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Warrants (Tables)
6 Months Ended
Jun. 30, 2016
Schedule of warrants activity

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Exercise

 

Range of

 

 

 

Shares(1)

 

Price

 

Exercise Prices

 

Outstanding at December 31, 2015

 

913,441

 

  $

7.45

 

$0.05 - $22.50

 

Exercised

 

(337,228)

 

  $

0.05

 

$.05

 

Expired

 

(12,215)

 

  $

22.50

 

$22.50

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2016

 

563,998

 

  $

11.61

 

$6.10-$21.00

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2016

 

563,998

 

  $

11.61

 

$6.10-$21.00

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Outstanding and exercisable information includes 21,920 equity-classified warrants.

 

Black Scholes  
Schedule of Share Based Payment Award Warrants Valuation Assumptions

 

 

 

 

 

June 30, 2016

 

December 31, 2015

 

Issued April 2014

 

 

 

 

 

 

 

 

 

Number of warrants

 

29,600

(1)

132,800

 

29,600

(1)

132,800

 

CDTi stock price

 

  $

1.65

 

  $

1.65

 

  $

4.70

 

  $

4.70

 

Strike price

 

  $

8.50

 

  $

21.00

 

  $

8.50

 

  $

21.00

 

Expected volatility

 

91.2%

 

103.8%

 

96.7%

 

94.4%

 

Risk-free interest rate

 

0.8%

 

0.8%

 

1.6%

 

1.5%

 

Dividend yield

 

 

 

 

 

Expected life in years

 

3.9

 

3.3

 

4.4

 

3.8

 

 

(1)

Concurrent with the November 2015 offering, these warrants were exchanged for warrants with a different strike price and term.

 

 

 

June 30,

 

December 31,

 

 

 

2016

 

2015

 

Issued November 2014

 

 

 

 

 

Number of warrants

 

77,677

 

77,677

 

CDTi stock price

 

  $

1.65

 

  $

4.70

 

Strike price

 

  $

8.50

 

  $

8.50

 

Expected volatility (1)

 

95.0%

 

96.6%

 

Risk-free interest rate

 

0.9%

 

1.6%

 

Dividend yield

 

 

 

Expected life in years

 

3.9

 

4.4

 

 

 

 

June 30, 2016

 

December 31, 2015

 

Issued June 2015

 

 

 

 

 

 

 

 

 

Number of warrants

 

63,999

(1)

35,999

 

63,999

(1)

35,999

 

CDTi stock price

 

  $

1.65

 

  $

1.65

 

  $

4.70

 

  $

4.70

 

Strike price

 

  $

8.50

 

  $

13.25

 

  $

8.50

 

  $

13.25

 

Expected volatility

 

96.7%

 

93.5%

 

110.3%

 

102.3%

 

Risk-free interest rate

 

1.0%

 

0.9%

 

1.8%

 

1.7%

 

Dividend yield

 

 

 

 

 

Expected life in years

 

5.0

 

4.4

 

5.5

 

4.9

 

 

(1)

Concurrent with the November 2015 offering, these warrants were exchanged for warrants with a different strike price and term.

 

 

 

June 30,

 

December 31,

 

 

 

2016

 

2015

 

Issued November 2015

 

 

 

 

 

Number of warrants

 

154,199

 

154,199

 

CDTi stock price

 

  $

1.65

 

  $

4.70

 

Strike price

 

  $

8.50

 

  $

8.50

 

Expected volatility

 

96.5%

 

96.6%

 

Risk-free interest rate

 

1.0%

 

1.8%

 

Dividend yield

 

 

 

Expected life in years

 

5.0

 

5.5

 

 

Monte Carlo Simulation Model  
Schedule of Share Based Payment Award Warrants Valuation Assumptions

 

 

 

June 30, 2016

 

December 31, 2015

 

Issued July 2013

 

 

 

 

 

 

 

 

 

Number of warrants

 

18,800

(1)

13,000

 

18,800

(1)

13,000

 

CDTi stock price

 

  $

1.73

 

  $

1.73

 

  $

4.70

 

  $

4.70

 

Strike price

 

  $

6.10

 

  $

6.10

 

  $

6.10

 

  $

6.10

 

Expected volatility

 

95.2%

 

85.0%

 

95.5%

 

99.1%

 

Risk-free interest rate

 

0.8%

 

0.6%

 

1.5%

 

1.2%

 

Dividend yield

 

 

 

 

 

Expected life in years

 

3.4

 

2.0

 

3.9

 

2.5

 

 

(1)

In connection with a letter agreement, dated October 7, 2015, the Company agreed to amend the term of these warrants in order to extend the expiration date until November 11, 2019.

 

 

 

June 30,

 

December 31,

 

 

 

2016

 

2015

 

Issued November 2014

 

 

 

 

 

Number of warrants

 

16,000

 

16,000

 

CDTi stock price

 

  $

1.73

 

  $

4.70

 

Strike price

 

  $

6.10

 

  $

6.10

 

Expected volatility (1)

 

95.2%

 

95.5%

 

Risk-free interest rate

 

0.8%

 

1.5%

 

Dividend yield

 

 

 

Expected life in years

 

3.4

 

3.9