Stereotaxis
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10-K
STEREOTAXIS, INC. filed this Form 10-K on 03/15/2019
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The intrinsic value of restricted stock units outstanding at December 31, 2018 was $0.7 million based on a closing share price of $1.08 as of December 31, 2018. During the year ended December 31, 2018, the aggregate intrinsic value of restricted stock units vested was $0.3 million determined at the date of vesting.

 

As of December 31, 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 $0.6 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.

 

2009 Employee Stock Purchase Plan

 

In 2009, the Company adopted its 2009 Employee Stock Purchase Plan (“ESPP”). In June 2014, our shareholders approved an amendment of the ESPP to increase the number of shares authorized for issuance under the ESPP by 250,000 shares. Eligible employees have the opportunity to participate in a new purchase period every 3 months. Under the terms of the plan, employees can purchase up to 15% of their compensation of the Company’s common stock, subject to an annual maximum of $25,000, at 95% of the fair market value of the stock at the end of the purchase period, subject to certain plan limitations. As of December 31, 2018, there were 51,251 remaining shares available for issuance under the Employee Stock Purchase Plan.

 

11. 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.

 

   Fair Value Measurement Using 
   Total   Quoted Prices in
Active Markets
for Identical
Instruments
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
Liabilities at December 31, 2018                    
Warrants issued August 2013   $   $        $           $  
Warrants issued September 2016                
Total liabilities at fair value:  $   $   $   $ 
Liabilities at December 31, 2017:                    
Warrants issued August 2013  $5,746   $   $   $5,746 
Warrants issued September 2016   19,569,231            19,569,231 
Total liabilities at fair value:  $19,574,977   $   $   $19,574,977 

 

Level 1

 

The Company does not have any financial assets or liabilities classified as Level 1.

 

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