Annual report pursuant to Section 13 and 15(d)

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Fair Value Assumptions of Options

The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table.

	2017
Weighted average fair value of stock options granted	$	6.073
Stock option assumptions:
Risk-free interest rate		1.98	%
Expected term (in years)		5
Expected volatility		379	%
Expected dividends		0	%

Schedule of Stock Option Award Activity

The following table summarizes stock option award activity during 2017:

	Stock Options
	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life(In years)		Intrinsic Value (In thousands)
Outstanding as of December 31, 2016		—
Granted		47,870	$	8.72		8.4		—
Options exercised		—		—		—		—
Canceled		—		—		—		—
Outstanding as of December 31, 2017		47,870		8.72		8.4		65

Exercisable options as of December 31, 2017		12,750		8.0		4.9		24

Schedule of Warrants Outstanding

The Company accounts for common stock warrants as equity instruments As of December 31, 2017, warrants outstanding are as follows:

Issued to	Amount		Issue Date	Expiration Date	Exercise Price
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
Term Note Lender		94	9/30/2016	9/30/2021	$	20.00
Equity Investors		104	10/12/2016	10/12/2021	$	20.00
Term Note Lender		100	11/11/2016	11/11/2021	$	10.00
Term Note Lender		150	1/3/2017	1/3/2022	$	10.00
Term Note Lender		140	11/8/2017	11/8/2022	$	10.00
Term Note Lender		20	11/8/2017	11/8/2022	$	10.00
		980

Schedule of Warrants Activity

A summary of the warrant activity the years ended December 31, 2017 and 2016 is as follows:

			Weighted		Weighted
			Average		Average		Aggregate
	Number of		Exercise		Remaining		Intrinsic
	Warrants		Price		Life in Years		Value
Outstanding, December 31, 2016		670	$	13.75		3.52	$	—
Issued		310		10.00		4.58		—
Exercised		—		—		—		—
Expired		—		—		—		—
Outstanding, December 31, 2017		980	$	13.75			$	—
Exercisable, December 31, 2017		980	$	13.75		4.05	$	—

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details