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• | Specific identification. Where the amounts were specifically identified to Avenue, they were classified accordingly. |
| • | Reasonable allocation. Where the amounts were not clearly or specifically identified, management determined if a reasonable allocation method could be applied. |
| | For the Years Ended | | For the period from February 9, 2015 | | |||||
| | December 31, | | December 31, | | (Inception) through | | |||
| | 2017 | | 2016 | | December 31, 2015 | | |||
Restricted stock units/awards | | | 714,999 | | | 274,999 | | | 366,666 | |
Preferred shares | | | 250,000 | | | 250,000 | | | - | |
Options | | | 20,000 | | | - | | | - | |
Total potential dilutive effect | | | 984,999 | | | 524,999 | | | 366,666 | |
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| | As of December 31, | | ||||
| | 2017 | | 2016 | | ||
Accounts payable | | $ | 1,545 | | $ | 334 | |
Accrued employee compensation | | | 215 | | | - | |
Accrued contracted services and other | | | 977 | | | 172 | |
Accounts payable and accrued expenses | | $ | 2,737 | | $ | 506 | |
|
| | Note Payable | | Discount | | Note Payable, Net | | |||
January 1, 2016 balance | | $ | 3,000 | | $ | (297) | | $ | 2,703 | |
Amortization of debt discount | | | - | | | 123 | | | 123 | |
December 31, 2016 balance | | $ | 3,000 | | $ | (174) | | $ | 2,826 | |
Repayments | | | (3,000) | | | - | | | (3,000) | |
Amortization of debt discount | | | - | | | 174 | | | 174 | |
December 31, 2017 balance | | $ | - | | $ | - | | $ | - | |
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| | Number of Units and Awards | | Weighted Average Grant Date Fair Value | | ||
Unvested balance at December 31, 2016 | | | 274,999 | | $ | 0.44 | |
Granted | | | 515,000 | | $ | 6.77 | |
Vested | | | (75,000) | | $ | 0.44 | |
Unvested balance at December 31, 2017 | | | 714,999 | | $ | 5.00 | |
| | Stock Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (in years) | | |||
Outstanding, December 31, 2016 | | | - | | $ | - | | | - | |
Granted | | | 20,000 | | | 6.29 | | | 5.00 | |
Outstanding, December 31, 2017 | | | 20,000 | | $ | 6.29 | | | 4.63 | |
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| | NSC Contingently Issuable Warrants | | Westpark Contingently Issuable Warrants | | Total | | |||
Fair value, December 31, 2015 | | $ | 114 | | $ | - | | $ | 114 | |
Change in fair value | | | 188 | | | - | | | 188 | |
Issuable derivative warrant liabilities | | | - | | | 12 | | | 12 | |
Fair value, December 31, 2016 | | $ | 302 | | $ | 12 | | $ | 314 | |
Change in fair value | | | 448 | | | 3 | | | 451 | |
Conversion into common shares | | | (750) | | | - | | | (750) | |
Change in fair value of convertible notes warrants | | | - | | | (15) | | | (15) | |
Fair value, December 31, 2017 | | $ | - | | $ | - | | $ | - | |
| | December 31, | | |
| | 2016 | | |
Risk-free interest rate | | | 2.45 | % |
Expected dividend yield | | | - | |
Expected term (in years) | | | 10.00 | |
Expected volatility | | | 83 | % |
Probability of issuance of the warrant | | | 50 | % |
| | December 31, | | |
| | 2016 | | |
Risk-free interest rate | | | 2.45 | % |
Expected dividend yield | | | - | |
Expected term (in years) | | | 10.00 | |
Expected volatility | | | 87 | % |
| | Westpark Convertible Notes | | |
Fair value, December 31, 2015 | | $ | - | |
Additions | | | 200 | |
Change in fair value | | | - | |
Fair value, December 31, 2016 | | $ | 200 | |
Change in fair value | | | 99 | |
Conversion into common shares | | | (299) | |
Fair value, December 31, 2017 | | $ | - | |
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| | For the years ended December 31, | | ||||
| | 2017 | | 2016 | | ||
Statutory federal income tax rate | | | 35 | % | | 35 | % |
State taxes, net of federal tax benefit | | | 8 | % | | 4 | % |
Federal tax rate change | | | (20) | % | | 0 | % |
State tax rate change | | | 1 | % | | (1) | % |
Non-deductible items | | | (3) | % | | 0 | % |
Other | | | (1) | % | | 0 | % |
Credits | | | 1 | % | | 0 | % |
Change in valuation allowance | | | (21) | % | | (38) | % |
Income taxes provision (benefit) | | | 0 | % | | 0 | % |
| | As of December 31, | | ||||
| | 2017 | | 2016 | | ||
Deferred tax assets: | | | | | | | |
Net operating loss carryovers | | $ | 4,220 | | $ | 2,080 | |
Stock compensation and other | | | 70 | | | - | |
Change in warrant liabilities | | | 226 | | | 73 | |
Amortization of license | | | 1,064 | | | 1,064 | |
Accruals and reserves | | | 8 | | | 78 | |
Tax credits | | | 154 | | | 33 | |
Total deferred tax assets | | | 5,742 | | | 3,328 | |
Less valuation allowance | | | (5,742) | | | (3,318) | |
Stock compensation and other | | | - | | | (10) | |
Deferred tax assets, net of valuation allowance | | $ | - | | $ | - | |
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Year Ended December 31, 2017 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | ||||
Operating expenses | | $ | 504 | | $ | 1,744 | | $ | 2,848 | | $ | 6,325 | |
Other income (expenses) | | | (157) | | | (662) | | | (100) | | | 82 | |
Net loss | | | (661) | | | (2,406) | | | (2,948) | | | (6,243) | |
Basic and diluted net loss per common share | | | (0.07) | | | (0.70) | | | (0.30) | | | (0.63) | |
Year Ended December 31, 2016 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | ||||
Operating expenses | | $ | 840 | | $ | 638 | | $ | 383 | | $ | 516 | |
Other expenses | | | (207) | | | (133) | | | (161) | | | (299) | |
Net loss | | | (1,047) | | | (771) | | | (544) | | | (815) | |
Basic and diluted net loss per common share | | | (0.13) | | | (0.28) | | | (0.19) | | | (0.27) | |
|
• | Specific identification. Where the amounts were specifically identified to Avenue, they were classified accordingly. |
| • | Reasonable allocation. Where the amounts were not clearly or specifically identified, management determined if a reasonable allocation method could be applied. |
| | For the Years Ended | | For the period from February 9, 2015 | | |||||
| | December 31, | | December 31, | | (Inception) through | | |||
| | 2017 | | 2016 | | December 31, 2015 | | |||
Restricted stock units/awards | | | 714,999 | | | 274,999 | | | 366,666 | |
Preferred shares | | | 250,000 | | | 250,000 | | | - | |
Options | | | 20,000 | | | - | | | - | |
Total potential dilutive effect | | | 984,999 | | | 524,999 | | | 366,666 | |
|
| | For the Years Ended | | For the period from February 9, 2015 | | |||||
| | December 31, | | December 31, | | (Inception) through | | |||
| | 2017 | | 2016 | | December 31, 2015 | | |||
Restricted stock units/awards | | | 714,999 | | | 274,999 | | | 366,666 | |
Preferred shares | | | 250,000 | | | 250,000 | | | - | |
Options | | | 20,000 | | | - | | | - | |
Total potential dilutive effect | | | 984,999 | | | 524,999 | | | 366,666 | |
|
| | As of December 31, | | ||||
| | 2017 | | 2016 | | ||
Accounts payable | | $ | 1,545 | | $ | 334 | |
Accrued employee compensation | | | 215 | | | - | |
Accrued contracted services and other | | | 977 | | | 172 | |
Accounts payable and accrued expenses | | $ | 2,737 | | $ | 506 | |
|
| | Note Payable | | Discount | | Note Payable, Net | | |||
January 1, 2016 balance | | $ | 3,000 | | $ | (297) | | $ | 2,703 | |
Amortization of debt discount | | | - | | | 123 | | | 123 | |
December 31, 2016 balance | | $ | 3,000 | | $ | (174) | | $ | 2,826 | |
Repayments | | | (3,000) | | | - | | | (3,000) | |
Amortization of debt discount | | | - | | | 174 | | | 174 | |
December 31, 2017 balance | | $ | - | | $ | - | | $ | - | |
|
| | Number of Units and Awards | | Weighted Average Grant Date Fair Value | | ||
Unvested balance at December 31, 2016 | | | 274,999 | | $ | 0.44 | |
Granted | | | 515,000 | | $ | 6.77 | |
Vested | | | (75,000) | | $ | 0.44 | |
Unvested balance at December 31, 2017 | | | 714,999 | | $ | 5.00 | |
| | Stock Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (in years) | | |||
Outstanding, December 31, 2016 | | | - | | $ | - | | | - | |
Granted | | | 20,000 | | | 6.29 | | | 5.00 | |
Outstanding, December 31, 2017 | | | 20,000 | | $ | 6.29 | | | 4.63 | |
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| | NSC Contingently Issuable Warrants | | Westpark Contingently Issuable Warrants | | Total | | |||
Fair value, December 31, 2015 | | $ | 114 | | $ | - | | $ | 114 | |
Change in fair value | | | 188 | | | - | | | 188 | |
Issuable derivative warrant liabilities | | | - | | | 12 | | | 12 | |
Fair value, December 31, 2016 | | $ | 302 | | $ | 12 | | $ | 314 | |
Change in fair value | | | 448 | | | 3 | | | 451 | |
Conversion into common shares | | | (750) | | | - | | | (750) | |
Change in fair value of convertible notes warrants | | | - | | | (15) | | | (15) | |
Fair value, December 31, 2017 | | $ | - | | $ | - | | $ | - | |
| | December 31, | | |
| | 2016 | | |
Risk-free interest rate | | | 2.45 | % |
Expected dividend yield | | | - | |
Expected term (in years) | | | 10.00 | |
Expected volatility | | | 83 | % |
Probability of issuance of the warrant | | | 50 | % |
| | Westpark Convertible Notes | | |
Fair value, December 31, 2015 | | $ | - | |
Additions | | | 200 | |
Change in fair value | | | - | |
Fair value, December 31, 2016 | | $ | 200 | |
Change in fair value | | | 99 | |
Conversion into common shares | | | (299) | |
Fair value, December 31, 2017 | | $ | - | |
| | December 31, | | |
| | 2016 | | |
Risk-free interest rate | | | 2.45 | % |
Expected dividend yield | | | - | |
Expected term (in years) | | | 10.00 | |
Expected volatility | | | 87 | % |
|
| | For the years ended December 31, | | ||||
| | 2017 | | 2016 | | ||
Statutory federal income tax rate | | | 35 | % | | 35 | % |
State taxes, net of federal tax benefit | | | 8 | % | | 4 | % |
Federal tax rate change | | | (20) | % | | 0 | % |
State tax rate change | | | 1 | % | | (1) | % |
Non-deductible items | | | (3) | % | | 0 | % |
Other | | | (1) | % | | 0 | % |
Credits | | | 1 | % | | 0 | % |
Change in valuation allowance | | | (21) | % | | (38) | % |
Income taxes provision (benefit) | | | 0 | % | | 0 | % |
| | As of December 31, | | ||||
| | 2017 | | 2016 | | ||
Deferred tax assets: | | | | | | | |
Net operating loss carryovers | | $ | 4,220 | | $ | 2,080 | |
Stock compensation and other | | | 70 | | | - | |
Change in warrant liabilities | | | 226 | | | 73 | |
Amortization of license | | | 1,064 | | | 1,064 | |
Accruals and reserves | | | 8 | | | 78 | |
Tax credits | | | 154 | | | 33 | |
Total deferred tax assets | | | 5,742 | | | 3,328 | |
Less valuation allowance | | | (5,742) | | | (3,318) | |
Stock compensation and other | | | - | | | (10) | |
Deferred tax assets, net of valuation allowance | | $ | - | | $ | - | |
|
Year Ended December 31, 2017 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | ||||
Operating expenses | | $ | 504 | | $ | 1,744 | | $ | 2,848 | | $ | 6,325 | |
Other income (expenses) | | | (157) | | | (662) | | | (100) | | | 82 | |
Net loss | | | (661) | | | (2,406) | | | (2,948) | | | (6,243) | |
Basic and diluted net loss per common share | | | (0.07) | | | (0.70) | | | (0.30) | | | (0.63) | |
Year Ended December 31, 2016 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | ||||
Operating expenses | | $ | 840 | | $ | 638 | | $ | 383 | | $ | 516 | |
Other expenses | | | (207) | | | (133) | | | (161) | | | (299) | |
Net loss | | | (1,047) | | | (771) | | | (544) | | | (815) | |
Basic and diluted net loss per common share | | | (0.13) | | | (0.28) | | | (0.19) | | | (0.27) | |
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