Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 by level within the fair value hierarchy, are as follows:
 
(in thousands)
 
March 31, 2019
 
 
 
Quoted prices

in active

markets
 
 
Significant

other

observable

inputs
 
 
Significant

unobservable

inputs
 
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
 
$
-
 
 
$
103
 
 
(in thousands)
 
December 31, 2018
 
 
 
Quoted prices

in active

markets
 
 
Significant

other

observable

inputs
 
 
Significant

unobservable

inputs
 
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
 
$
-
 
 
$
210
 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table includes a summary of changes in fair value of the Company’s derivative liability measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2018: 
 
(in thousands)
 
For the three months ended
 
 
 
March 31, 2018
 
Beginning balance
 
$
20,832
 
Additions
 
 
1,313
 
Change in fair value
 
 
814
 
Ending balance
 
$
22,959
 
Warrant [Member]  
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table includes a summary of changes in fair value of the Company’s warrant liability measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2019:
 
(in thousands)
 
For the three months ended
 
 
 
March 31, 2019
 
Beginning balance
 
$
210
 
Additions
 
 
4
 
Change in fair value
 
 
(111
)
Reclass to additional paid-in capital
 
 
-
 
Ending balance
 
$
103
 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability that is categorized within Level 3 of the fair value hierarchy as of March 31, 2019 and December 31, 2018 is as follows:
 
 
 
March 31, 2019
 
 
December 31, 2018
 
Common Stock Price
 
$
1.99
 
 
$
3.42
 
Term (Years)
 
 
4.02
 
 
 
4.27
 
Volatility
 
 
59
%
 
 
58
%
Risk-free rate of interest
 
 
2.22
%
 
 
2.58
%
Dividend Yield
 
 
0.0
%
 
 
0.0
%