| Warrants |
9. Warrants
The following table summarizes the Company’s outstanding warrants to purchase common stock as of March 31, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Warrants:
|
|
|
|
|
|
|
Warrant Issuance
|
|
March 31, 2020
|
|
December 31, 2019
|
|
Exercise Price
|
|
Expiration Date
|
|
Liability-classified Warrants
|
|
|
|
|
|
|
|
|
|
|
November 2015 Investors
|
|
104,168
|
|
104,168
|
|
$
|
63.60
|
|
May 2021
|
|
November 2015 Placement Agent
|
|
279
|
|
279
|
|
$
|
63.60
|
|
Nov. 2020
|
|
March 2016 Investors
|
|
50,651
|
|
50,651
|
|
$
|
50.40
|
|
Sept. 2021
|
|
September 2016 Investors
|
|
67,084
|
|
67,084
|
|
$
|
36.00
|
|
Mar. 2022
|
|
June 2017 Investors
|
|
126,264
|
|
126,264
|
|
$
|
48.00
|
|
Dec. 2022
|
|
June 2017 Placement Agent
|
|
15,153
|
|
15,153
|
|
$
|
49.50
|
|
June 2022
|
|
October 2017 Investors
|
|
136,058
|
|
136,058
|
|
$
|
34.20
|
|
Apr. 2023
|
|
October 2017 Placement Agent
|
|
16,327
|
|
16,327
|
|
$
|
36.72
|
|
Oct. 2022
|
|
Total liability classified warrants
|
|
515,984
|
|
515,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-classified Warrants
|
|
|
|
|
|
|
|
|
|
|
October 2018 Investors
|
|
480,771
|
|
480,771
|
|
$
|
20.04
|
|
Apr. 2024
|
|
October 2018 Placement Agent
|
|
28,848
|
|
28,848
|
|
$
|
19.50
|
|
Oct. 2023
|
|
January 2019 Investors
|
|
895,886
|
|
895,886
|
|
$
|
9.60
|
|
Jan. 2024
|
|
Total equity-classified warrants
|
|
1,405,505
|
|
1,405,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total outstanding warrants
|
|
1,921,489
|
|
1,921,489
|
|
|
|
|
|
The following table summarizes the Company’s warrant activity for the three months ended March 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
Number of Warrants
|
|
|
|
|
|
Liability-classified
|
|
Equity- classified
|
|
Total
|
|
Weighted average exercise price
|
|
Balance, January 1, 2020
|
515,984
|
|
1,405,505
|
|
1,921,489
|
|
$
|
22.10
|
|
Issued during the period
|
-
|
|
-
|
|
-
|
|
$
|
-
|
|
Exercised during the period
|
-
|
|
-
|
|
-
|
|
$
|
-
|
|
Expired during the period
|
|
|
-
|
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020
|
515,984
|
|
1,405,505
|
|
1,921,489
|
|
$
|
22.10
|
At March 31, 2020, the weighted average remaining contractual life of the outstanding warrants was 3.4 years.
The following table summarizes the fair value of the liability-classified warrants as of the respective balance sheet dates:
|
|
|
|
|
|
|
|
|
|
Fair Value as of:
|
|
Warrant Issuance:
|
|
March 31, 2020
|
December 31, 2019
|
|
November 2015 Investors
|
|
$
|
971
|
$
|
55
|
|
November 2015 Placement Agent
|
|
|
-
|
|
-
|
|
March 2016 Investor
|
|
|
1,240
|
|
439
|
|
September 2016 Investors
|
|
|
14,639
|
|
3,196
|
|
June 2017 Investors
|
|
|
30,364
|
|
11,736
|
|
June 2017 Placement Agent
|
|
|
2,574
|
|
845
|
|
October 2017 Investors
|
|
|
46,178
|
|
23,772
|
|
October 2017 Placement Agent
|
|
|
4,143
|
|
1,674
|
|
Total:
|
|
$
|
100,109
|
$
|
41,717
|
The assumptions used in calculating the fair values of the liability-classified warrants are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020
|
December 31, 2019
|
|
Trading market prices
|
|
$
|
1.80
|
|
$
|
1.91
|
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
102
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.20-0.41
|
%
|
|
1.57-1.72
|
%
|
|
Equivalent volatility
|
|
|
113-129
|
%
|
|
85-94
|
%
|
|
Equivalent risk-free rate
|
|
|
0.13-0.19
|
%
|
|
1.57-1.59
|
%
|
|
Fundamental transaction likelihood
|
|
|
50
|
%
|
|
50
|
%
|
|
Fundamental transaction timing
|
|
|
July 2020
|
|
|
April 2020
|
|
.
Changes in the fair value of the warrant liabilities, carried at fair value, reported as “unrealized (loss) gain on fair value of warrants” in the statement of operations:
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
|
|
|
2020
|
|
2019
|
|
November 2015 Investors
|
$
|
(916)
|
$
|
197,084
|
|
November 2015 Placement Agent
|
|
-
|
|
380
|
|
March 2016 Investors
|
|
(801)
|
|
114,799
|
|
September 2016 Investors
|
|
(11,443)
|
|
217,869
|
|
June 2017 Investors
|
|
(18,628)
|
|
388,391
|
|
June 2017 Placement Agent
|
|
(1,729)
|
|
41,911
|
|
October 2017 Investors
|
|
(22,406)
|
|
496,501
|
|
October 2017 Placement Agent
|
|
(2,469)
|
|
56,436
|
|
Total:
|
$
|
(58,392)
|
$
|
1,513,371
|
|