Registration of securities issued in business combination transactions

Warrants (Tables)

v3.20.2
Warrants (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Warrants [Abstract]    
Summary Of Warrants Outstanding



 

 

 

 

 

 

 

 

 



 

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 

 

 

 

 

 





 

 

 

 

 

 

 

 

 



 

Number of Warrants:

 

 

 

 

 

Warrant Issuance

 

December 31, 2019

 

December 31, 2018

 

Exercise Price

 

Expiration Date

Liability-classified Warrants

 

 

 

 

 

 

 

 

 

January 2014 Investors

 

 -

 

39,683 

 

$

153.60 

 

Jan. 2019

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 

 

555,667 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

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 

 

 -

 

$

9.60 

 

Jan. 2024

Total equity-classified warrants

 

1,405,505 

 

509,619 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Total outstanding warrants

 

1,921,489 

 

1,065,286 

 

 

 

 

 



Summary Of Changes In Warrants Outstanding During The Period



 

 

 

 

 

 

 

 



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 





 

 

 

 

 

 

 

 



Number of Warrants

 

 

 



Liability-classified

 

Equity- classified

 

Total

 

Weighted average exercise price

Balance, January 1, 2019

555,667 

 

509,619 

 

1,065,286 

 

$

37.52 

Issued during the period

 -

 

895,886 

 

895,886 

 

$

9.60 

Exercised during the period

 -

 

 -

 

 -

 

$

 -

Expired during the period

(39,683)

 

 -

 

(39,683)

 

$

153.60 



 

 

 

 

 

 

 

 

Balance, December 31, 2019

515,984 

 

1,405,505 

 

1,921,489 

 

$

22.10 



Schedule Of Fair Value Of Warrants Issued



 

 

 

 

 



 

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 





 

 

 

 

 



 

Fair Value as of:

Warrant Issuance:

 

December 31, 2019

December 31, 2018

November 2015 Investors

 

$

55 

$

234,918 

November 2015 Placement Agent

 

 

 -

 

435 

March 2016 Investor

 

 

439 

 

160,099 

September 2016 Investors

 

 

3,196 

 

333,834 

June 2017 Investors

 

 

11,736 

 

623,324 

June 2017 Placement Agent

 

 

845 

 

65,149 

October 2017 Investors

 

 

23,772 

 

801,551 

October 2017 Placement Agent

 

 

1,674 

 

88,276 

Total:

 

$

41,717 

$

2,307,586 



Schedule Of Assumptions Used In Calculating Fair Value Of Warrants



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

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

 





 

 

 

 

 

 

 



 

December 31, 2019

December 31, 2018

Trading market prices

 

$

1.91 

 

$

11.16 

 

Estimated future volatility

 

 

102 

%

 

105 

%

Dividend

 

 

-

 

 

-

 

Estimated future risk-free rate

 

 

1.57-1.72

%

 

2.35-2.53

%

Equivalent volatility

 

 

85-94 

%

 

99-104 

%

Equivalent risk-free rate

 

 

1.57-1.59

%

 

2.51-2.55

%

Fundamental transaction likelihood

 

 

50 

%

 

%

Fundamental transaction timing

 

 

April 2020

 

 

End of warrant term

 



Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants



 

 

 

 



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 





 

 

 

 



For the Year Ended December 31,



 

2019

 

2018

Expired Warrants

$

 -

$

64,307 

November 2015 Investors

 

234,863 

 

1,025,132 

November 2015 Placement Agent

 

435 

 

2,501 

March 2016 Investors

 

159,660 

 

537,455 

September 2016 Investors

 

330,638 

 

720,249 

June 2017 Investors

 

611,588 

 

1,358,540 

June 2017 Placement Agent

 

64,304 

 

156,442 

October 2017 Investors

 

777,779 

 

1,504,001 

October 2017 Placement Agent

 

86,602 

 

177,422 

Total:

$

2,265,869 

$

5,546,049