Annual report pursuant to Section 13 and 15(d)

Equity

v3.8.0.1
Equity
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Equity

Note 13—Equity

 

During the year ended December 31, 2017, holders of our Senior Notes converted an aggregate of $60,000 of principal outstanding under the Senior Notes into 24,000 shares of the Company’s common stock.

 

On October 17, 2017, the Company issued 17,733 shares of common stock as compensation for investor relations services valued at $21,000.

 

Restricted Stock

 

Restricted stock grants consist of shares of common stock of the Company owned by employees, consultants, and directors that are subject to vesting conditions, typically for services provided to the Company. All unvested shares of restricted stock are subject to repurchase rights and, therefore, are recorded as restricted stock. All restricted stock issued is valued at the market price on the date of grant.

 

Restricted stock activities during the year ended December 31, 2017 were as follows:

 

          Weighted-  
          Average  
          Grant  
    Shares     Price  
Balance, December 31, 2016         $  
Granted     210,000     $ 1.55  
Vested     (65,625 )   $  
Unvested balance, December 31, 2017     144,375     $ 1.55  

 

Expenses related to vesting of restricted stock are included in stock-based compensation expense. The remaining unvested shares of restricted stock vest 33% per year on March 31, 2018, 2019 and 2020.