Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | SenesTech, Inc. | |
Entity Central Index Key | 0001680378 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Reporting Status Current | Yes | |
Entity File Number | 001-37941 | |
Entity Incorporation, State or Country Code | DE | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | SNES | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 28,287,351 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 2,575 | $ 4,920 |
Accounts receivable | 156 | 139 |
Prepaid expenses | 329 | 342 |
Inventory | 1,331 | 1,261 |
Deposits | 5 | 9 |
Total current assets | 4,396 | 6,671 |
Right to use asset-operating leases | 65 | |
Property and equipment, net | 915 | 1,083 |
Total assets | 5,376 | 7,754 |
Current liabilities: | ||
Short-term debt | 134 | 219 |
Accounts payable | 255 | 173 |
Accrued expenses | 790 | 771 |
Total current liabilities | 1,179 | 1,163 |
Long-term debt, net | 196 | 261 |
Operating lease liability | 65 | |
Common stock warrant liability | 1 | |
Deferred rent | 10 | 16 |
Total liabilities | 1,451 | 1,440 |
Commitments and contingencies (See note 12) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 25,227,475 and 23,471,999 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 25 | 24 |
Additional paid-in capital | 94,391 | 92,128 |
Accumulated deficit | (90,491) | (85,838) |
Total stockholders' equity | 3,925 | 6,314 |
Total liabilities and stockholders' equity | $ 5,376 | $ 7,754 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 25,227,475 | 23,471,999 |
Common stock, outstanding | 25,227,475 | 23,471,999 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Sales | $ 24 | $ 36 | $ 43 | $ 55 |
Cost of sales | 21 | 20 | 33 | 39 |
Gross profit | 3 | 16 | 10 | 16 |
Operating expenses: | ||||
Research and development | 463 | 636 | 927 | 1,270 |
General and administrative | 1,831 | 3,465 | 3,735 | 5,493 |
Total operating expenses | 2,294 | 4,101 | 4,662 | 6,763 |
Net operating loss | (2,291) | (4,085) | (4,652) | (6,747) |
Other income (expense): | ||||
Interest income | 11 | 1 | 26 | 7 |
Interest expense | (11) | (22) | (24) | (44) |
Other income (expense) | 2 | (7) | (3) | 6 |
Total other income (expense) | 2 | (28) | (1) | (31) |
Net loss | $ (2,289) | $ (4,113) | $ (4,653) | $ (6,778) |
Weighted average common shares outstanding - basic and fully diluted (in shares) | 24,552,553 | 16,696,051 | 24,038,333 | 16,596,770 |
Net loss per common share - basic and fully diluted (in dollars per share) | $ (0.09) | $ (0.25) | $ (0.19) | $ (0.41) |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Stock Subscription Payable [Member] | Accumulated Deficit [Member] | Total |
Balance at beginning at Dec. 31, 2017 | $ 16 | $ 81,103 | $ (73,597) | $ 7,522 | |
Balance at beginning (in shares) at Dec. 31, 2017 | 16,404,195 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock for services | $ 1 | 34 | (8) | 27 | |
Issuance of common stock for services (in shares) | 146,743 | ||||
Stock-based compensation | 2,707 | 2,707 | |||
Issuance of common stock upon exercise of warrants | $ 1 | 2,213 | 2,214 | ||
Issuance of common stock upon exercise of warrants (in shares) | 1,475,659 | ||||
Stock subscribed but not issued | (8) | 8 | |||
Payments for employee withholding taxes related to share-based awards | (27) | (27) | |||
Issuance of common stock upon cashless exercise of stock options (in shares) | 13,900 | ||||
Net loss | (6,778) | (6,778) | |||
Balance at ending at Jun. 30, 2018 | $ 18 | 86,022 | (80,375) | 5,665 | |
Balance at ending (in shares) at Jun. 30, 2018 | 18,040,497 | ||||
Balance at beginning at Mar. 31, 2018 | $ 17 | 81,792 | 8 | (76,262) | 5,555 |
Balance at beginning (in shares) at Mar. 31, 2018 | 16,512,246 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock for services | (14) | (8) | (22) | ||
Issuance of common stock for services (in shares) | 52,592 | ||||
Stock-based compensation | 2,037 | 2,037 | |||
Issuance of common stock upon exercise of warrants | $ 1 | 2,213 | 2,214 | ||
Issuance of common stock upon exercise of warrants (in shares) | 1,475,659 | ||||
Payments for employee withholding taxes related to share-based awards | (6) | (6) | |||
Net loss | (4,113) | (4,113) | |||
Balance at ending at Jun. 30, 2018 | $ 18 | 86,022 | (80,375) | 5,665 | |
Balance at ending (in shares) at Jun. 30, 2018 | 18,040,497 | ||||
Balance at beginning at Dec. 31, 2018 | $ 24 | 92,128 | (85,838) | 6,314 | |
Balance at beginning (in shares) at Dec. 31, 2018 | 23,471,999 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock for services | 34 | 34 | |||
Issuance of common stock for services (in shares) | 124,797 | ||||
Stock-based compensation | 471 | 471 | |||
Issuance of common stock upon exercise of warrants | $ 1 | 1,782 | 1,783 | ||
Issuance of common stock upon exercise of warrants (in shares) | 1,605,696 | ||||
Payments for employee withholding taxes related to share-based awards | (24) | (24) | |||
Issuance of common stock upon cashless exercise of stock options (in shares) | 24,984 | ||||
Net loss | (4,653) | (4,653) | |||
Balance at ending at Jun. 30, 2019 | $ 25 | 94,391 | (90,491) | 3,925 | |
Balance at ending (in shares) at Jun. 30, 2019 | 25,227,476 | ||||
Balance at beginning at Mar. 31, 2019 | $ 24 | 92,448 | (88,202) | 4,270 | |
Balance at beginning (in shares) at Mar. 31, 2019 | 23,560,864 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock for services | 2 | 2 | |||
Issuance of common stock for services (in shares) | 86,216 | ||||
Stock-based compensation | 219 | 219 | |||
Issuance of common stock upon exercise of warrants | $ 1 | 1,746 | 1,747 | ||
Issuance of common stock upon exercise of warrants (in shares) | 1,573,885 | ||||
Payments for employee withholding taxes related to share-based awards | (24) | (24) | |||
Issuance of common stock upon cashless exercise of stock options (in shares) | 6,510 | ||||
Net loss | (2,289) | (2,289) | |||
Balance at ending at Jun. 30, 2019 | $ 25 | $ 94,391 | $ (90,491) | $ 3,925 | |
Balance at ending (in shares) at Jun. 30, 2019 | 25,227,476 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (4,653) | $ (6,778) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on investments held to maturity | (32) | |
Bad debts expense | 5 | |
Depreciation and amortization | 213 | 224 |
Stock-based compensation | 471 | 2,735 |
Loss on sale of equipment | 2 | 15 |
Loss on early extinguishment of debt | 10 | |
Loss on remeasurement of common stock warrant liability | 1 | 1 |
(Increase) decrease in current assets: | ||
Accounts receivable | (17) | (21) |
Prepaid expenses | 13 | (32) |
Inventory | (70) | (648) |
Deposits | 4 | 7 |
Increase (decrease) in current liabilities: | ||
Accounts payable | 82 | 70 |
Accrued expenses | 53 | (97) |
Deferred rent | (6) | (12) |
Net cash used in operating activities | (3,907) | (4,553) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds received on sale of securities held to maturity | 2,608 | |
Proceeds received on sale of equipment | 185 | |
Purchase of property and equipment | (47) | (102) |
Net cash provided by (used in) investing activities | (47) | 2,691 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of notes payable | (112) | (198) |
Repayments of notes payable, related parties | (9) | |
Repayments of capital lease obligations | (38) | (36) |
Proceeds from the exercise of warrants | 1,783 | 2,213 |
Payment of deferred offering costs | (335) | |
Payment of employee withholding taxes related to share-based awards | (24) | (27) |
Net cash provided by financing activities | 1,609 | 1,608 |
NET CHANGE IN CASH | (2,345) | (254) |
CASH AT BEGINNING OF PERIOD | 4,920 | 2,101 |
CASH AT END OF PERIOD | 2,575 | 1,847 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 24 | 44 |
Income taxes paid | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Purchases of equipment under capital lease obligations | 10 | |
Common stock issued on accrued bonus | $ 32 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 - Organization and Description of Business SenesTech, Inc. (referred to in this report as “SenesTech,” the “Company,” “we” or “us”) was formed in July 2004 and incorporated in the state of Nevada. The Company subsequently reincorporated in the state of Delaware in November 2015. Our corporate headquarters is in Flagstaff, Arizona. We have developed and are commercializing a global, proprietary technology for managing animal pest populations, initially rat populations, through fertility control. Although myriad tools are available to fight rat infestations, communities, food producers, zoos and sanctuaries and others continue to face challenges in controlling today’s infestations. Infestations result in significant infrastructure damage, as well as pose additional risks to the health and food security of communities. In addition to these challenges, the pest management industry and Pest Management Professionals (PMPs) are being increasingly asked for new solutions to help solve the problem. With growing concerns about rat resistance to rodenticides and a growing interest in non-lethal options, it is becoming increasingly important for PMPs to have new tools at their disposal. Our goal is to provide customers with not only a solution to combat their most difficult infestations, but also offer a non-lethal option to serve customers that are looking to decrease or remove the amount of poison used in their pest management programs. Our first fertility control product, ContraPest, is a liquid bait containing the active ingredients 4-vinylcyclohexene diepoxide (VCD) and triptolide. When consumed, ContraPest targets reproduction, limiting fertility in male and female rats beginning with the first breeding cycle following consumption. ContraPest is being marketed for use in controlling rat populations, specifically Norway and roof rats. On August 23, 2015, the United States Environmental Protection Agency (EPA) granted registration approval for ContraPest as a Restricted Product Due to Professional Expertise (referred to in this report as a “Restricted Use designation”), effective August 2, 2016. On October 18, 2018, the EPA approved the removal of the Restricted Use designation. We believe ContraPest is the first and only non-lethal, fertility control product approved by the EPA for the management of rodent populations. In addition to the EPA registration of ContraPest in the United States, we must obtain registration from the various state regulatory agencies prior to selling in each state. As of the date of this report, we have received registration for ContraPest in all 50 states and the District of Columbia, 43 of which have approved the removal of the Restricted Use designation. We expect to continue to pursue regulatory approvals and amendments to existing registration in the United States for ContraPest, and if ContraPest begins to generate sufficient revenue, regulatory approvals for any additional jurisdictions beyond the United States. The Company also continues to develop other potential additional fertility control and animal health products for additional species. Potential Need for Additional Capital Since our inception, we have sustained significant operating losses in the course of our research and development activities and expect such losses to continue for the near future. We have generated limited revenue to date from product sales, research grants and licensing fees received under our former license agreement with Neogen. In 2017, we began to prepare and launch commercialization of our first product, ContraPest. We have primarily funded our operations to date through the sale of equity securities, including convertible preferred stock, common stock and warrants to purchase common stock. We have also raised capital through debt financing, consisting primarily of convertible notes; and, to a lesser extent, payments received in connection with product sales, research grants and licensing fees. Through June 30, 2019, we had received net proceeds of $63.6 million from our sales of common stock, preferred stock and warrant exercises and issuance of convertible and other promissory notes, an aggregate of $1.7 million from licensing fees and an aggregate of $0.4 million in net product sales. At June 30, 2019, we had an accumulated deficit of $90.5 million and cash and cash equivalents of $2.6 million. Our ultimate success depends upon the outcome of a combination of factors, including: (i) successful commercialization of ContraPest and ongoing regulatory approvals of our other product candidates, (ii) market acceptance, commercial viability and profitability of ContraPest and other products; (iii) the ability to market our products and establish an effective sales force and marketing infrastructure to generate significant revenue; (iv) the success of our research and development; (v) our ability to retain and attract key personnel to develop, operate and grow our business; and (vi) our ability to meet our working capital needs. Based upon our current operating plan, we expect that cash and cash equivalents at June 30, 2019, in combination with anticipated revenue, net proceeds of $3.6 million from the public offering completed on July 16, 2019 and any additional sales of our equity securities, will be sufficient to fund our current operations for at least the next 12 months. However, if anticipated revenue targets and margin targets are not achieved and we are unable to raise necessary capital through the sale of our securities, we may seek to reduce operating expenses and take other measures that could impair our ability to be successful and operate as a going concern. In any event, we are likely to require additional capital in order to fund our operating losses and research and development activities until we become profitable. We may never achieve profitability or generate positive cash flows, and unless and until we do, we will continue to need to raise capital through equity or debt financing. If such equity or debt financing is not available at adequate levels or on acceptable terms, we may need to delay, limit or terminate commercialization and development efforts. Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the Company’s opinion, the unaudited condensed financial statements include all material adjustments, all of which are of a normal and recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2019, the Company’s operating results for the three and six months ended June 30, 2019 and 2018, and the Company’s cash flows for the six months ended June 30, 2019 and 2018. The accompanying financial information as of December 31, 2018 is derived from audited financial statements. Interim results are not necessarily indicative of results for a full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K, as amended by Form 10-K/A, for the year ended December 31, 2018, both filed with the SEC on March 29, 2019. All amounts shown in these financial statements and accompanying notes are in thousands, except percentages and per share and share amounts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and classification of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The significant estimates in the Company’s financial statements include the valuation of preferred stock, common stock and related warrants, and other stock-based awards. Actual results could differ from such estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no material impact on net earnings, financial position or cash flows. Accounts Receivable Accounts receivable consist primarily of trade receivables. The Company provides an allowance for doubtful trade receivables equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable. The allowance for doubtful trade receivables was less than $1 at June 30, 2019 and at December 31, 2018. Inventories Inventories are stated at the lower of cost or market value, using the first-in, first-out convention. Inventories consist of raw materials, work in progress and finished goods. Components of inventory are: June 30, December 31, 2019 2018 Raw materials $ 1,071 $ 1,111 Work in progress 4 — Finished goods 260 154 Total inventory 1,335 1,265 Less: Reserve for obsolete (4 ) (4 ) Total net inventory $ 1,331 $ 1,261 Prepaid Expenses Prepaid expenses consist primarily of payments made for director and officer insurance, director compensation, rent, legal and inventory purchase deposits and seminar fees to be expensed in the current year. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Equipment held under capital leases are stated at the present value of minimum lease payments less accumulated amortization. Depreciation on property and equipment is computed using the straight-line method over the estimated useful lives of the respective assets. The cost of leasehold improvements is amortized over the life of the improvement or the term of the lease, whichever is shorter. Equipment held under capital leases is amortized over the shorter of the lease term or estimated useful life of the asset. The Company incurs repair and maintenance costs on its major equipment, which are expensed as incurred. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require long-lived assets or asset groups to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated from the use of the asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, such as discounted cash flow models and the use of third-party independent appraisals. The Company has not recorded an impairment of long-lived assets since its inception. Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Revenue Recognition. Revenue Recognition The Company recognizes revenue when it leaves their dock at a fixed selling price and payment terms of 30 to 120 days from invoicing. The Company recognizes other revenue earned from pilot studies upon the performance of specific services under the respective service contract. The Company derives revenue primarily from commercial sales of products. Research and Development Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, costs incurred related to conducting scientific trials and field studies, and regulatory compliance costs. Also, included in research and development expenses is an allocation of facilities related costs, including depreciation of research and development equipment. Stock-based Compensation Employee stock-based awards, consisting of restricted stock units and stock options expected to be settled in shares of the Company’s common stock, are recorded as equity awards. The grant date fair value of stock options is measured using the Black-Scholes option pricing model. The Company expenses the grant date fair value of its stock options on a straight-line basis over their respective vesting periods. Performance-based awards are expensed over the performance period when the related performance goals are probable of being achieved. For equity instruments issued to non-employees, the stock-based consideration is measured using a fair value method. The measurement of the stock-based compensation is subject to re-measurement as the underlying equity instruments vest. The stock-based compensation expense recorded for the three and six months ended June 30, 2019 and 2018, is as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 1 $ 29 $ 10 $ 58 General and administrative 218 2,008 461 2,677 Total stock-based compensation expense $ 219 $ 2,037 $ 471 $ 2,735 See Note 11 for additional discussion on stock-based compensation. Income Taxes Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities and net operating loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. These deferred tax assets are subject to periodic assessments as to recoverability and if it is determined that it is more likely than not that the benefits will not be realized, valuation allowances are recorded which would increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. The Company currently maintains a full allowance against its deferred tax assets. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. Only those benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities are recognized. Based on its evaluation, the Company has concluded there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. There are no uncertain tax positions as of June 30, 2019 or December 31, 2018 and as such, no interest or penalties were recorded in income tax expense. Comprehensive Loss Net loss and comprehensive loss were the same for all periods presented; therefore, a separate statement of comprehensive loss is not included in the accompanying financial statements. Loss Per Share Attributable to Common Stockholders Basic loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share attributable to common stockholders is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury stock and if-converted methods. For purposes of the computation of diluted loss per share attributable to common stockholders, common stock purchase warrants, and common stock options are considered to be potentially dilutive securities but have been excluded from the calculation of diluted loss per share attributable to common stockholders because their effect would be anti-dilutive given the net loss reported for the three and six months ended June 30, 2019 and 2018. Therefore, basic and diluted loss per share attributable to common stockholders are the same for each period presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted loss per share attributable to common stockholders (in common stock equivalent shares): June 30, 2019 2018 Common stock purchase warrants 9,621,125 6,090,035 Restricted stock unit 117,465 209,579 Common stock options 2,435,177 1,719,771 Total 12,173,767 8,019,385 Adoption of New Accounting Standards : In May 2014 the FASB issued ASU 2014-09, Revenue from Contracts with Customers “Revenue from Contracts with Customers” Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases On January 1, 2019, the Company adopted the new leasing standard and all related amendments. The Company elected the optional transition method provided by the FASB in ASU 2018-11, Leases (Topic 842): Targeted Improvements The standard did not have a material impact on the Company’s Condensed Consolidated Statements of Comprehensive Income. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2019 for the adoption of the new leasing standard was as follows: Balance Adjustment Due to ASC 842 Balance Right to Use Asset - Long Term — $ 87 $ 87 Lease Liability – Long Term — $ (87 ) $ (87 ) At June 30, 2019, the balance remaining in Right to Use Asset-Long Term and Lease Liability-Long Term was $65,000 and ($65,000) respectively. The Company determines if an arrangement is a lease at lease inception. Operating lease right-of-use (ROU) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease ROU asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes. See Note 12, Commitments and Contingencies, for future minimum lease payments and maturities. Accounting Standards Issued but Not Yet Adopted In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the potential impact on our financial position, results of operations and statement of cash flows upon adoption of this guidance, which will result in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3 - Fair Value Measurements The Company issued common stock warrants to purchase shares of common stock in June of 2015 (see Note 11 — Stock-based Compensation for more details) that contain a cash settlement provision resulting in a common stock warrant liability that is revalued at the end of each reporting period. We value these warrant derivatives at fair value. The accounting guidance for fair value, among other things, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The framework for measuring fair value consists of a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows: Level 1 Level 2 Level 3 An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: A. Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. B. Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). C. Income approach: Techniques to convert future amounts to a single present amount based upon market expectations, including present value techniques, option-pricing and excess earnings models. The Company’s common stock warrant liabilities are classified as Level 3 because there is limited activity or less transparency around the inputs to valuation. Items Measured at Fair Value on a Recurring Basis The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2019 Level 1 Level 2 Level 3 Total Financial Liabilities: Common stock warrant liability (1) $ — $ — $ 1 $ 1 Total $ — $ — $ 1 $ 1 December 31, 2018 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ — $ — $ — $ — Corporate fixed income debt securities — — — — Total $ 3 $ — $ — $ — Financial Liabilities: Common stock warrant liability (1) $ — $ — $ — $ — Total $ — $ — $ — $ — (1) The change in the fair value of the common stock warrant for the three and six months ended June 30, 2019 was recorded as a decrease to other income (expense) of $1, in the statements of operations and comprehensive loss. Financial Instruments Not Carried at Fair Value The carrying amounts of the Company’s financial instruments, including accounts payable and accrued liabilities, approximate fair value due to their short maturities. The estimated fair value of the convertible notes and other notes, not recorded at fair value, are recorded at cost or amortized cost which was deemed to estimate fair value. |
Credit Risk
Credit Risk | 6 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | Note 4 - Credit Risk The Company is potentially subject to concentrations of credit risk in its accounts receivable. Credit risk with respect to receivables is limited due to the number of companies comprising the Company’s customer base. Although the Company is directly affected by the financial condition of its customers, management does not believe significant credit risks exist at June 30, 2019 or December 31, 2018. The Company does not require collateral or other securities to support its accounts receivable. |
Prepaid Expenses
Prepaid Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | Note 5 - Prepaid Expenses Prepaid expenses consist of the following: June 30, December 31, 2019 2018 Director compensation $ - $ 100 Director and officer insurance 159 121 NASDAQ fees 28 Legal retainer 25 25 Marketing programs and conferences 56 53 Professional services retainer 8 8 Rent 19 19 Equipment service deposits 5 3 Foreign patent registration 22 - Engineering, software licenses and other 7 13 Total prepaid expenses $ 329 $ 342 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6 - Property and Equipment Property and equipment, net consist of the following: June 30, December 31, Useful Life 2019 2018 Research and development equipment 5 years $ 1,580 $ 1,552 Office and computer equipment (1) 3 years 739 742 Autos 5 years 54 54 Furniture and fixtures 7 years 37 37 Leasehold improvements * 283 283 2,693 2,668 Less accumulated depreciation and amortization (1,778 ) (1,585 ) Total $ 915 $ 1,083 * Shorter of lease term or estimated useful life (1) In April and May 2019, the Company disposed of obsolete computer equipment with a net book value of $2 resulting in a $2 loss on the disposal of fixed assets. Depreciation and amortization expense was approximately $102 and $107 for the three months ended June 30, 2019 and 2018, respectively, and $213 and $224 for six months ended June 30, 2019 and 2018, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 7 - Accrued Expenses Accrued expenses consist of the following: June 30, December 31, 2019 2018 Compensation and related benefits $ 266 $ 479 Accrued Litigation 507 269 Board Compensation 9 23 Other 8 — Total accrued expenses $ 790 $ 771 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8 - Borrowings A summary of the Company’s borrowings, including capital lease obligations, is as follows: June 30, December 31, 2019 2018 Short-term debt: Current portion of long-term debt 134 219 Total short-term debt $ 134 $ 219 Long-term debt: Capital lease obligations $ 194 $ 232 Other promissory notes 136 248 Total 330 480 Less: current portion of long-term debt (134 ) (219 ) Total long-term debt $ 196 $ 261 Capital Lease Obligations Capital lease obligations are for computer and lab equipment leased through GreatAmerica Financial Services, Thermo Fisher Scientific, Navitas Credit Corp. and ENGS Commercial Finance Co. These capital leases expire at various dates through July 2023 and carry interest rates ranging from 6.4% to 11.6%. Other Promissory Notes Also included in the table above are three notes payable to Direct Capital, one note to M2 Financing and one note to Fidelity Capital, all for the financing of fixed assets. These notes expire at various dates through June 2022 and carry interest rates ranging from 4.3% to 13.8%. |
Common Stock Warrants and Commo
Common Stock Warrants and Common Stock Warrant Liability | 6 Months Ended |
Jun. 30, 2019 | |
Warrants and Rights Note Disclosure [Abstract] | |
Common Stock Warrants and Common Stock Warrant Liability | Note 9 - Common Stock Warrants and Common Stock Warrant Liability The table summarizes the common stock warrant activity as of June 30, 2019 as follows: Common Stock Warrants Number of Date Term Exercise Price Outstanding at December 31, 2017 6,431,785 Warrants issued 1,133,909 June 2018 5 Years $ 1.82 Common Stock Offering Warrants Issued 5,357,052 August 2018 5 Years $ 1.15 (1) Common Stock Offering - Dealer Manager Warrants 267,853 August 2018 5 Years $ 1.725 Warrants exercised (1,475,659 ) Expired Warrants (488,119 ) Outstanding at December 31, 2018 11,226,821 Warrants Exercised (1,293,696 ) August 2018 $ 1.15 Warrants Exercised (312,000 ) August 2018 $ 0.95 Outstanding at June 30, 2019 9,621,125 (1) The common stock warrants issued in November 2017 with an initial exercise price of $1.50 per share adjusted downward to $0.95 per share effective July 24, 2018 in connection with our Rights Offering (as defined in Note 9 below), and may be subject to further downward adjustments, pursuant to antidilution price adjustment protection contained within those warrants. On November 21, 2017, the Company issued a total of 4,657,500 detachable common stock warrants issued with the second public offering of 5,860,000 shares of its common stock at $1.00 per share. The common stock warrant is exercisable until five years from the date of grant. The common shares of the Company’s stock and detachable warrants exist independently as separate securities. As such, the Company estimated the fair value of the common stock warrants, exercisable at $1.50 per share, to be $661 using a lattice model based on the following significant inputs: Common stock price of $1.00; comparable company volatility of 73.8%; remaining term 5 years; dividend yield of 0% and risk-free interest rate of 1.87. The initial exercise price of these warrants was $1.50 per share, which adjusted downward to $1.47 on July 24, 2018, the record date of the Right’s Offering and downward to $0.95 per share on August 13, 2018, the date of the Rights Offering, pursuant to antidilution price adjustment protection contained within these warrants. Per guidance of ASC 260, the Company recorded a deemed dividend of $333 on the 3,181,841 unexercised warrants that contained this antidilution price adjustment protection provision and was calculated as the difference between the fair value of the warrants immediately prior to downward exercise price adjustment and immediately after the adjustment using a Black Scholes model based on the following significant inputs: On July 24, 2018: Common stock price of $1.38; comparable company volatility of 72.4%; remaining term 4.33 years; dividend yield of 0% and risk-free interest rate of 2.83. On August 13, 2018: Common stock price of $1.02; comparable company volatility of 74.0%; remaining term 4.25 years; dividend yield of 0% and risk-free interest rate of 2.75. On June 20, 2018, the Company entered into an agreement with a holder of 1,133,909 of the November 2017 warrants to exercise its original warrant representing 1,133,909 shares of Common Stock for cash at the $1.50 exercise price for gross proceeds of $1.7 million and the Company issued to holder a new warrant to purchase 1,133,909 shares of Common Stock at an exercise price of $1.82 per share. The new warrant did not contain the antidilution price adjustment protection that was contained within the exercised warrants. In June 2018, the Company recorded stock compensation expense of $1.7 million representing the fair value of the of 1,133,909 inducement warrants issued. The Company estimated the fair value of the common stock warrants, exercisable at $1.82 per share, to be $1.7 million using a Black Scholes model based on the following significant inputs: Common stock price of $2.11; comparable company volatility of 72.6%; remaining term 5 years; dividend yield of 0% and risk-free interest rate of 2.8%. Also, in June 2018, an additional 341,750 of the November 8, 2017 warrants that were in the money at the time of exercise, were exercised for gross proceeds of $513. On August 13, 2018, in connection with a rights offering of 5,357,052 shares of its common stock (the “Rights Offering”), the Company issued 5,357,052 warrants to purchase shares of its common stock at an exercise price of $1.15 per share. The Company estimated the fair value of the common stock warrants, exercisable at $1.15 per share, to be $3.6 million using a Monte Carlo model based on the following significant inputs: common stock price of $0.94; comparable company volatility of 159.0%; remaining term 5 years; dividend yield of 0% and risk-free interest rate of 2.77%. In connection with the closing of the Rights Offering, the Company issued a warrant to purchase 267,853 shares of common stock to Maxim Partners LLC, an affiliate of the dealer-manager of the Rights Offering. The Company estimated the fair value of the common stock warrants, exercisable at $1.725 per share, to be $169 using a using a Monte Carlo model based on the following significant inputs: common stock price of $0.94; comparable company volatility of 159.0%; remaining term 5 years; dividend yield of 0% and risk-free interest rate of 2.77%. The estimated fair value of the derivative warrant liability was $1 at June 30, 2019. As this derivative warrant liability is revalued at the end of each reporting period, the fair values as determined at the date of grant and subsequent periods was based on the following significant inputs using a Monte Carlo option pricing model: common stock price of $7.91; comparable company volatility of 77.7% of the underlying common stock; risk-free rates of 1.93%; and dividend yield of 0%; including the probability assessment of a terminating change event occurring. The change in fair value of the derivative warrant liability was ($5) and $4 for the three and six months ended June 30, 2019 and was recorded in other income (expense) in the accompanying statements of operations and comprehensive loss. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Deficit | Note 10 - Stockholders’ Deficit Capital Stock The Company was organized under the laws of the state of Nevada on July 27, 2004 and was subsequently reincorporated under the laws of the state of Delaware on November 10, 2015. In connection with the reincorporation, as approved by the stockholders, the Company changed its authorized capital stock to consist of (i) 100 million shares of common stock, $.001 par value, and (ii) 2 million shares of preferred stock, $0.001 par value, designated as Series A convertible preferred stock. In December 2015, the Company amended its Certificate of Incorporation to change its authorized capital stock to provide for 15 million authorized shares of preferred stock of which 7,515,000 was designated as Series B convertible preferred stock, par value $.001 per share. Common Stock The Company had 25,227,475 and 23,471,999 shares of common stock issued and outstanding as of June 30, 2019 and December 31, 2018, respectively. During the six months ended June 30, 2019, the Company issued an aggregate of 1,755,476 shares of common stock as follows: ● an aggregate of 1,605,696 shares for the exercise of outstanding warrants for gross proceeds of $1.8 million ● An aggregate of 86,216 shares for service as a result of the vesting of restricted stock units ● 3,022 shares for the exercise of stock options ● 21,962 shares for the cashless exercise of stock options and ● an aggregate of 38,580 shares to certain employees in net settlement of bonus compensation totaling $32. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 11 - Stock-based Compensation On June 12, 2018, the Company’s stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”) to replace the Company’s 2015 Equity Incentive Plan (the “2015 Plan”). The 2018 Plan authorizes the issuance of 1,000,000 shares of our common stock. In addition, up to 2,874,280 shares of our common stock reserved for issuance under the 2015 Plan became available for issuance under the 2018 Plan to the extent such shares were available for issuance under the 2015 Plan as of June 12, 2018 or cease to be subject to awards outstanding under the 2015 Plan, such as by expiration, cancellation, or forfeiture of such awards. Stock options are generally issued with an exercise price equal to no less than fair value at the date of grant. Options granted under the 2018 Plan generally vest immediately, or ratably over a two- to 36-month period coinciding with their respective service periods; however, participants may exercise their options prior to vesting as provided by the 2018 Plan. Unvested shares issued for options exercised early may be subject to a repurchase by the Company if the participant terminates, at the original exercise price. Options under the 2018 Plan generally have a contractual term of five years. Certain stock option awards provide for accelerated vesting upon a change in control. As of June 30, 2019, the Company had 929,936 shares of common stock available for issuance under the 2018 Plan. The Company measures the fair value of stock options with service-based and performance-based vesting criteria to employees, directors and consultants on the date of grant using the Black-Scholes option pricing model. The fair value of equity instruments issued to non-employees is re-measured as the award vests. The Black-Scholes valuation model requires the Company to make certain estimates and assumptions, including assumptions related to the expected price volatility of the Company’s stock, the period under which the options will be outstanding, the rate of return on risk-free investments, and the expected dividend yield for the Company’s stock. The weighted-average assumptions used in the Black-Scholes option-pricing model used to calculate the fair value of options granted during the six months ended June 30, 2019 were as follows: Employee Non-Employee Expected volatility 79.7%-80.6 % N/A Expected dividend yield — N/A Expected term (in years) 3.0-6.0 N/A Risk-free interest rate 1.80% -2.48 % N/A The weighted average grant date fair value of options granted during the six months ended June 30, 2019 was $1.10 per share, as per the table below. Due to the Company’s limited operating history and lack of company-specific historical or implied volatility, the expected volatility assumption was determined based on historical volatilities from traded options of biotech companies of comparable in size and stability, whose share prices are publicly available. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not intend to pay dividends. The expected term of options granted to employees is calculated based on the mid-point between the vesting date and the end of the contractual term according to the simplified method as described in SEC Staff Accounting Bulletin 110 because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term due to the limited period of time its awards have been outstanding. For non-employee options, the expected term of options granted is the contractual term of the options. The risk-free interest rate is determined by reference to the implied yields of U.S. Treasury securities with a remaining term equal to the expected term assumed at the time of grant. The following table summarizes the stock option activity, for both equity plans, for the periods indicated as follows: Number of Weighted Weighted Aggregate Outstanding at December 31, 2018 1,721,771 $ 1.57 4.0 $ — Granted 855,406 $ 1.41 4.9 $ — Exercised (63,990 ) $ 0.65 — $ — Forfeited (59,500 ) $ — — $ — Expired (18,510 ) $ — — $ — Outstanding at June 30, 2019 2,435,177 $ 1.46 4.0 $ — Exercisable at June 30, 2019 1,536,173 $ 1.56 3.4 $ — (1) The aggregate intrinsic value in the table was calculated based on the difference between the estimated fair market value of the Company’s stock and the exercise price of the underlying options. The estimated stock values used in the calculation was $1.80 and $0.59 per share for the six months ended June 30, 2019 and the year ended December 31, 2018, respectively. Restricted Stock Units The following table summarizes restricted stock unit activity for the six months ended June 30, 2019: Number of Weighted Average Outstanding as of December 31, 2018 136,245 $ 0.98 Granted 123,727 $ 1.51 Vested (142,507 ) $ 1.10 Forfeited — $ — Outstanding as of June 30, 2019 117,465 $ 1.42 The stock-based compensation expense was recorded as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 1 $ 29 $ 10 $ 58 General and administrative 218 2,008 461 2,677 Total stock-based compensation expense $ 219 $ 2,037 $ 471 $ 2,735 The allocation between research and development and selling, general and administrative expense was based on the department and services performed by the employee or non-employee. At June 30, 2019, the total compensation cost related to restricted stock units and unvested options not yet recognized was $1,234, which will be recognized over a weighted average period of 36 months, assuming the employees and non-employee s |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and Contingencies Legal Proceedings The Company may be subject to legal proceedings and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any pending or threatened litigation where the ultimate disposition or resolution could have a material adverse effect on its financial position, results of operations or liquidity. On February 20, 2018, New Enterprises, Ltd. (“New Enterprises”), filed lawsuit against the Company and Roth Capital Partners, LLC (“Roth”) in the U.S. District Court for the District of Arizona (the “Court”). The complaint alleges nine counts against the Company, including that: the Company engaged in common law fraud and securities fraud to induce the chairman of New Enterprises into investing in the Company; failed to register New Enterprises’ requested transfer; breached stock certificates and the lock-up contract; tortuously interfered with prospective business advantage; and conversion. New Enterprises is seeking monetary damages, including compensatory damages, punitive damages, and attorney’s fees. On December 3, 2018, the Court issued its order granting the Company’s and Roth’s motions to dismiss all of New Enterprises’ claims but gave them leave to file a motion to amend the complaint. On January 25, 2019, New Enterprises moved for leave to file an amended complaint, alleging similar claims against the Company and Roth and a court hearing on those motions is scheduled for August 13, 2019. The Company and Roth have filed motions to dismiss the amended complaint and those motions are under advisement with the Court as of May 15, 2019. Roth has made a claim for indemnification to the Company based on contractual indemnification agreements, but to date, the Company has not accepted Roth’s indemnification demand. On April 20, 2018, the Company’s former Executive Vice President and Chief Operating Officer Andrew Altman filed a charge of employment discrimination with the Equal Employment Opportunity Commission (EEOC) against the Company. Mr. Altman claimed that he was terminated after he expressed opposition to an email Cheryl Dyer, Chief Research Officer, had sent out to the management team, in which she criticized a Mormon newspaper. The Company filed a position statement on May 21, 2018. No substantive action has been taken since then, and the Company has not heard anything further either from the EEOC or Mr. Altman’s attorneys. Lease Commitments The Company is obligated under capital leases for certain research and computer equipment that expire on various dates through July 2023. At June 30, 2019, the gross amount of office and computer equipment, and research equipment and the related accumulated amortization recorded under the capital leases was $500 and $229, respectively. In February 2012, the Company entered into an operating lease for its corporate headquarters. The lease was due to expire in January 2015. In December 2013, the Company amended its lease to expand into the remaining area in the building and extended the term to December 31, 2019. In February 2014, the Company further amended the lease to expand into an adjacent building. The lease requires escalating rental payments over the lease term. Minimum rental payments under the operating lease are recognized on a straight-line basis over the term of the lease and accordingly, the Company records the difference between the cash rent payments and the recognition of rent expense as a deferred rent liability. The lease is guaranteed by the President of the Company. We are currently in discussions to extend the current lease. On November 16, 2016, we leased an additional 1,954 square feet of research and development space, also in Flagstaff. This lease expired on November 15, 2018 but was extended for an additional 24 months, through November 2020. A subsequent amendment to the lease allows for the Company to cancel the lease at any time through the lease term with 30-day notice. The lease extension requires fixed rental payments over the lease term. Minimum rental payments under the operating lease are recognized on a straight-line basis over the term of the lease as expense, and accordingly, the Company recorded no deferred rent liability under this lease. Rent expense was $127 and $121 for the six months ended June 30, 2019 and June 30, 2018, respectively. The future minimum lease payments under non-cancellable operating lease and future minimum capital lease payments as of June 30, 2019 are as follows: Capital Operating Years Ending December 31, 2019 48 135 2020 78 45 2021 63 — 2022 33 — 2023 3 Total minimum lease payments $ 225 $ 180 Capital Less: amounts representing interest (6.39%, ranging from 10.48% to 11.56%) $ 31 Present value of minimum lease payments 194 Less: current installments under capital lease obligations 75 Total long-term portion $ 119 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13 - Subsequent Events In July 2019, the Company net issued 19,258 shares of common stock to certain employees in net settlement of restricted stock units that vested during the period. The shares of common stock withheld were used to satisfy required withholding tax liability in connection with the vesting of shares. Also in July 2019, the Company issued an aggregate of 3,580 shares of commons stock for the exercise of certain warrants. The net proceeds to the Company for these exercises was $4. On July 16, 2019, the Company issued 3,037,038 shares of common stock, including 696,296 shares to the Company’s chief executive officer and 7,408 shares to an employee of the Company, in a public offering of shares of the Company’s common stock at $1.35 per share, resulting in net proceeds of approximately $3.6 million after deducting certain fees due to the placement agent and other transaction expenses. In addition, the Company issued a warrant to purchase 166,667 shares of the Company’s common stock to the placement agent at an exercise price of $1.6875 per share. The Company has evaluated subsequent events from the balance sheet date through August 14, 2019, the date at which the financial statements were issued, and determined that there were no other items that require adjustment to or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and classification of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The significant estimates in the Company’s financial statements include the valuation of preferred stock, common stock and related warrants, and other stock-based awards. Actual results could differ from such estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no material impact on net earnings, financial position or cash flows. |
Accounts Receivable | Accounts Receivable Accounts receivable consist primarily of trade receivables. The Company provides an allowance for doubtful trade receivables equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable. The allowance for doubtful trade receivables was less than $1 at June 30, 2019 and at December 31, 2018. |
Inventories | Inventories Inventories are stated at the lower of cost or market value, using the first-in, first-out convention. Inventories consist of raw materials, work in progress and finished goods. Components of inventory are: June 30, December 31, 2019 2018 Raw materials $ 1,071 $ 1,111 Work in progress 4 — Finished goods 260 154 Total inventory 1,335 1,265 Less: Reserve for obsolete (4 ) (4 ) Total net inventory $ 1,331 $ 1,261 |
Prepaid Expenses | Prepaid Expenses Prepaid expenses consist primarily of payments made for director and officer insurance, director compensation, rent, legal and inventory purchase deposits and seminar fees to be expensed in the current year. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Equipment held under capital leases are stated at the present value of minimum lease payments less accumulated amortization. Depreciation on property and equipment is computed using the straight-line method over the estimated useful lives of the respective assets. The cost of leasehold improvements is amortized over the life of the improvement or the term of the lease, whichever is shorter. Equipment held under capital leases is amortized over the shorter of the lease term or estimated useful life of the asset. The Company incurs repair and maintenance costs on its major equipment, which are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require long-lived assets or asset groups to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated from the use of the asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, such as discounted cash flow models and the use of third-party independent appraisals. The Company has not recorded an impairment of long-lived assets since its inception. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Revenue Recognition. Revenue Recognition The Company recognizes revenue when it leaves their dock at a fixed selling price and payment terms of 30 to 120 days from invoicing. The Company recognizes other revenue earned from pilot studies upon the performance of specific services under the respective service contract. The Company derives revenue primarily from commercial sales of products. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, costs incurred related to conducting scientific trials and field studies, and regulatory compliance costs. Also, included in research and development expenses is an allocation of facilities related costs, including depreciation of research and development equipment. |
Stock-based Compensation | Stock-based Compensation Employee stock-based awards, consisting of restricted stock units and stock options expected to be settled in shares of the Company’s common stock, are recorded as equity awards. The grant date fair value of stock options is measured using the Black-Scholes option pricing model. The Company expenses the grant date fair value of its stock options on a straight-line basis over their respective vesting periods. Performance-based awards are expensed over the performance period when the related performance goals are probable of being achieved. For equity instruments issued to non-employees, the stock-based consideration is measured using a fair value method. The measurement of the stock-based compensation is subject to re-measurement as the underlying equity instruments vest. The stock-based compensation expense recorded for the three and six months ended June 30, 2019 and 2018, is as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 1 $ 29 $ 10 $ 58 General and administrative 218 2,008 461 2,677 Total stock-based compensation expense $ 219 $ 2,037 $ 471 $ 2,735 See Note 11 for additional discussion on stock-based compensation. |
Income Taxes | Income Taxes Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities and net operating loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. These deferred tax assets are subject to periodic assessments as to recoverability and if it is determined that it is more likely than not that the benefits will not be realized, valuation allowances are recorded which would increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. The Company currently maintains a full allowance against its deferred tax assets. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. Only those benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities are recognized. Based on its evaluation, the Company has concluded there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. There are no uncertain tax positions as of June 30, 2019 or December 31, 2018 and as such, no interest or penalties were recorded in income tax expense. |
Comprehensive Loss | Comprehensive Loss Net loss and comprehensive loss were the same for all periods presented; therefore, a separate statement of comprehensive loss is not included in the accompanying financial statements. |
Loss Per Share Attributable to Common Stockholders | Loss Per Share Attributable to Common Stockholders Basic loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share attributable to common stockholders is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury stock and if-converted methods. For purposes of the computation of diluted loss per share attributable to common stockholders, common stock purchase warrants, and common stock options are considered to be potentially dilutive securities but have been excluded from the calculation of diluted loss per share attributable to common stockholders because their effect would be anti-dilutive given the net loss reported for the three and six months ended June 30, 2019 and 2018. Therefore, basic and diluted loss per share attributable to common stockholders are the same for each period presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted loss per share attributable to common stockholders (in common stock equivalent shares): June 30, 2019 2018 Common stock purchase warrants 9,621,125 6,090,035 Restricted stock unit 117,465 209,579 Common stock options 2,435,177 1,719,771 Total 12,173,767 8,019,385 |
Adoption of New Accounting Standards: | Adoption of New Accounting Standards : In May 2014 the FASB issued ASU 2014-09, Revenue from Contracts with Customers “Revenue from Contracts with Customers” Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases On January 1, 2019, the Company adopted the new leasing standard and all related amendments. The Company elected the optional transition method provided by the FASB in ASU 2018-11, Leases (Topic 842): Targeted Improvements The standard did not have a material impact on the Company’s Condensed Consolidated Statements of Comprehensive Income. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2019 for the adoption of the new leasing standard was as follows: Balance Adjustment Due to ASC 842 Balance Right to Use Asset - Long Term — $ 87 $ 87 Lease Liability – Long Term — $ (87 ) $ (87 ) At June 30, 2019, the balance remaining in Right to Use Asset-Long Term and Lease Liability-Long Term was $65,000 and ($65,000) respectively. The Company determines if an arrangement is a lease at lease inception. Operating lease right-of-use (ROU) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease ROU asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes. See Note 12, Commitments and Contingencies, for future minimum lease payments and maturities. |
Accounting Standards Issued but Not Yet Adopted | Accounting Standards Issued but Not Yet Adopted In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the potential impact on our financial position, results of operations and statement of cash flows upon adoption of this guidance, which will result in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of inventory | Components of inventory are: June 30, December 31, 2019 2018 Raw materials $ 1,071 $ 1,111 Work in progress 4 — Finished goods 260 154 Total inventory 1,335 1,265 Less: Reserve for obsolete (4 ) (4 ) Total net inventory $ 1,331 $ 1,261 |
Schedule of employee stock-based compensation expense | The stock-based compensation expense recorded for the three and six months ended June 30, 2019 and 2018, is as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 1 $ 29 $ 10 $ 58 General and administrative 218 2,008 461 2,677 Total stock-based compensation expense $ 219 $ 2,037 $ 471 $ 2,735 |
Schedule of outstanding potentially dilutive securities calculation of diluted loss per share attributable to common stockholders | The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted loss per share attributable to common stockholders (in common stock equivalent shares): June 30, 2019 2018 Common stock purchase warrants 9,621,125 6,090,035 Restricted stock unit 117,465 209,579 Common stock options 2,435,177 1,719,771 Total 12,173,767 8,019,385 |
Schedule of cumulative effect of the changes made to the Company's Consolidated Balance Sheet | The standard did not have a material impact on the Company’s Condensed Consolidated Statements of Comprehensive Income. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2019 for the adoption of the new leasing standard was as follows: Balance Adjustment Due to ASC 842 Balance Right to Use Asset - Long Term — $ 87 $ 87 Lease Liability – Long Term — $ (87 ) $ (87 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instruments | The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2019 Level 1 Level 2 Level 3 Total Financial Liabilities: Common stock warrant liability (1) $ — $ — $ 1 $ 1 Total $ — $ — $ 1 $ 1 December 31, 2018 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ — $ — $ — $ — Corporate fixed income debt securities — — — — Total $ 3 $ — $ — $ — Financial Liabilities: Common stock warrant liability (1) $ — $ — $ — $ — Total $ — $ — $ — $ — (1) The change in the fair value of the common stock warrant for the three and six months ended June 30, 2019 was recorded as a decrease to other income (expense) of $1, in the statements of operations and comprehensive loss. |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of prepaid expenses | Prepaid expenses consist of the following: June 30, December 31, 2019 2018 Director compensation $ - $ 100 Director and officer insurance 159 121 NASDAQ fees 28 Legal retainer 25 25 Marketing programs and conferences 56 53 Professional services retainer 8 8 Rent 19 19 Equipment service deposits 5 3 Foreign patent registration 22 - Engineering, software licenses and other 7 13 Total prepaid expenses $ 329 $ 342 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment, net consist of the following: June 30, December 31, Useful Life 2019 2018 Research and development equipment 5 years $ 1,580 $ 1,552 Office and computer equipment (1) 3 years 739 742 Autos 5 years 54 54 Furniture and fixtures 7 years 37 37 Leasehold improvements * 283 283 2,693 2,668 Less accumulated depreciation and amortization (1,778 ) (1,585 ) Total $ 915 $ 1,083 * Shorter of lease term or estimated useful life (1) In April and May 2019, the Company disposed of obsolete computer equipment with a net book value of $2 resulting in a $2 loss on the disposal of fixed assets. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consist of the following: June 30, December 31, 2019 2018 Compensation and related benefits $ 266 $ 479 Accrued Litigation 507 269 Board Compensation 9 23 Other 8 — Total accrued expenses $ 790 $ 771 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of capital lease obligations | A summary of the Company’s borrowings, including capital lease obligations, is as follows: June 30, December 31, 2019 2018 Short-term debt: Current portion of long-term debt 134 219 Total short-term debt $ 134 $ 219 Long-term debt: Capital lease obligations $ 194 $ 232 Other promissory notes 136 248 Total 330 480 Less: current portion of long-term debt (134 ) (219 ) Total long-term debt $ 196 $ 261 |
Common Stock Warrants and Com_2
Common Stock Warrants and Common Stock Warrant Liability (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of common stock warrant activity | Common Stock Warrants Number of Date Term Exercise Price Outstanding at December 31, 2017 6,431,785 Warrants issued 1,133,909 June 2018 5 Years $ 1.82 Common Stock Offering Warrants Issued 5,357,052 August 2018 5 Years $ 1.15 (1) Common Stock Offering - Dealer Manager Warrants 267,853 August 2018 5 Years $ 1.725 Warrants exercised (1,475,659 ) Expired Warrants (488,119 ) Outstanding at December 31, 2018 11,226,821 Warrants Exercised (1,293,696 ) August 2018 $ 1.15 Warrants Exercised (312,000 ) August 2018 $ 0.95 Outstanding at June 30, 2019 9,621,125 (1) The common stock warrants issued in November 2017 with an initial exercise price of $1.50 per share adjusted downward to $0.95 per share effective July 24, 2018 in connection with our Rights Offering (as defined in Note 9 below), and may be subject to further downward adjustments, pursuant to antidilution price adjustment protection contained within those warrants. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value of options granted | The weighted-average assumptions used in the Black-Scholes option-pricing model used to calculate the fair value of options granted during the six months ended June 30, 2019 were as follows: Employee Non-Employee Expected volatility 79.7%-80.6 % N/A Expected dividend yield — N/A Expected term (in years) 3.0-6.0 N/A Risk-free interest rate 1.80% -2.48 % N/A |
Schedule of stock option activity | The following table summarizes the stock option activity, for both equity plans, for the periods indicated as follows: Number of Weighted Weighted Aggregate Outstanding at December 31, 2018 1,721,771 $ 1.57 4.0 $ — Granted 855,406 $ 1.41 4.9 $ — Exercised (63,990 ) $ 0.65 — $ — Forfeited (59,500 ) $ — — $ — Expired (18,510 ) $ — — $ — Outstanding at June 30, 2019 2,435,177 $ 1.46 4.0 $ — Exercisable at June 30, 2019 1,536,173 $ 1.56 3.4 $ — (1) The aggregate intrinsic value in the table was calculated based on the difference between the estimated fair market value of the Company’s stock and the exercise price of the underlying options. The estimated stock values used in the calculation was $1.80 and $0.59 per share for the six months ended June 30, 2019 and the year ended December 31, 2018, respectively. |
Schedule of summarizes restricted stock unit activity | The following table summarizes restricted stock unit activity for the six months ended June 30, 2019: Number of Weighted Average Outstanding as of December 31, 2018 136,245 $ 0.98 Granted 123,727 $ 1.51 Vested (142,507 ) $ 1.10 Forfeited — $ — Outstanding as of June 30, 2019 117,465 $ 1.42 |
Schedule of stock-based compensation expense | The stock-based compensation expense was recorded as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 1 $ 29 $ 10 $ 58 General and administrative 218 2,008 461 2,677 Total stock-based compensation expense $ 219 $ 2,037 $ 471 $ 2,735 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the future minimum lease payments under non-cancellable operating lease and future minimum capital lease payments | The future minimum lease payments under non-cancellable operating lease and future minimum capital lease payments as of June 30, 2019 are as follows: Capital Operating Years Ending December 31, 2019 48 135 2020 78 45 2021 63 — 2022 33 — 2023 3 Total minimum lease payments $ 225 $ 180 Capital Less: amounts representing interest (6.39%, ranging from 10.48% to 11.56%) $ 31 Present value of minimum lease payments 194 Less: current installments under capital lease obligations 75 Total long-term portion $ 119 |
Organization and Description _2
Organization and Description of Business (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Exercise price (in dollars per share) | $ 1.15 | $ 1.15 | ||||
Proceeds from issuance and sale of common stock, preferred stock, warrants exercise, convertible and other promissory notes | $ 63,600 | |||||
Proceeds from licensing fees | 1,700 | |||||
Proceeds from product sales | 400 | |||||
Accumulated deficit | $ (90,491) | (90,491) | $ (85,838) | |||
Cash, cash equivalents and short-term investments | 2,600 | $ 2,600 | ||||
Common Stock Offering Warrants Issued | ||||||
Issuance of common stock upon exercise of warrants | $ 1,747 | $ 2,214 | $ 1,783 | $ 2,214 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Raw materials | $ 1,071 | $ 1,111 |
Work in progress | 4 | |
Finished goods | 260 | 154 |
Total inventory | 1,335 | 1,265 |
Less: reserve for obsolete | (4) | (4) |
Total net inventory | $ 1,331 | $ 1,261 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total stock-based compensation expense | $ 219 | $ 2,037 | $ 471 | $ 2,735 |
Research and Development Expense [Member] | ||||
Total stock-based compensation expense | 1 | 29 | 10 | 58 |
General and Administrative Expenses [Member] | ||||
Total stock-based compensation expense | $ 218 | $ 2,008 | $ 461 | $ 2,677 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Total | 12,173,767 | 8,019,385 |
Common Stock Purchase Warrants [Member] | ||
Total | 9,621,125 | 6,090,035 |
Restricted Stock Units [Member] | ||
Total | 117,465 | 209,579 |
Common Stock Options [Member] | ||
Total | 2,435,177 | 1,719,771 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 02, 2019 | Dec. 31, 2018 |
Right to Use Asset - Long Term | $ 65 | $ 87 | |
Lease Liability - Long Term | $ (65) | $ (87) | |
Adjustment Due to ASC 842 [Member] | |||
Right to Use Asset - Long Term | 87 | ||
Lease Liability - Long Term | $ (87) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 02, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | |||
Allowance for doubtful trade receivables | $ 1 | $ 1 | |
Right to Use Asset - Long Term | 65 | $ 87 | |
Lease Liability - Long Term | $ (65) | $ (87) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Financial Liabilities: | |||
Common stock warrant liability | [1] | $ 1 | |
Total | 1 | ||
Corporate Fixed Income Debt Securities [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Money Market Funds [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Fair Value Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | 3 | ||
Financial Liabilities: | |||
Common stock warrant liability | [1] | ||
Total | |||
Fair Value Inputs, Level 1 [Member] | Corporate Fixed Income Debt Securities [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Fair Value Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Fair Value Inputs, Level 2 [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Financial Liabilities: | |||
Common stock warrant liability | [1] | ||
Total | |||
Fair Value Inputs, Level 2 [Member] | Corporate Fixed Income Debt Securities [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Fair Value Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Fair Value Inputs, Level 3 [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Financial Liabilities: | |||
Common stock warrant liability | [1] | 1 | |
Total | $ 1 | ||
Fair Value Inputs, Level 3 [Member] | Corporate Fixed Income Debt Securities [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
Fair Value Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Financial Assets: | |||
Held-to-maturity Securities, Fair Value | |||
Total | |||
[1] | The change in the fair value of the common stock warrant for the three and six months ended June 30, 2019 was recorded as a decrease to other income (expense) of $1, in the statements of operations and comprehensive loss. |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other income (expense) | $ 2 | $ (7) | $ (3) | $ 6 |
Interest expense | 11 | $ 22 | 24 | $ 44 |
Common Stock Warrants [Member] | Convertible Notes Payable [Member] | ||||
Other income (expense) | 1 | 1 | ||
Interest expense | $ 1 | $ 1 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Director compensation | $ 100 | |
Director and officer insurance | 159 | 121 |
NASDAQ fees | 28 | |
Legal retainer | 25 | 25 |
Marketing programs and conferences | 56 | 53 |
Professional services retainer | 8 | 8 |
Rent | 19 | 19 |
Equipment service deposits | 5 | 3 |
Foreign patent registration | 22 | |
Engineering, software licenses and other | 7 | 13 |
Total prepaid expenses | $ 329 | $ 342 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | ||
Property, Plant and Equipment, Gross | $ 2,693 | $ 2,668 | |
Less accumulated depreciation and amortization | (1,778) | (1,585) | |
Total | 915 | 1,083 | |
Research and Development Equipment [Member] | |||
Property, Plant and Equipment, Gross | $ 1,580 | 1,552 | |
Property, Plant and Equipment, Useful Life | 5 years | ||
Office and Computer Equipment [Member] | |||
Property, Plant and Equipment, Gross | [1] | $ 739 | 742 |
Property, Plant and Equipment, Useful Life | [1] | 3 years | |
Autos [Member] | |||
Property, Plant and Equipment, Gross | $ 54 | 54 | |
Property, Plant and Equipment, Useful Life | 5 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Gross | $ 37 | 37 | |
Property, Plant and Equipment, Useful Life | 7 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Gross | [2] | $ 283 | $ 283 |
[1] | In April and May 2019, the Company disposed of obsolete computer equipment with a net book value of $2 resulting in a $2 loss on the disposal of fixed assets. | ||
[2] | Shorter of lease term or estimated useful life |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2019 | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Net book value | $ 915 | $ 915 | $ 1,083 | ||||
Loss on the disposal of fixed assets | (2) | $ (15) | |||||
Depreciation and amortization expense | $ 102 | $ 107 | $ 213 | $ 224 | |||
Obsolete Computer Equipment [Member] | |||||||
Net book value | $ 2 | $ 2 | |||||
Loss on the disposal of fixed assets | $ 2 | $ 2 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Compensation and related benefits | $ 266 | $ 479 |
Accrued Litigation | 507 | 269 |
Board Compensation | 9 | 23 |
Other | 8 | |
Total accrued expenses | $ 790 | $ 771 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Short-term debt: | ||
Current portion of long-term debt | $ 134 | $ 219 |
Total short-term debt | 134 | 219 |
Long-term debt: | ||
Capital lease obligations | 194 | 232 |
Other promissory notes | 136 | 248 |
Total | 330 | 480 |
Less: current portion of long-term debt | (134) | (219) |
Total long-term debt | $ 196 | $ 261 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) | 6 Months Ended |
Jun. 30, 2019 | |
Other Promissory Notes [Member] | |
Description of borrowings expiration period | Various dates through June 2022 |
Other Promissory Notes [Member] | Minimum [Member] | |
Interest rate on borrowings | 4.30% |
Other Promissory Notes [Member] | Maximum [Member] | |
Interest rate on borrowings | 13.80% |
Capital Lease Obligations [Member] | |
Description of borrowings expiration period | Various dates through July 2023 |
Capital Lease Obligations [Member] | Minimum [Member] | |
Interest rate on borrowings | 6.40% |
Capital Lease Obligations [Member] | Maximum [Member] | |
Interest rate on borrowings | 11.60% |
Common Stock Warrants and Com_3
Common Stock Warrants and Common Stock Warrant Liability (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Outstanding at beginning | 11,226,821 | 6,431,785 | 829,285 | |
Warrants issued | ||||
Warrants Exercised | (1,293,696) | (1,475,659) | ||
Warrants Exercised | (312,000) | |||
Expired Warrants | (488,119) | |||
Date Issued | 2018-08 | |||
Date Issued | 2018-08 | |||
Exercise Price (in dollars per share) | $ 0.95 | |||
Exercise Price (in dollars per share) | $ 1.15 | |||
Outstanding at ending | 9,621,125 | 11,226,821 | 6,431,785 | |
Warrants issued [Member] | ||||
Warrants issued | 1,133,909 | |||
Date Issued | 2018-06 | |||
Term | 5 years | |||
Exercise Price (in dollars per share) | $ 1.82 | |||
Common Stock Offering Warrants Issued [Member] | ||||
Warrants issued | 5,357,052 | 4,657,500 | ||
Date Issued | 2018-08 | 2017-11 | ||
Term | 5 years | 5 years | ||
Exercise Price (in dollars per share) | [1] | $ 1.15 | $ 1.50 | |
Common Stock Offering - Dealer Manager Warrants [Member] | ||||
Warrants issued | 267,853 | |||
Date Issued | 2018-08 | |||
Term | 5 years | |||
Exercise Price (in dollars per share) | $ 1.725 | |||
Common Stock Offering Underwriter Warrants [Member] | ||||
Warrants issued | 945,000 | |||
Date Issued | 2017-11 | |||
Term | 5 years | |||
Exercise Price (in dollars per share) | $ 1.50 | |||
[1] | The common stock warrants issued in November 2017 with an initial exercise price of $1.50 per share adjusted downward to $0.95 per share effective July 24, 2018 in connection with our Rights Offering (as defined in Note 9 below), and may be subject to further downward adjustments, pursuant to antidilution price adjustment protection contained within those warrants. |
Common Stock Warrants and Com_4
Common Stock Warrants and Common Stock Warrant Liability (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Sep. 13, 2018 | Aug. 13, 2018 | Jul. 24, 2018 | Jun. 20, 2018 | Nov. 21, 2017 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Warrants exercised | (1,293,696) | (1,475,659) | ||||||||||
Common Stock Offering Warrants Issued | ||||||||||||
Exercise price (in dollars per share) | $ 1.15 | $ 1.15 | ||||||||||
Share price (in dollars per share) | $ 1.80 | $ 1.80 | $ 0.59 | |||||||||
Change in fair value of the derivative warrant liability | $ 2 | $ (7) | $ (3) | $ 6 | ||||||||
Fair value adjustment of warrants | 1 | |||||||||||
Stock compensation expense | 471 | $ 2,735 | ||||||||||
Deemed dividend | 333 | |||||||||||
Unexercised warrants | $ 3,181,841 | |||||||||||
Common Stock Warrants Issued To Participants in Offering of the Company's Common Stock [Member] | ||||||||||||
Common Stock Offering Warrants Issued | 1,133,909 | |||||||||||
Number of shares purchased | 1,133,909 | 4,657,500 | 1,133,909 | 1,133,909 | ||||||||
Exercise price (in dollars per share) | $ 1.50 | $ 1.50 | $ 1.82 | $ 1.82 | ||||||||
Warrant term | 5 years | |||||||||||
Description of method used | Lattice model | |||||||||||
Share price (in dollars per share) | $ 1 | $ 2.11 | $ 2.11 | |||||||||
Fair value of common stock warrant | $ 661 | |||||||||||
Expected volatility rate | 73.80% | 72.60% | ||||||||||
Expected term | 5 years | 5 years | ||||||||||
Expected dividend rate | 0.00% | 0.00% | ||||||||||
Risk free interest rate | 1.87% | 2.80% | ||||||||||
Proceeds from warrant exercises | $ 1,700 | $ 1,700 | ||||||||||
Stock compensation expense | 1,700 | |||||||||||
Common Stock Warrant Issued to Underwriter of Common Stock Offering [Member] | ||||||||||||
Exercise price (in dollars per share) | $ 0.95 | $ 1.47 | ||||||||||
Share price (in dollars per share) | $ 1.02 | $ 1.38 | ||||||||||
Expected volatility rate | 74.00% | 72.40% | ||||||||||
Expected term | 4 years 3 months | 4 years 3 months 29 days | ||||||||||
Expected dividend rate | 0.00% | 0.00% | ||||||||||
Risk free interest rate | 2.75% | 2.83% | ||||||||||
New Warrants November 8, 2017 [Member] | ||||||||||||
Number of shares purchased | 1,133,909 | 341,750 | 341,750 | |||||||||
Exercise price (in dollars per share) | $ 1.82 | |||||||||||
Proceeds from warrant exercises | $ 513 | |||||||||||
University of Arizona Common Stock Warrant [Member] | ||||||||||||
Exercise price (in dollars per share) | $ 7.91 | $ 7.91 | ||||||||||
Warrant term | 5 years | |||||||||||
Description of method used | Monte Carlo option pricing model | |||||||||||
Expected volatility rate | 77.70% | |||||||||||
Expected dividend rate | 0.00% | |||||||||||
Risk free interest rate | 1.93% | |||||||||||
Change in fair value of the derivative warrant liability | $ (5) | $ 4 | ||||||||||
Derivative liability | $ 1 | $ 1 | ||||||||||
Public Offering [Member] | ||||||||||||
Number of shares purchased | 5,860,000 | |||||||||||
Right Offering [Member] | ||||||||||||
Common Stock Offering Warrants Issued | 5,357,052 | |||||||||||
Share price (in dollars per share) | $ 0.94 | |||||||||||
Fair value of common stock warrant | $ 3,600 | |||||||||||
Expected volatility rate | 159.00% | |||||||||||
Expected term | 5 years | |||||||||||
Expected dividend rate | 0.00% | |||||||||||
Risk free interest rate | 2.77% | |||||||||||
Number of share issued in transaction | 5,357,052 | |||||||||||
Right Offering [Member] | Warrant [Member] | Maxim Partners LLC [Member] | ||||||||||||
Share price (in dollars per share) | $ 0.94 | |||||||||||
Fair value of common stock warrant | $ 169 | |||||||||||
Expected volatility rate | 159.00% | |||||||||||
Expected term | 5 years | |||||||||||
Expected dividend rate | 0.00% | |||||||||||
Risk free interest rate | 2.77% |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Nov. 10, 2015 | Oct. 31, 2015 | |
Common stock, authorized | 100,000,000 | 100,000,000 | ||||
Preferred stock, authorized | 15,000,000 | 10,000,000 | 10,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Common stock, shares, issued | 25,227,475 | 23,471,999 | ||||
Common stock, shares, outstanding | 25,227,475 | 23,471,999 | ||||
Settlement of compensation | $ 32 | |||||
Warrants exercised | 1,293,696 | 1,475,659 | ||||
Cashless exercise of stock options | 21,962 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Common Stock Offering Warrants Issued | ||||||
Settlement of compensation (in shares) | 38,580 | |||||
Proceeds from issuance and sale of common stock, preferred stock, warrants exercise, convertible and other promissory notes | $ 63,600 | |||||
Common Stock [Member] | ||||||
Common stock, authorized | 100,000,000 | 100,000,000 | ||||
Aggregate number of common stock issued | 1,755,476 | |||||
Cashless exercise of vested stock options | 3,022 | |||||
Series A Preferred Stock [Member] | ||||||
Preferred stock, authorized | 7,515,000 | 2,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Restricted Stock Units [Member] | ||||||
Number of shares issued for services | 86,216 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - Employee [Member] | 6 Months Ended |
Jun. 30, 2019 | |
Expected dividend yield | |
Minimum [Member] | |
Expected volatility | 79.70% |
Expected term (in years) | 3 years |
Risk-free interest rate | 1.80% |
Maximum [Member] | |
Expected volatility | 80.60% |
Expected term (in years) | 6 years |
Risk-free interest rate | 2.48% |
Stock-based Compensation (Det_2
Stock-based Compensation (Details 1) | 6 Months Ended | |
Jun. 30, 2019USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning | shares | 1,721,771 | |
Granted | shares | 855,406 | |
Forfeited | shares | (59,500) | |
Expired | shares | (18,510) | |
Outstanding at ending | shares | 2,435,177 | |
Exercisable at ending | shares | 1,536,173 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning | $ 1.57 | |
Granted | 1.41 | |
Exercised | 0.65 | |
Forfeited | ||
Expired | ||
Outstanding at ending | 1.46 | |
Exercisable at ending | $ 1.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Life [Roll Forward] | ||
Outstanding at beginning | 4 years | |
Granted | 4 years 10 months 24 days | |
Outstanding at ending | 4 years | |
Exercisable at ending | 3 years 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | ||
Outstanding at beginning | $ | [1] | |
Granted | [1] | |
Outstanding at ending | $ | [1] | |
Exercisable at ending | $ | [1] | |
[1] | The aggregate intrinsic value in the table was calculated based on the difference between the estimated fair market value of the Company's stock and the exercise price of the underlying options. The estimated stock values used in the calculation was $1.80 and $0.59 per share for the six months ended June 30, 2019 and the year ended December 31, 2018, respectively. |
Stock-based Compensation (Det_3
Stock-based Compensation (Details 2) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Balance at beginning | shares | 136,245 |
Granted | shares | 123,727 |
Vested | shares | (142,507) |
Forfeited | shares | |
Balance at ending | shares | 117,465 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Balance at beginning | $ / shares | $ 0.98 |
Granted | $ / shares | 1.51 |
Vested | $ / shares | 1.10 |
Forfeited | $ / shares | |
Balance at ending | $ / shares | $ 1.42 |
Stock-based Compensation (Det_4
Stock-based Compensation (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allocated Share-based Compensation Expense | $ 219 | $ 2,037 | $ 471 | $ 2,735 |
Research and Development Expense [Member] | ||||
Allocated Share-based Compensation Expense | 1 | 29 | 10 | 58 |
General and Administrative Expenses [Member] | ||||
Allocated Share-based Compensation Expense | $ 218 | $ 2,008 | $ 461 | $ 2,677 |
Stock-based Compensation (Det_5
Stock-based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 12, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Share price | $ 1.80 | $ 0.59 | |
Weighted average grant date fair value of options granted | $ 1.10 | ||
Equity Incentive Plan 2018 [Member] | |||
Number of shares authorized | 1,000,000 | ||
Number of additional shares authorized | 2,874,280 | ||
Common stock capital shares reserved for future issuance | 929,936 | ||
Stock Option Plan 2008-2009 [Member] | |||
Unvested options weighted average period | 36 months | ||
Stock Option Plan 2008-2009 [Member] | Restricted Stock Units [Member] | |||
Compensation cost not yet recognized | $ 1,234 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Capital Leases | |
2019 | $ 48 |
2020 | 78 |
2021 | 63 |
2022 | 33 |
2023 | 3 |
Total minimum lease payments | 225 |
Operating Lease | |
2019 | 135 |
2020 | 45 |
2021 | |
2022 | |
2023 | |
Total minimum lease payments | 180 |
Less: amounts representing interest (6.39%, ranging from 10.48% to 11.56%) | 31 |
Present value of minimum lease payments | 194 |
Less: current installments under capital lease obligations | 75 |
Total long-term portion | $ 119 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) $ in Thousands | Nov. 16, 2016ft² | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Rent expense | $ 127 | $ 121 | |
Lease commitments extended | P24M | ||
Research and Development [Member] | |||
Area | ft² | 1,954 | ||
Lease expiration date | Nov. 15, 2018 | ||
Lease notice period | 30 days | ||
Office and Computer Equipment [Member] | |||
Accumulated amortization | $ 500 | ||
Research and Development Equipment [Member] | |||
Accumulated amortization | $ 229 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 16, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 1.15 | |||
Warrants issued [Member] | ||||
Subsequent Event [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 1.82 | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued | 696,296 | |||
Subsequent Event [Member] | Warrants issued [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued | 3,580 | |||
Subsequent Event [Member] | Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 4 | |||
Subsequent Event [Member] | Public Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued in transaction | 3,037,038 | |||
Price per share (in dollars per share) | $ 1.35 | |||
Proceeds from public offering | $ 3,600 | |||
Number of warrant to purchase | 166,667 | |||
Exercise price of warrants (in dollars per share) | $ 1.6875 | |||
Subsequent Event [Member] | Employees [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued | 7,408 | 19,258 |