Warrants and Derivative Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
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| Derivative Liabilities Line Items |
|
| Schedule of warrants vested and outstanding |
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|
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|
Amount
|
|
|
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|
Exercise
|
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Term
|
|
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Vested and
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Source
|
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Price
|
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(Years)
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|
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Outstanding
|
|
|
Pre 2015 Common Stock Warrants
|
|
$ |
1.00 |
|
|
6-10
|
|
|
|
4,000,000 |
|
|
2015 Common Stock Warrants
|
|
$ |
1.15-$5.00
|
|
|
5-10
|
|
|
|
442,000 |
|
|
2015 Series B Financing
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Warrants to Series B Stockholders
|
|
$ |
0.00 |
|
|
|
5 |
|
|
|
1,031,250 |
|
|
Placement Agent Warrants
|
|
$ |
0.00 |
|
|
|
5 |
|
|
|
187,500 |
|
|
2016 Common Stock Warrants to Service Providers
|
|
$ |
1.15 |
|
|
|
10 |
|
|
|
40,000 |
|
|
2016 Series C Common Stock Warrants to Placement Agent
|
|
$ |
0.40 |
|
|
|
5 |
|
|
|
125,000 |
|
|
2017 Series D Common Stock Warrants to Placement Agent
|
|
$ |
0.25 |
|
|
|
5 |
|
|
|
480,000 |
|
|
2017 Common Stock Warrants to Service Provider
|
|
$ |
0.41 |
|
|
|
5 |
|
|
|
125,000 |
|
|
2018 Emerald Financing Warrants
|
|
$ |
0.10 |
|
|
|
5 |
|
|
|
44,200,000 |
|
|
2018 Emerald Multi Draw Credit Agreement Warrants
|
|
$ |
0.50 |
|
|
|
5 |
|
|
|
7,500,000 |
|
|
Total warrants vested and outstanding as of March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
58,130,750 |
|
|
| Schedule of the adjustment for the difference between the fair value of the warrant liabilities and the total proceeds received |
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|
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Closing
|
|
|
|
|
|
|
|
January
2018
|
|
|
February
2018
|
|
|
Total
|
|
|
Initial Fair Value of Emerald Financing Warrant Liability
|
|
$ |
4,717,211 |
|
|
$ |
5,707,423 |
|
|
$ |
10,424,634 |
|
|
Less: Proceeds from Emerald Financing
|
|
|
1,500,000 |
|
|
|
1,750,000 |
|
|
|
3,250,000 |
|
|
Excess over proceeds adjustment
|
|
$ |
3,217,211 |
|
|
$ |
3,957,423 |
|
|
$ |
7,174,634 |
|
|
| Schedule summary of the activity of derivative liabilities |
|
|
|
Three Months Ended March 31, 2019
|
|
|
|
|
December 31,
2018, Fair
Value of
Derivative Liabilities
|
|
|
Fair Value of Derivative Liabilities Issued
|
|
|
Change in
Fair value of Derivative Liabilities
|
|
|
Reclassification
of Derivatives
to Equity
|
|
|
March 31,
2019, Fair
Value of
Derivative Liabilities
|
|
|
Emerald Multi Draw Credit Agreement - compound derivative liability (1)
|
|
$ |
219,453 |
|
|
$ |
516,058 |
|
|
$ |
227,858 |
|
|
$ |
- |
|
|
$ |
963,369 |
|
|
Emerald Financing - warrant liability (2)
|
|
|
15,251,413 |
|
|
|
- |
|
|
|
12,239,322 |
|
|
|
- |
|
|
|
27,490,735 |
|
|
Series B - warrant liability (3)
|
|
|
487,500 |
|
|
|
- |
|
|
|
353,438 |
|
|
|
- |
|
|
|
840,938 |
|
|
Total derivative liabilities
|
|
$ |
15,958,366 |
|
|
$ |
516,058 |
|
|
$ |
12,820,618 |
|
|
$ |
- |
|
|
$ |
29,295,042 |
|
|
Less, noncurrent portion of derivative liabilities
|
|
|
(219,453 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(963,369 |
) |
|
Current balance of derivative liabilities
|
|
$ |
15,738,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,331,673 |
|
|
|
|
Three Months Ended March 31, 2018
|
|
|
|
|
December 31,
2017, Fair
Value of
Derivative Liabilities
|
|
|
Fair Value of Derivative Liabilities Issued
|
|
|
Change in
Fair value of Derivative Liabilities
|
|
|
Reclassification
of Derivatives
to Equity
|
|
|
March 31,
2018, Fair
Value of
Derivative Liabilities
|
|
|
Emerald Financing - warrant liability (2)
|
|
$ |
- |
|
|
$ |
10,424,634 |
|
|
$ |
(2,318,600 |
) |
|
$ |
- |
|
|
$ |
8,106,034 |
|
|
Series B - warrant liability (3)
|
|
|
551,322 |
|
|
|
- |
|
|
|
1,156,107 |
|
|
|
(1,223,991 |
) |
|
|
483,438 |
|
|
Emerald Convertible Promissory Note - conversion liability (4)
|
|
|
265,000 |
|
|
|
360,000 |
|
|
|
185,000 |
|
|
|
(810,000 |
) |
|
|
- |
|
|
Series B Preferred Stock - conversion liability (5)
|
|
|
6,715 |
|
|
|
- |
|
|
|
- |
|
|
|
(6,715 |
) |
|
|
- |
|
|
Total derivative liabilities
|
|
$ |
823,037 |
|
|
$ |
10,784,634 |
|
|
$ |
(977,493 |
) |
|
$ |
(2,040,706 |
) |
|
$ |
8,589,472 |
|
|
Less, noncurrent portion of derivative liabilities
|
|
|
(551,322 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
Current balance of derivative liabilities
|
|
$ |
271,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,589,472 |
|
|
| Emerald Multi-Draw Credit Agreement Warrants |
|
| Derivative Liabilities Line Items |
|
| Schedule summary of the activity of derivative liabilities |
|
|
|
At Issuance
|
|
|
Dividend yield
|
|
|
0.00 |
% |
|
Volatility factor
|
|
|
91.6 – 92.1
|
%
|
|
Risk-free interest rate
|
|
|
2.23-2.51
|
%
|
|
Expected term (years)
|
|
|
5.0 |
|
|
Underlying common stock price
|
|
$ |
0.33-0.69
|
|
|
| Emerald Financing Warrant Liability |
|
| Derivative Liabilities Line Items |
|
| Schedule of input and valuation technique used to value warrant liabilities |
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
At
Issuance
|
|
|
Dividend yield
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Volatility factor
|
|
|
90.9-91.2
|
%
|
|
|
92.1-92.4
|
%
|
|
|
70.00 |
% |
|
Risk-free interest rate
|
|
|
2.2 |
% |
|
|
2.49 |
% |
|
|
2.45-2.6
|
%
|
|
Expected term (years)
|
|
|
3.80-3.88
|
|
|
|
4.05-4.13
|
|
|
|
5.0 |
|
|
Underlying common stock price
|
|
$ |
0.69 |
|
|
$ |
0.40 |
|
|
$ |
0.29-0.30
|
|
|
| Series B Warrant Liability |
|
| Derivative Liabilities Line Items |
|
| Schedule of input and valuation technique used to value warrant liabilities |
|
|
|
As of
March 31,
2019
|
|
|
As of
December 31,
2018
|
|
|
Dividend yield
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Volatility factor
|
|
|
92.10 |
% |
|
|
93.00 |
% |
|
Risk-free interest rate
|
|
|
2.35 |
%
|
|
|
2.786-2.789
|
%
|
|
Expected term (years)
|
|
|
1.39-1.41
|
|
|
|
1.64-1.65
|
|
|
Weighted average fair value of warrants
|
|
$ |
0.69 |
|
|
$ |
0.40 |
|
|
| Emerald Convertible Promissory Note Conversion Liability |
|
| Derivative Liabilities Line Items |
|
| Schedule of input and valuation technique used to value warrant liabilities |
|
|
|
January 19,
2018
|
|
|
December 28,
2017
|
|
|
Dividend yield
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Volatility factor
|
|
|
70.00 |
% |
|
|
70.00 |
% |
|
Risk-free interest rate
|
|
|
1.29 |
% |
|
|
1.39 |
% |
|
Expected term (years)
|
|
|
0.003 |
|
|
|
0.25 |
|
|
Underlying common stock price
|
|
$ |
0.19 |
|
|
$ |
0.15 |
|
|