Quarterly report pursuant to Section 13 or 15(d)

Capitalization and Equity Structure (Tables)

v3.19.3
Capitalization and Equity Structure (Tables)
 9 Months Ended
Sep. 30, 2019
Stockholders' Equity Note [Abstract]  
Schedule of Warrant share activity
Warrant shares outstanding as of December 31, 2018 and September 30, 2019 were as follows:  
Source
 
Exercise
Price
 
Term
(Years)
 
December 31,
2018
 
Issued
 
Expired
 
September 30, 2019
2019 Warrants
 
$
2.00

 
5
 
—

 
6,667

 
—

 
6,667

Information Agent Warrants
 
$
1.50

 
3
 
200

 
—

 
—

 
200

2015 Warrants
 
$
2.75

 
5
 
1,604

 
—

 
—

 
1,604

2014 PPO and Merger
 
 
 
 
 
 
 
 
 
 
 


Placement agent warrants
 
$
7.00

 
5
 
426

 
—

 
(426
)
 
—

PPO warrants
 
$
14.00

 
5
 
1,078

 
—

 
(1,078
)
 
—

Pre-2014 warrants
 
$
9.66

 
9-10
 
88

 
—

 
—

 
88

 
 
 
 
 
 
3,396

 
6,667

 
(1,504
)
 
8,559

Schedule of assumption used in valuation
The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of September 30, 2019:
Current share price
$
0.53

Conversion price
$
2.75

Risk-free interest rate
1.72%

Term (years)
1.25

Volatility of stock
100.5%

The following assumptions were used in a combination of the Black Scholes option pricing model and the Binomial Lattice option pricing model to measure the fair value of the 2019 Warrants:
 
September 30, 2019
 
May 24, 2019
Current share price
$
0.53

 
$
1.49

Conversion price
$
2.00

 
$
2.00

Risk-free interest rate
1.55
%
 
2.12
%
Term (years)
4.7

 
5.0

Volatility of stock
95.3
%
 
98.0
%