Stereotaxis
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10-Q
STEREOTAXIS, INC. filed this Form 10-Q on 08/08/2018
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On June 5, 2013, June 10, 2014, May 24, 2016, and May 23, 2017, the shareholders approved amendments to the Plan, which were previously approved and adopted by the Compensation Committee of the Board of Directors of the Company. Under each of the amendments on June 5, 2013 and June 10, 2014, the number of shares authorized for issuance under the Plan was increased by one million shares. The amendment on May 24, 2016 increased the number of shares authorized for issuance under the Plan by 1.5 million shares, and the amendment on May 23, 2017 increased the number of shares authorized for issuance under the Plan by 4.0 million shares. At June 30, 2018, the Company had 4,646,197 remaining shares of the Company’s common stock to provide for current and future grants under its various equity plans.

 

At June 30, 2018, the total compensation cost related to options, stock appreciation rights, and non-vested stock granted to employees under the Company’s stock award plans but not yet recognized was approximately $0.8 million. This cost will be amortized over a period of up to four years over the underlying estimated service periods and will be adjusted for subsequent changes in actual forfeitures and anticipated vesting periods.

 

A summary of the option and stock appreciation rights activity for the six month period ended June 30, 2018 is as follows:

 

   Number of Options/SARs   Range of Exercise Price  Weighted Average
Exercise Price per Share
 
            
Outstanding, December 31, 2017   413,301   $0.62 - $54.90  $9.04 
Granted   858,500   $0.74 - $0.83  $0.74 
Exercised   -   $         -             $- 
Forfeited   (104,026)  $0.74 - $54.90  $10.02 
Outstanding, June 30, 2018   1,167,775   $0.62 - $43.90  $2.85 

 

A summary of the restricted stock unit activity for the six month period ended June 30, 2018 is as follows:

 

   Number of
Restricted
Stock Units
   Weighted Average
Grant Date Fair
Value per Unit
 
         
Outstanding, December 31, 2017   680,363   $1.11 
Granted   212,000   $0.84 
Vested   (293,912)  $1.36 
Forfeited   (58,525)  $1.12 
Outstanding, June 30, 2018   539,926   $0.87 

 

10. Fair Value Measurements

 

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are described below:

 

  Level 1: Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
     
  Level 2: Values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other model-based valuation techniques for which all significant assumptions are observable in the market.
     
  Level 3: Values are generated from model-based techniques that use significant assumptions not observable in the market.

 

The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

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