Derivative Warrants (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table provides a reconciliation of the beginning and ending balances of the “Derivative warrant liability” presented in the condensed consolidated balance sheet during the three months ended March 31, 2019, and the year ended December 31, 2018.



	Three Months Ended		Year Ended
	March 31, 2019		December 31, 2018
Balance at beginning of period	$	34	$	477
Issuance of warrants	—		—
Adjustments to estimated fair value	41		(443		)
Balance at end of period	$	75	$	34

The following table shows the warrant activity for the three months ended March 31, 2019 and March 31, 2018:



	Three Months Ended
	March 31,
	2019	2018
Outstanding at the beginning of the period	118	118
Issued	—	—
Exercised	—	—
Outstanding at the end of the period	118	118

Schedule of Assumptions Used

The fair value of the derivative warrant liability as of March 31, 2019 and December 31, 2018 was estimated using the following model inputs:



	As of March 31,			As of December 31,
	2019			2018
Exercise price	$	39.82		$	39.82
Closing stock price	$	8.90		$	8.20
Risk free rate	2.22		%	2.51		%
Expected volatility	43.30		%	36.87		%

- 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.

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