XML 35 R19.htm IDEA: XBRL DOCUMENT

Common Stock and Warrants (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value of Warrants Granted in Offering/Financing Estimated Using Black-Scholes Option Pricing Model with Weighted Average Assumptions

The fair value of warrants as of December 31, 2017 and 2016 were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

	December 31, 2017			December 31, 2016
Stock price	$	12.32		$	6.90
Exercise price	$	10.25		$	8.10
Warrant term	1.91 years			1.89 years
Expected volatility		62.20	%		94.97	%
Risk-free interest rate		1.83	%		0.79	%
Dividend rate		0.00	%		0.00	%

Fair Value of Compensation Options Granted During Offering Estimated Using Black-Scholes Option Pricing Model with Weighted Average Assumptions

The fair value of the compensation options granted during the April 2016 Offering were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


Stock price	CAD$6.80
Exercise price	CAD$5.00
Option term	2.0 years
Expected volatility		126.76	%
Risk-free interest rate		0.61	%
Dividend rate		0.00	%

Summary of Warrants Accounts for Liabilities

The following table summarizes warrants that the Company accounts for as liabilities for the year ended December 31, 2017 and nine months ended December 31, 2016 (amounts in thousands):

	Year Ended December 31, 2017			Nine Months Ended December 31, 2016
Fair value of warrants at beginning of period	$	2,857		$	1,205
Issuance of warrants		3,016			—
Exercise of warrants		(1,200	)		—
Change in fair value of warrants during the period		2,268			1,652
Fair value of warrants at end of period	$	6,941		$	2,857

Summary of Warrant Activity

The following is a summary of warrant activity during the year ended December 31, 2017 and nine months ended December 31, 2016:

	Number of Warrants						Weighted-Average Exercise Price
	CAD			US			CAD		US
Outstanding as of April 1, 2016		1,686,000			905,721		$	5.00	$	8.10
Granted		1,030,587			—			7.50
Granted (Agent Compensation)		100,291			—			5.00
Expired		(1,320,880	)		—			5.00
Exercised		(384,468	)		—			5.10
Outstanding as of December 31, 2016		1,111,530			905,721			7.30		8.10
Granted		25,063			646,016			7.50		12.25
Exercised		(125,088	)		(208,333	)		6.50		7.20
Outstanding and exercisable as of December 31, 2017		1,011,505			1,343,404		$	7.38	$	10.25

Warrants Outstanding and Exercisable

The following table summarizes the Company’s warrants outstanding and exercisable as of December 31, 2017:

Number of Warrants Outstanding		Exercise Price	Expiration Date
	90,406	US$15.00	April 30, 2018
	33,546	US$15.00	June 26, 2018
	3,795	US$10.75	June 26, 2020
	12,576	US$15.00	July 17, 2018
	1,509	US$10.75	July 17, 2020
	555,556	US$6.75	December 29, 2018
	961,489	CAD$7.50	April 18, 2019
	50,015	CAD$5.00	April 18, 2018
	270,915	US$12.25	December 22, 2020
	171,020	US$12.25	December 28, 2020
	204,081	US$12.25	December 29, 2020
	2,354,908

April 2016 Offering

Fair Value of Warrants Granted in Offering/Financing Estimated Using Black-Scholes Option Pricing Model with Weighted Average Assumptions

The fair value of the warrants granted in the April 2016 Offering were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


Stock price	CAD$5.45
Exercise price	CAD$7.50
Warrant term	3.0 years
Expected volatility		83.83	%
Risk-free interest rate		0.60	%
Dividend rate		0.00	%

December 2017 Financing

Fair Value of Warrants Granted in Offering/Financing Estimated Using Black-Scholes Option Pricing Model with Weighted Average Assumptions

The fair value of the warrants granted in the December 2017 financing were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

	December 22, 2017			December 28, 2017			December 29, 2017
Stock price	$	10.60		$	12.45		$	12.32
Exercise price	$	12.25		$	12.25		$	12.25
Warrant term	3.0 years			3.0 years			3.0 years
Expected volatility		60.24	%		60.24	%		60.24	%
Risk-free interest rate		2.01	%		2.00	%		1.98	%
Dividend rate		0.00	%		0.00	%		0.00	%

- 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