Annual report pursuant to Section 13 and 15(d)

Warrants

v2.4.1.9
Warrants
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Warrants

9. Warrants

In connection with certain of its redeemable convertible preferred stock issuances, convertible debt financings, and other financing arrangements the Company has issued warrants for shares of its common stock and various issues of its redeemable convertible preferred stock. Such warrants related to its redeemable convertible preferred stock have been recorded as liabilities as a result of non-standard anti-dilution rights and are carried at their estimated fair value using the Monte Carlo valuation model.

A summary of outstanding warrants at December 31, 2014 is as follows:

 

 

 

Number of

 

 

Exercise

 

 

Expiration

Security

 

warrants

 

 

price/share

 

 

date

Common stock

 

 

15,218

 

 

$

0.30

 

 

2017-2019

A summary of outstanding warrants at December 31, 2013 is as follows:

 

 

 

Number of

 

 

Exercise

 

 

Expiration

Security

 

warrants

 

 

price/share

 

 

date

Series C redeemable convertible preferred stock warrants

 

 

14,215

 

 

$

17.580

 

 

2015

Series D redeemable convertible preferred stock warrants

 

 

11,415

 

 

 

21.900

 

 

2013-2014

Series E  redeemable convertible preferred stock warrants

 

 

3,120

 

 

 

9.612

 

 

2015

Series E redeemable convertible preferred stock warrants

 

 

1,102

 

 

 

9.612

 

 

2016

Common stock

 

 

233,611

 

 

 

0.300

 

 

2017-2019

 

 

 

263,463

 

 

 

 

 

 

 

A rollforward of warrant activity from January 1, 2013 to December 31, 2014 is as follows:

 

 

 

Issued and

 

 

 

 

 

 

 

 

 

 

Issued and

 

 

 

outstanding

 

 

 

 

 

 

 

 

 

 

outstanding

 

 

 

warrants as of

 

 

Warrants

 

 

Warrants

 

 

warrants as of

 

 

 

January 1, 2014

 

 

exercised

 

 

expired

 

 

December 31, 2014

 

Series C preferred

 

 

14,215

 

 

 

11,459

 

 

 

2,756

 

 

 

 

Series D preferred

 

 

11,415

 

 

 

11,415

 

 

 

 

 

 

 

Series E preferred

 

 

4,222

 

 

 

4,222

 

 

 

 

 

 

 

Common stock

 

 

233,611

 

 

 

218,393

 

 

 

 

 

 

15,218

 

 

 

 

263,463

 

 

 

245,489

 

 

 

2,756

 

 

 

15,218

 

 

 

 

Issued and

 

 

 

 

 

 

 

 

 

 

Issued and

 

 

 

outstanding

 

 

 

 

 

 

 

 

 

 

outstanding

 

 

 

warrants as of

 

 

Warrants

 

 

Warrants

 

 

warrants as of

 

 

 

January 1, 2013

 

 

exercised

 

 

expired

 

 

December 31, 2013

 

Series C preferred

 

 

14,215

 

 

 

 

 

 

 

 

 

14,215

 

Series D preferred

 

 

132,169

 

 

 

85,895

 

 

 

34,859

 

 

 

11,415

 

Series E preferred

 

 

4,222

 

 

 

 

 

 

 

 

 

4,222

 

Common stock

 

 

233,611

 

 

 

 

 

 

 

 

 

233,611

 

 

 

 

384,217

 

 

 

85,895

 

 

 

34,859

 

 

 

263,463

 

 

The fair value of the preferred warrant liability was $0 and $260 at December 31, 2014 and 2013, respectively. During the years ended December 31, 2014 and 2013, the Company recorded a gain/(loss) of $36 and ($262), respectively, on the change in fair value of the preferred warrants.