Disclosure of derivative warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 28, 2016 Warrants |
|
February 14, 2014 Warrants |
|
Total |
|
# of warrants (in thousands) |
|
|
$ |
|
|
# of warrants (in thousands) |
|
|
$ |
|
|
# of warrants (in thousands) |
|
|
$ |
|
Balance at January 1, 2018 |
3,523 |
|
|
8,948 |
|
|
1,738 |
|
|
2,845 |
|
|
5,261 |
|
|
11,793 |
|
Revaluation of derivative warrant liability |
— |
|
|
6,527 |
|
|
— |
|
|
3,427 |
|
|
— |
|
|
9,954 |
|
Balance at December 31, 2018 |
3,523 |
|
|
15,475 |
|
|
1,738 |
|
|
6,272 |
|
|
5,261 |
|
|
21,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2017 |
6,388 |
|
|
7,405 |
|
|
3,748 |
|
|
1,733 |
|
|
10,136 |
|
|
9,138 |
|
Conversion to equity (common shares) upon exercise of warrants |
(2,865 |
) |
|
(12,421 |
) |
|
(2,010 |
) |
|
(8,848 |
) |
|
(4,875 |
) |
|
(21,269 |
) |
Revaluation of derivative warrant liability upon exercise of warrants |
— |
|
|
(3,844 |
) |
|
— |
|
|
(1,013 |
) |
|
— |
|
|
(4,857 |
) |
Revaluation of derivative warrant liability |
— |
|
|
17,808 |
|
|
— |
|
|
10,973 |
|
|
— |
|
|
28,781 |
|
Balance at December 31, 2017 |
3,523 |
|
|
8,948 |
|
|
1,738 |
|
|
2,845 |
|
|
5,261 |
|
|
11,793 |
|
|
Disclosure of the estimated fair value of the derivative warrant liability |
The following assumptions were used to estimate the fair value of the derivative warrant liability on December 31, 2018 and December 31, 2017.
|
|
|
|
|
|
|
2018 |
|
2017 |
|
Annualized volatility |
45 |
% |
48 |
% |
Risk-free interest rate |
2.56 |
% |
1.76 |
% |
Life of warrants in years |
0.12 |
|
1.12 |
|
Dividend rate |
0.0 |
% |
0.0 |
% |
Market price |
6.82 |
|
4.53 |
|
Fair value per Warrant |
3.61 |
|
1.64 |
|
The following assumptions were used to estimate the fair value of the derivative warrant liability on December 31, 2018 and December 31, 2017.
|
|
|
|
|
|
|
2018 |
|
2017 |
|
Annualized volatility |
55 |
% |
55 |
% |
Risk-free interest rate |
2.45 |
% |
2.08 |
% |
Life of warrants in years |
2.99 |
|
3.99 |
|
Dividend rate |
0.0 |
% |
0.0 |
% |
Market price |
6.82 |
|
4.53 |
|
Fair value per Warrant |
4.39 |
|
2.54 |
|
|