XML 63 R49.htm IDEA: XBRL DOCUMENT v3.19.1
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Details 2) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Opening balance $ (3,618)  
Proceeds from issuance of Series B Shares 2,325 $ 1,458
Recognition of written call Option as a discount of Series B Shares 1,500
Accretion of Series B Shares to redemption value [1] 2,001  
Partial exercise of Series B Shares written call option at the Second Date and Third Date
Closing balance (144) (3,618)
Redeemable Convertible Preferred Stock Series B [Member]    
Opening balance 87  
Proceeds from issuance of Series B Shares 2,325 1,500
Recognition of written call Option as a discount of Series B Shares (1,500)
Accretion of Series B Shares to redemption value 2,001  
Partial exercise of Series B Shares written call option at the Second Date and Third Date 681  
Conversion of Series B Shares into Common Stock [2] (2,553)
Amortization of discount 84
Dividend on Series B Shares 177 3
Cancellation of Series B Shares in exchange for Series D Preferred Stock [3] (2,718)
Closing balance $ 87
[1] Based on the rights and privileges of Series B Preferred Stock, since the Company did not obtain shareholder approval at March 31, 2018, the then outstanding Series B Preferred Stock became redeemable at the option of OFI. Consequently, in each reporting period commencing March 31, 2018, the outstanding Series B Preferred Stock is recorded at its maximum redemption value until occurrence of redemption or conversion. These shares were cancelled as a result of the entry into the Remediation Agreement on September 24, 2018 as described below (see also Note 10).
[2] Under the OFI Purchase Agreement, the Series B Preferred Stock, up to the stated limits, would automatically convert to the company's common stock on May 31, 2018. Consequently, 1,869,663 shares of Series B Preferred Stock held by OFI have been recorded as converted into 2,965,301 shares, or 19.99% of the then 11,868,619 outstanding shares of common stock as of May 31, 2018, which is the applicable conversion date under the OFI Purchase Agreement. The then remaining 1,855,337 unconverted shares of the Series B Preferred Stock remained as mezzanine and accrued a preferred dividend until September 24, 2018, when the Series B shares were withdrawn and Series D preferred shares were issued in replacement, as described below in more details.
[3] On September 24, 2018, the OFI Purchase Agreement was superseded by the Remediation Agreement entered into with OFI and Note Holders. Consequently, the Series B Shares have been withdrawn and Series D Shares were issued in replacement, as described below in more details.