Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.20.2
Warrants (Tables)
9 Months Ended
Sep. 30, 2020
Warrants [Abstract]  
Summary Of Warrants Outstanding



 

 

 

 

 

 

 

 

 



 

Number of Warrants:

 

 

 

 

 

Warrant Issuance

 

September 30, 2020

 

December 31, 2019

 

Exercise Price

 

Expiration Date

Liability-classified Warrants

 

 

 

 

 

 

 

 

 

November 2015 Investors

 

 -

 

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

 

4,584 

 

67,084 

 

$

36.00 

 

Mar. 2022

June 2017 Investors

 

82,072 

 

126,264 

 

$

48.00 

 

Dec. 2022

June 2017 Placement Agent

 

15,153 

 

15,153 

 

$

49.50 

 

June 2022

October 2017 Investors

 

108,846 

 

136,058 

 

$

34.20 

 

Apr. 2023

October 2017 Placement Agent

 

16,327 

 

16,327 

 

$

36.72 

 

Oct. 2022

Total liability classified warrants

 

277,912 

 

515,984 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Equity-classified Warrants

 

 

 

 

 

 

 

 

 

October 2018 Investors

 

160,257 

 

480,771 

 

$

20.04 

 

Apr. 2024

October 2018 Placement Agent

 

28,848 

 

28,848 

 

$

19.50 

 

Oct. 2023

January 2019 Investors

 

458,715 

 

895,886 

 

$

9.60 

 

Jan. 2024

Total equity-classified warrants

 

647,820 

 

1,405,505 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Total outstanding warrants

 

925,732 

 

1,921,489 

 

 

 

 

 



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 

Exchanged during the period

(238,072)

 

(757,685)

 

(995,757)

 

$

(22.64)



 

 

 

 

 

 

 

 

Balances, September 30, 2020

277,912 

 

647,820 

 

925,732 

 

$

21.52 



Schedule Of Fair Value Of Warrants Issued



 

 

 

 

 



 

Fair Value as of:

Warrant Issuance:

 

September 30, 2020

December 31, 2019

November 2015 Investors

 

$

 -

$

55 

November 2015 Placement Agent

 

 

 -

 

 -

March 2016 Investor

 

 

3,026 

 

439 

September 2016 Investors

 

 

1,093 

 

3,196 

June 2017 Investors

 

 

32,218 

 

11,736 

June 2017 Placement Agent

 

 

3,573 

 

845 

October 2017 Investors

 

 

64,196 

 

23,772 

October 2017 Placement Agent

 

 

6,675 

 

1,674 

Total:

 

$

110,781 

$

41,717 



Schedule Of Assumptions Used In Calculating Fair Value Of Warrants



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

September 30, 2020

December 31, 2019

Trading market prices

 

$

2.08 

 

$

1.91 

 

Fundamental transaction volatility

 

 

134 

%

 

102 

%

Dividend

 

 

-

 

 

-

 

Fundamental transaction risk-free rate

 

 

0.17-0.21

%

 

1.57-1.72

%

Equivalent volatility

 

 

77-89 

%

 

85-94 

%

Equivalent risk-free rate

 

 

0.10-0.12

%

 

1.57-1.59

%

Fundamental transaction likelihood

 

 

90 

%

 

50 

%

Fundamental transaction timing

 

 

November 2020

 

 

April 2020

 



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



 

 

 

 

 

 

 

 



For the Three Months Ended September 30,

For the Nine Months Ended September 30,



 

2020

 

2019

 

2020

 

2019

November 2015 Investors

$

2,262 

$

9,560 

$

(969)

$

233,713 

November 2015 Placement Agent

 

 -

 

 -

 

 -

 

435 

March 2016 Investors

 

3,336 

 

6,286 

 

(2,587)

 

153,959 

September 2016 Investors

 

8,246 

 

28,382 

 

(17,323)

 

318,464 

June 2017 Investors

 

29,330 

 

69,660 

 

(42,397)

 

587,610 

June 2017 Placement Agent

 

2,775 

 

5,804 

 

(2,728)

 

62,268 

October 2017 Investors

 

50,075 

 

112,729 

 

(55,452)

 

744,355 

October 2017 Placement Agent

 

4,613 

 

10,439 

 

(5,001)

 

82,910 

Total:

$

100,637 

$

242,860 

$

(126,457)

$

2,183,714