Quarterly report pursuant to Section 13 or 15(d)

Capitalization and Equity Structure (Tables)

v3.20.2
Capitalization and Equity Structure (Tables)
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Warrant Share Activity
Warrant shares outstanding as of December 31, 2019 and September 30, 2020 were as follows:  
Source Exercise
Price		 Term
(Years)		 December 31, 2019 Issued Exercised Expired September 30, 2020
June 2020 Investor Warrants $ 5.18  5.5 —  874  (477) —  397 
June 2020 Placement Agent Warrants $ 5.64  5 —  122  —  —  122 
December 2019 Warrants $ 8.10  5 556  —  —  —  556 
December 2019 Placement Agent Warrants $ 8.44  5 52  —  —  —  52 
May 2019 Warrants $ 3.52  5 444  —  (246) —  198 
2017 Information Agent Warrants $ 22.50  3 13  —  —  (13) — 
2015 Warrants $ 41.25  5 107  —  —  —  107 
Pre-2014 warrants $ 144.90 
9-10
 6  —  —  (6) — 
  1,178  996  (723) (19) 1,432 
Schedule of Assumption Used in Valuation The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:
September 30, 2020 June 10, 2020
Current share price $ 4.75  $ 3.81 
Conversion price $ 5.18  $ 5.18 
Risk-free interest rate 0.26  % 0.39  %
Expected term (years) 5.19 5.5
Volatility of stock 104.12  % 96.4  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:
September 30, 2020 June 10, 2020
Current share price $ 4.75  $ 3.81 
Conversion price $ 5.64  $ 5.64 
Risk-free interest rate 0.26  % 0.33  %
Expected term (years) 4.69 5
Volatility of stock 106.83  % 96.3  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:
September 30, 2020 December 31, 2019
Current share price $ 4.75  $ 5.86 
Conversion price $ 8.10  $ 8.10 
Risk-free interest rate 0.26  % 1.73  %
Expected term (years) 4.72 5.5
Volatility of stock 106.84  % 95.7  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:
September 30, 2020 December 31, 2019
Current share price $ 4.75  $ 5.86 
Conversion price $ 8.44  $ 8.44 
Risk-free interest rate 0.23  % 1.69  %
Expected term (years) 4.22 5.0
Volatility of stock 109.79  % 93.1  %
The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the May 2019 Warrants:
September 30, 2020 December 31, 2019
Current share price $ 4.75  $ 5.86 
Conversion price $ 3.52  $ 5.70 
Risk-free interest rate 0.2  % 1.67  %
Expected term (years) 3.6 4.4
Volatility of stock 113.3  % 93.9  %
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, 2020 December 31, 2019
Current share price $ 4.75  $ 5.86 
Conversion price $ 41.25  $ 41.25 
Risk-free interest rate 0.1  % 1.59  %
Expected term (years) 0.24 0.99
Volatility of stock 110.52  % 98.46  %