Warrants and Derivative Liabilities (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Warrants And Derivative Liabilities [Abstract] |
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| Schedule of warrants vested and outstanding |
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Amount
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Exercise
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Term
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Issued and
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Source
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Price
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(Years)
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Outstanding
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Pre 2015 Common Stock Warrants
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$ |
1.00 |
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6-10
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4,000,000 |
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2015 Common Stock Warrants
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$ |
1.15-$5.00
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5-10
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442,000 |
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2015 Series B Financing
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Common Stock Warrants to Series B Stockholders
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$ |
0.00 |
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5 |
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1,456,250 |
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Placement Agent Warrants
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$ |
0.00 |
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5 |
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187,500 |
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2016 Common Stock Warrants to Service Providers
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$ |
1.15 |
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10 |
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40,000 |
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2016 Series C Placement Agent Warrants
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$ |
0.40 |
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5 |
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125,000 |
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2017 Series D Placement Agent Warrants
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$ |
0.25 |
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5 |
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480,000 |
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2017 Common Stock Warrants to Service Provider
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$ |
0.41 |
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5 |
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125,000 |
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2018 Emerald Financing Warrants
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$ |
0.10 |
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5 |
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44,200,000 |
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Total warrants vested and outstanding as of September 30, 2018
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51,055,750 |
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| Schedule summary of the activity of derivative liabilities |
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Nine Months Ended September 30, 2018
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December 31,
2017 Fair
Value of
Derivative Liabilities
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Fair Value of Derivative Liabilities Issued
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Change in
Fair value of Derivative Liabilities
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Reclassification
of Derivatives
to Equity
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September 30,
2018 Fair
Value of
Derivative Liabilities
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Emerald Financing - Warrant Liability
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$ |
- |
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$ |
10,424,634 |
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$ |
192,808 |
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$ |
- |
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$ |
10,617,442 |
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Series B Warrant Liability
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551,322 |
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- |
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1,275,669 |
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(1,333,866 |
) |
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493,125 |
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Series B Preferred Stock Conversion Liability
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6,715 |
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- |
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- |
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(6,715 |
) |
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- |
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Total
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$ |
558,037 |
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$ |
10,424,634 |
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$ |
1,468,477 |
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$ |
(1,340,581 |
) |
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$ |
11,110,567 |
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Nine Months Ended September 30, 2017
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December 31,
2016 Fair
Value of
Derivative Liabilities
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Fair Value of Derivative Liabilities Issued
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Change in
Fair value of Derivative Liabilities
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Reclassification
of Derivatives
to Equity
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September 30,
2017 Fair
Value of
Derivative Liabilities
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Series B Warrant Liability
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$ |
1,112,308 |
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$ |
- |
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$ |
(320,495 |
) |
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$ |
- |
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$ |
791,813 |
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Series B Preferred Stock Conversion Liability
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118,821 |
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- |
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(88,532 |
) |
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(5,861 |
) |
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24,428 |
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Total
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$ |
1,231,129 |
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$ |
- |
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$ |
(409,027 |
) |
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$ |
(5,861 |
) |
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$ |
816,241 |
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| Schedule of input and valuation technique used to value warrant liabilities |
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September 30,
2018
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At
issuance
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Dividend yield
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0.00 |
% |
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0.00 |
% |
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Volatility factor
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70.00 |
% |
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70.00 |
% |
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Risk-free interest rate
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2.92 |
% |
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2.45-2.6
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%
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Expected term (years)
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4.30-4.38
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5.0 |
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Closing price per share of common stock
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$ |
0.30 |
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$ |
0.29-0.30
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| Schedule of the adjustment for the difference between the fair value of the warrant liabilities and the total proceeds received |
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Closing
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January
2018
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February
2018
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Total
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Initial Fair Value of Emerald Financing Warrant Liability
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$ |
4,717,211 |
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$ |
5,707,423 |
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$ |
10,424,634 |
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Less: Proceeds from Emerald Financing
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1,500,000 |
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1,750,000 |
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3,250,000 |
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Excess over proceeds adjustment
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$ |
3,217,211 |
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$ |
3,957,423 |
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$ |
7,174,634 |
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| Schedule of Assumptions Used to compute the fair value of the warrants |
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As of
September 30,
2018
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As of
December 31,
2017
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Dividend yield
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0.00 |
% |
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0.00 |
% |
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Volatility factor
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70.00 |
% |
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70.00 |
% |
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Risk-free interest rate
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2.786-2.789
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%
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1.947-1.949
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%
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Expected term (years)
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1.89-1.90
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2.64-2.65
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Weighted-average fair value of warrants
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$ |
0.300 |
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$ |
0.086 |
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