Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

v3.7.0.1
Fair Value Measurement
6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
Note 7 - Fair Value Measurement
 
Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. At June 30, 2017 and December 31, 2016, the warrant balance of approximately $0 and $314,000, respectively, was classified as Level 3 instruments.
  
The following table sets forth the changes in the estimated fair value for our Level 3 classified derivative contingently issuable warrant liability:
 
 
 
NSC
 
Westpark
 
 
 
 
 
Contingently
 
Contingently
 
 
 
 
 
Issuable Warrants
 
Issuable Warrants
 
Total
 
Fair value, December 31, 2016
 
$
302
 
$
12
 
$
314
 
Change in fair value
 
 
448
 
 
3
 
 
451
 
Conversion into common shares
 
 
(750)
 
 
-
 
 
(750)
 
Change in fair value of convertible notes warrants
 
 
-
 
 
(15)
 
 
(15)
 
Fair value, June 30, 2017
 
$
-
 
$
-
 
$
-
 
 
On June 26, 2017, pursuant to the terms of the Company’s $3.0 million NSC Note, upon the closing of the Company’s IPO, the Company issued to National warrants for 125,000 at par, relating to its aggregate gross proceeds from its third party offerings exceeding five times the value of the debt. Upon the issuance of the warrant, Fortress was removed as the guarantor on the note (see Note 6).
 
Additionally, on June 26, 2017, the Company issued 2,488 warrants to purchase common shares of the Company at $4.02, to Westpark, in connection with their role as placement agent (see Note 6).