Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficit (Tables)

v3.19.3
Stockholders' Deficit (Tables)
6 Months Ended
Jun. 30, 2019
Stockholders' Deficit [Abstract]  
Option Grants
Following the stockholder approval of the 2019 Incentive Award Plan, all vested options described herein will become exercisable and may be exercised through the ten-year anniversary of the grant date (or such earlier date described in the applicable award agreement following a holder’s termination of service).

Dollars in thousands except per share amounts
Date of
grant(s)
 
Vesting
period
(years)
   
Number
   
Exercise
price ($)
   
Share-based
payment
expense ($)
   
Risk-free
rate
   
Volatility
 
Dividend
yield
 
Expiry
(yrs)
   
Remaining
Life (yrs)
 
Option grant
5/21/2019
   
2
     
60,000
   
$
7.50
     
9
     
2.28
%
   
55.00
%
Nil
   
10
     
9.9
 
Option grant
5/21/2019
   
3
     
30,000
   
$
7.50
     
5
     
2.28
%
   
55.00
%
Nil
   
10
     
9.9
 
Option grant
6/29/2019
   
3
     
3,000
   
$
7.50
     
0
     
1.84
%
   
56.00
%
Nil
   
10
     
10.0
 
               
93,000
           
$
14
                                   
Significant Terms of Options Outstanding
The following table summarizes the significant terms of options outstanding at June 30, 2019:

Range of
exercise
prices
   
Number of
options
outstanding
   
Weighted
average
remaining
contractual
life (years)
   
Weighted
average
exercise
price of
outstanding
options
   
number of
options
exercisable
   
Weighted
average
exercise
price of
exercisable
options
 
$
5.00 – 7.50
     
5,381,462
     
9.8
   
$
5.06
     
260,545
     
5.04
 
Transactions Involving Options
Transactions involving options are summarized below:

   
Number of
Options
   
Weighted Average
Exercise Price
 
Acquired on May 6, 2019
   
5,288,462
    $
5.00
 
Granted
   
93,000
    $
7.50
 
Options outstanding at June 30, 2019
   
5,381,462
   
$
5.04
 
Activity of Warrants
   
Number of
Warrants
   
Weighted Average
Exercise Price
 
Warrants Acquired on May 6, 2019
   
913,310
   
$
3.70
 
Issued
   
5,744,991
   
$
4.50
 
Exercised
    -       -  
Canceled / expired
    -       -  
Warrants outstanding at June 30, 2019
   
6,658,301
   
$
4.39