Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.8.0.1
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Dividends Preferred Stock

Dividend charges recorded during the three and nine months ended September 30, 2017 and 2016 are as follows:

 

    For the Three Months Ended  
    September 30,  
    2017     2016  
             
Series                
A   $ 13     $ 13  
A-1     7       7  
Total   $ 20     $ 20  

 

    For the Nine Months Ended  
    September 30,  
    2017     2016  
             
Series                
A   $ 38     $ 38  
A-1     22       22  
Total   $ 60     $ 60

Schedule of Accrued Liabilities

Accrued dividends payable at September 30, 2017 and December 31, 2016 are comprised of the following:

 

    September 30,2017     December 31,2016  
Series                
A   $ 342     $ 304  
A-1     249       227  
Total   $ 591     $ 531

Schedule of Warrants and Derivative Warrant Liability

As of September 30, 2017, the following warrants were outstanding:

 

Issued to   Amount     Issue Date   Expiration Date   Exercise Price  
Term Note Lender(1)     94     9/30/2016   9/30/2021   $ 20.00  
Investment Bank     79     12/9/2012   12/9/2019     5.00  
Investment Bank     97     10/31/2014   10/31/2021     5.00  
Equity Investors     99     9/8/2016   9/8/2021     20.00  
Equity Investors     97     9/29/2016   9/29/2021     20.00  
Equity Investors     104     10/12/2016   10/12/2021     20.00  
Term Note Lender (1)     100     11/11/2016   11/11/2021     10.00  
Term Note Lender (1)     150     1/3/2017   1/3/2022     10.00  
      820                  

 

  (1) Warrant was determined to be a derivative subject to fair value accounting and is booked as a warrant liability.

Schedule of Warrants Activity

A summary of the warrant activity during the nine months ended September 30, 2017 is presented below:

 

          Weighted     Weighted        
          Average     Average        
    Number of     Exercise     Remaining     Intrinsic  
    Warrants     Price     Life in Years     Value  
Outstanding, December 31, 2016     670     $ 13.75       4.35     $ -  
Issued     150       10.00       4.26       -  
Exercised     -       -       -       -  
Expired     -       -       -       -  
Outstanding, September 30, 2017     820     $ 13.75       3.90     $ -  
Exercisable, September 30, 2017     820     $ 13.75       3.90     $ -

Schedule of Fair Value Assumptions of Warrant Derivative Liability

The following table summarizes the calculated aggregate fair values for the warrant derivative liabilities using the Lattice Model method based on the following assumptions:

 

    January 2017     January 2017     November 2016     September 2016  
    Warrants at     Warrants as of     Warrants as of     Warrants as of  
    Inception     September 30, 2017     September 30, 2017     September 30, 2017  
Risk free rate     1.94 %     1.809 %     1.788 %     1.770 %
Volatility     37.46 %     38.46 %     38.83 %     39.01 %
Dividends     0       0       0       0  
Time to maturity     5 years       4.26 years       4.12 years       4.00 years  
Fair value per share price   $ 3.75     $ 1.25     $ 1.25     $ 0.25  
Fair value of warrants   $ 563     $ 158     $ 118     $ 27  
Market price on date of issuance   $ 10.25                      

Schedule of Change in the Fair Value of Warrants

The following table summarizes the change in fair value of the warrants from December 31, 2016 through September 30, 2017.

 

    Fair value as of     New     Change in
Fair Value 		    Fair value as of  
    12/31/2016     Issuances     Gain     September 30, 2017  
Investor warrants (9/30/16)   $ (170 )   $ -     $ 143     $ (27 )
Investor warrants (11/11/16)   $ (424 )   $ -     $ 306     $ (118 )
Investor warrants (1/3/17)   $ -     $ (563 )   $ 405     $ (158 )
Totals   $ (594 )   $ (563 )   $ 854     $ (303 )