 

The following table summarizes the assumptions used to value the warrants at the grant/modification date using the Black-Scholes option pricing model:

 

Description   Grant / 
Modification Date
  Number of Shares Underlying Warrants Granted     Stock Price
on
Measurement Date
    Exercise Price     Expected Term     Expected Volatility     Dividend Yield     Risk Free Rate  
Series A   January 27, 2014     315,676     $ 7.00     $ 15.00       3.00       150.00 %     0.00 %     0.76 %
Series B   January 27, 2014     157,846     $ 7.00     $ 45.00       5.00       150.00 %     0.00 %     1.61 %
Series C   November 19, 2014     145,399     $ 9.37     $ 12.00       5.50       94.60 %     0.00 %     1.64 %
Repricing Series C   May 18, 2015     142,957     $ 5.95     $ 9.00       5.00       96.34 %     0.00 %     1.46 %
Series D   November 19, 2014     193,865     $ 9.37     $ 9.37       0.50       93.44 %     0.00 %     0.07 %
Repricing Series D   May 18, 2015     190,609     $ 5.95     $ 5.25       0.00       226.56 %     0.00 %     0.02 %
Series E   November 19, 2014     145,399     $ 9.37     $ 15.00       7.50       94.60 %     0.00 %     1.64 %
Repricing Series E   May 18, 2015     142,957     $ 5.95     $ 9.00       7.00       96.34 %     0.00 %     1.87 %
First Closing   March 3, 2016     375,000     $ 1.74     $ 7.00       5.00       130.07 %     0.00 %     1.33 %