Preferred Stock and Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2019

Preferred Stock and Common Stock Warrants

Summary of assumptions used to estimate fair value

	June 30,		December 31,
	2019		2018
Stock price	$	6.32	$	5.40
Exercise price	$	0.01	$	0.01
Risk-free rate		1.8%		2.5%
Volatility		27.6%		33.1%
Term (years)		2.4		2.7

Schedule of allocation of net cash proceeds

The allocation of the net cash proceeds is as follows (in thousands):

			Allocation of Proceeds
					Series B
			Series B		Preferred
			Warrants		Stock
Gross proceeds	$	20,945
Equity issuance costs		—
Net proceeds - Initial Fair Value Allocation	$	20,945	$	1,936	$	19,009
Per balance sheet upon issuance			$	1,936	$	19,009