Annual report pursuant to Section 13 and 15(d)

Capitalization and Equity Structure (Tables)

v3.3.1.900
Capitalization and Equity Structure (Tables)
 12 Months Ended
Dec. 31, 2015
Schedule of Warrant share activity
Warrant share activity for the year ended December 31, 2015 was as follows:
 
Source
 
Exercise
Price
 
Term
(Years)
 
December
31, 2014
 
Issued
 
Exercised
 
December
31, 2015
 
2015 Series A Preferred warrants
 
$
1.25
 
 
5
 
 
-
 
 
14,851
 
 
-
 
 
14,851
 
2014 PPO and Merger
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Placement agent warrants
 
$
1.00
 
 
5
 
 
3,030
 
 
-
 
 
(49)
 
 
2,981
 
Bridge warrants
 
$
1.00
 
 
3
 
 
2,600
 
 
-
 
 
-
 
 
2,600
 
PPO warrants
 
$
2.00
 
 
5
 
 
7,545
 
 
-
 
 
-
 
 
7,545
 
Pre 2014 warrants
 
$
1.38
 
 
various
 
 
621
 
 
-
 
 
(3)
 
 
618
 
 
 
 
 
 
 
 
 
 
13,796
 
 
14,851
 
 
(52)
 
 
28,595
 
Schedule of assumption used in valuation
The factors utilized were as follows:
 
Dividend yield
 
–
 
Risk-free interest rate
 
0.60% - 1.73%
 
Share price at final valuation
 
$1.51
 
Expected term (in years)
 
2.15- 4.80
 
Volatility
 
65% - 79%
 
2015 Warrants [Member]  
Schedule of assumption used in valuation
The following assumptions were used in the Binomial Lattice Option Pricing Model to measure the fair value of the embedded anti-dilution feature in the Warrants as of December 23, 2015 and December 31, 2015:
 
 
 
December 31, 2015
 
 
December 23, 2015
 
Current share price
 
$
1.02
 
 
$
1.26
 
Conversion price
 
$
1.25
 
 
$
1.25
 
Risk-free interest rate
 
 
1.76
%
 
 
1.74
%
Periodic rate
 
 
0.88
%
 
 
0.87
%
Term (years)
 
 
4.9
 
 
 
5.0
 
Volatility of stock
 
 
75
%
 
 
75
%