XML 40 R30.htm IDEA: XBRL DOCUMENT

Warrants (Tables)

9 Months Ended

Sep. 30, 2018

Class of Warrant or Right [Line Items]

Schedule of Stockholders' Equity Note, Warrants or Rights

Warrants outstanding and exercisable are summarized as follows:



	Shares(1)		Weighted Average Exercise Price		Range of Exercise Prices
Outstanding at December 31, 2017	180,894		$	24.96	$2.50-$105.00
Exercised	—		—		—
Expired	(3,988	)	31.25		—
Outstanding at September 30, 2018	176,906		$	24.87	$2.50-$105.00
Exercisable at September 30, 2018	176,906		$	24.87	$2.50-$105.00

(1) Outstanding and exercisable information includes 3,000 equity-classified warrants.

Black Scholes

Class of Warrant or Right [Line Items]

Schedule Of Share Based Payment Award, Warrants, Valuation Assumptions

The assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the warrant liability as of September 30, 2018 were as follows:




Expected volatility	95.0%-122.5%
Risk-free interest rate	2.6%-2.9%
Dividend yield	—
Expected life in years	1.0-3.2

Monte Carlo Simulation Model

Class of Warrant or Right [Line Items]

Schedule Of Share Based Payment Award, Warrants, Valuation Assumptions

The assumptions used in the Monte Carlo simulation model to estimate the fair value of the warrant liability as of September 30, 2018 were as follows:




Expected volatility	114.3%
Risk-free interest rate	2.6%
Dividend yield	—
Expected life in years	1.1

- 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