|
The following table summarizes warrant activity
for the years ended December 31, 2018 and 2017:
| |
|
Shares |
|
|
Weighted-Average Exercise Price |
|
| |
|
|
|
|
|
|
| Warrants Outstanding as of January 1, 2017 |
|
|
1,055,761 |
|
|
$ |
2.85 |
|
| Warrants Exercised |
|
|
- |
|
|
$ |
- |
|
| Warrants Granted |
|
|
214,915 |
|
|
$ |
2.79 |
|
| Warrants Expired |
|
|
(79,309 |
) |
|
$ |
3.34 |
|
| Warrants Outstanding as of December 31, 2017 |
|
|
1,191,367 |
|
|
$ |
2.85 |
|
| Warrants Exercised |
|
|
(339,275 |
) |
|
$ |
1.96 |
|
| Warrants Granted |
|
|
420,093 |
|
|
$ |
2.67 |
|
| Warrants Expired |
|
|
(218,933 |
) |
|
$ |
1.17 |
|
| Warrants Outstanding as of December 31, 2018 |
|
|
1,053,252 |
|
|
$ |
4.28 |
|
The weighted-average exercise price and weighted-average
fair value of the warrants granted by the Company are as follows:
| |
|
For the Year Ended |
|
| |
|
December 31, 2018 |
|
|
December 31, 2017 |
|
| |
|
Weighted-Average Exercise Price |
|
|
Weighted-Average Fair Value |
|
|
Weighted-Average Exercise Price |
|
|
Weighted-Average Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants Granted Whose Exercise Price Exceeded Fair Value at the Date of Grant |
|
$ |
2.37 |
|
|
$ |
1.61 |
|
|
$ |
- |
|
|
$ |
- |
|
| Warrants Granted Whose Exercise Price Was Equal or Lower Than Fair Value at the Date of Grant |
|
$ |
3.95 |
|
|
$ |
4.53 |
|
|
$ |
2.79 |
|
|
$ |
3.20 |
|
For the warrants issued in 2018 and 2017
the Company valued the warrants utilizing the Black-Scholes option-pricing model with the following weighted-average inputs:
| |
|
Year Ended December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Stock Price on Date of Grant |
|
$ |
2.63 |
|
|
$ |
4.15 |
|
| Exercise Price |
|
$ |
2.67 |
|
|
$ |
2.79 |
|
| Volatility |
|
|
115.7 |
% |
|
|
126.1 |
% |
| Term |
|
5-Years |
|
|
5-Years |
|
| Risk-Free Interest Rate |
|
|
2.7 |
% |
|
|
1.9 |
% |
| Expected Dividend Rate |
|
|
0 |
% |
|
|
0 |
% |
Warrant expense of $0 and $0.21 million was
recorded during the years ended December 31, 2018 and 2017, respectively. For the year ended December 31, 2018, $0.73 million
of warrants were issued in connection with debt and recorded as a debt discount.
|