Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Capital Stock

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Note 6 - Capital Stock
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
6.
Capital stock
 
Common shares
 
Issued and outstanding:
 
The issued and outstanding number of common shares included in shareholders’ equity consisted of the following:
 
   
Number

of shares
    
$
 
                 
Balance at December 31, 2017
    
16,992,627
     $
396
  
Issuance of common shares through stock awards (1)
    
310,883
      
3
  
Issuance of commons shares through rights offering (2)
    
5,777,768
      
58
  
Balance at September 30, 2018
    
23,081,278
     $
457
  
 
 
(
1
)
310,883
new common shares resulted from
211,135
exercised stock options and
99,748
vested RSUs during the period.
 
(
2
)
The Company sold an aggregate of
5,777,768
shares of common stock at a purchase price of
$2.25
per share, which closed to subscriptions on
August 28, 2018
with a par value of
$0.01
per common share. The Company raised proceeds of
$13,000
and incurred incremental costs of
$413
directly attributable to the rights offering which have been charged against the gross proceeds. Net proceeds of
$12,529
have been recorded in additional paid-in capital in shareholders’ equity in the consolidated balance sheets.
 
Stock Options
 
For more detailed information regarding the Company’s stock option arrangements, see Note
6
of the consolidated financial statements within the Company’s Form
10
-K for the fiscal period ended
December 31, 2017.
The Company granted
335,929
stock options during the
three
and
nine
month period ended
September 30, 2018.
A summary of stock option activity for the
nine
month period ended
September 30, 2018
is as follows:
 
   
Number

of options
    
Weighted
average
exercise
price
    
Aggregate
intrinsic
value
    
Weighted
average
remaining
contractual
term
(years)
  
Outstanding at December 31, 2017
    
1,870,753
     $
1.39
     $
61
      
8.6
  
                                 
Options granted
    
335,929
     $
2.07
      
 
      
 
  
Exercised
    
(211,135
)
    
1.71
      
 
      
 
  
Forfeited
    
(316,180
)
    
1.25
      
 
      
 
  
Outstanding at September 30, 2018
    
1,679,367
     $
1.52
     $
651
      
8.5
  
Exercisable at September 30, 2018
    
480,741
     $
1.60
     $
619
      
7.9
  
 
During the
three
month periods ended
September 30, 2018
and
October 1, 2017,
the Company recorded stock-based compensation expense related to stock options and a corresponding increase in additional paid-in capital of
$27
and
$22,
respectively. During the
nine
month periods ended
September 30, 2018
and
October 1, 2017,
the Company recorded stock-based compensation expense related to stock options and a corresponding increase in additional paid-in capital of
$86
and
$45,
respectively.
 
Certain stock options outstanding have market conditions such that the awards are vested and exercisable only if the Company’s stock exceeds specified targets during the vesting period. If the market conditions are
not
met, the stock options will
not
vest and will expire.
 
Restricted Stock Units
 
 
For more detailed information regarding the Company’s Restricted Stock Units (“RSUs”) arrangements, see note
6
of the consolidated financial statements within the Company’s Form
10
-K for the fiscal period ended
December 31, 2017.
There were
25,000
RSUs granted during the
nine
months ended
September 30, 2018.
A summary of the RSUs activity for the
nine
month period ended
September 30, 2018
is as follows: 
 
 
   
Outstanding
RSU
s
    
Weighted
average
stock
price
    
Weighted
average
remaining
contractual
term (years)
  
Outstanding balance at December 31, 2017
    
576,023
     $
1.13
      
1.84
  
RSUs granted
    
25,000
     $
2.37
      
 
  
RSUs vested and issued into common shares
    
(99,748
)
   $
1.40
      
 
  
RSUs forfeited
    
(75,151
)
   $
0.91
      
 
  
Outstanding balance at September 30, 2018
    
426,124
     $
1.07
      
1.19
  
 
 
Certain RSUs outstanding have a market condition such that the awards are vested and issuable only if the market price of the Company’s stock meets or exceeds a specified target during the vesting period. If the market condition is
not
met, the RSUs will
not
vest and will be forfeited.
 
Stock based compensation expense recognized during the
three
month period ended
September 30, 2018
and
October 1, 2017
related to the RSUs was
$48
and
$55.
Stock based compensation recognized during the
nine
month period ended
September 30, 2018
and
October 1, 2017
related to the RSUs was
$192
and
$228,
respectively.