As at December 31, 2015, we had a net tangible book value of approximately $13.5 million, or approximately $1.36 per Common Share. Net tangible book value per share is calculated by subtracting our total liabilities from our total tangible assets, which is total assets less intangible assets, and dividing this amount by the number of Common Shares issued and outstanding. After giving effect to the sale of our Common Shares in the aggregate amount of approximately $10.0 million at an assumed offering price of $3.32 per share, being the last reported sale price of our Common Shares on NASDAQ on March 31, 2016, and after deducting estimated offering commissions and expenses of $0.5 million, or $0.17 per share, payable by us, we would have had a net tangible book value as at December 31, 2015 of $23.0 million, or $1.78 per Common Share. This represents an immediate increase in the net tangible book value of $0.42 per share attributable to this offering. The following table illustrates this per share dilution:
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| Assumed offering price per share | | | | | $ | 3.32 | | Net tangible book value per share as at December 31, 2015 | | $ | 1.36 | | | | | Increase in net tangible book value per share attributable to this offering | | $ | 0.42 | | | | | As-adjusted net tangible book value per share after this offering | | | | | $ | 1.78 | |
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| Net dilution per share to new investors | | | | | $ | 1.54 | |
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The table above assumes for illustrative purposes that an aggregate of 3,000,000 of our Common Shares are sold at a price of $3.32 per share, being the last reported sale price of our Common Shares on NASDAQ on March 31, 2016, for aggregate gross proceeds of approximately $10.0 million. The Common Shares sold in this offering, if any, will be sold from time to time at various prices. An increase of $0.30 per share in the price at which the Common Shares are sold from the assumed offering price of $3.32 per share shown in the table above, assuming all of our Common Shares in the aggregate amount of approximately $10.0 million are sold at that price, would increase the dilution in net tangible book value per share to new investors in this offering to $1.81 per share, after deducting commissions and estimated aggregate offering expenses payable by us. A decrease of $0.30 per share in the price at which the Common Shares are sold from the assumed offering price of $3.32 per share shown in the table above, assuming all of our Common Shares in the aggregate amount of approximately $10.0 million are sold at that price, would decrease the dilution in net tangible book value per share to new investors in this offering to $1.28 per share, after deducting commissions and estimated aggregate offering expenses payable by us. This information is supplied for illustrative purposes only.
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