Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables classify into the fair value hierarchy financial instruments measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015: | | | Fair Value Measurement as of September 30, 2016 | | | ($ in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | | Assets | | | | | | | | | | | | | | | National | | | | | | | | | | | | | | | Securities owned, at fair value | | | | | | | | | | | | | | | Corporate stocks | | $ | 114 | | $ | - | | $ | - | | $ | 114 | | | Municipal bonds | | | 1,550 | | | - | | | - | | | 1,550 | | | Restricted stock | | | - | | | 514 | | | - | | | 514 | | | Fortress | | | | | | | | | | | | | | | Long-term investments, at fair value | | | - | | | - | | | 685 | | | 685 | | | Total assets | | $ | 1,664 | | $ | 514 | | $ | 685 | | $ | 2,863 | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | Fortress | | | | | | | | | | | | | | | Contingently issuable warrants | | $ | - | | $ | - | | $ | 853 | | $ | 853 | | | Warrant liabilities | | | - | | | - | | | 98 | | | 98 | | | Helocyte convertible note, at fair value | | | - | | | - | | | 3,031 | | | 3,031 | | | Total liabilities | | $ | - | | $ | - | | $ | 3,982 | | $ | 3,982 | |
| | | Fair Value Measurement as of December 31, 2015 | | | ($ in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | | Assets | | | | | | | | | | | | | | | Long-term investments, at fair value | | $ | - | | $ | - | | $ | 2,485 | | $ | 2,485 | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | Derivative warrant liability | | $ | - | | $ | - | | $ | 114 | | $ | 114 | |
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| Schedule of changes in fair value of financial instruments |
The table below provides a rollforward of the changes in fair value of Level 3 financial instruments for the nine months ended September 30, 2016 and 2015:
| | | | | | | | | | | Helocyte | | | | | | | | | | | Investment | | Securities | | Contingently | | Convertible | | | | | | | | | Investment | | in laser | | owned, at | | Issuable | | Note, at fair | | Warrant | | | | | ($ in thousands) | | in Origo | | device | | fair value | | Warrants | | value | | liabilities | | Total | | | Balance at December 31, 2015 | | $ | 2,235 | | $ | 250 | | $ | - | | $ | 114 | | $ | - | | $ | - | | $ | 2,599 | | | Additions during the period | | | - | | | - | | | 2,178 | | | 634 | | | 3,018 | | | 98 | | | 5,928 | | | Change in fair value of investments | | | (1,800) | | | - | | | - | | | - | | | - | | | - | | | (1,800) | | | Change in fair value of convertible notes | | | - | | | - | | | - | | | - | | | 13 | | | - | | | 13 | | | Change in fair value of derivative liabilities | | | - | | | - | | | - | | | 105 | | | - | | | - | | | 105 | | | Balance at September 30, 2016 | | $ | 435 | | $ | 250 | | $ | 2,178 | | $ | 853 | | $ | 3,031 | | $ | 98 | | $ | 6,845 | |
| | | Investment in | | Investment in | | | | | ($ in thousands) | | Origo | | laser device | | Total | | | Balance at December 31, 2014 | | $ | 3,910 | | $ | 250 | | $ | 4,160 | | | Change in fair value of investments | | | (65) | | | - | | | (65) | | | Balance at September 30, 2015 | | $ | 3,845 | | $ | 250 | | $ | 4,095 | |
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| Avenue [Member] |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
The fair value of Avenue’s and Mustang’s Contingently Issuable Warrants was determined by applying management’s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model, with the following key assumptions: | | | September 30, 2016 | | | | | Avenue | | Mustang | | | Risk-free interest rate | | | 1.60 | % | | 1.60 | % | | Expected dividend yield | | | - | % | | - | % | | Expected term in years | | | 9.09 | | | 9.76 | | | Expected volatility | | | 83.00 | % | | 76.70 | % | | Probability of issuance of the warrant | | | 50.00 | % | | 100.00 | % |
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| Helocyte [Member] | Convertible Debt [Member] |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
At September 30, 2016, the fair value equaled the proceeds received. A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the convertible debt that is categorized within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2016 is as follows: | | | September 30,
2016 | | | Risk-free interest rate | | | 0.64 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 1.25-1.50 | | | Expected volatility | | | 60.0% - 63.3 | % | | Probability of conversion | | | 0.15 | |
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| Helocyte [Member] | Warrant [Member] |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
A summary of the weighted average (in aggregate) significant unobservable inputs (level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2016 is as follows: | | | September 30,
2016 | | | Risk-free interest rate | | | 0.64 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 1.25-1.50 | | | Expected volatility | | | 60.0% - 63.3 | % | | Strike price | | $ | 0.15 | | |