Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.20.1
Warrants (Tables)
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Stock Warrant Activity

A summary of warrant activity during the years ended December 31, 2019 and 2018 is presented below:

 

    Series A Preferred Stock     Common Stock  
   

Number of

Warrants

   

Weighted

Average

Exercise

Price

   

Weighted

Average

Remaining

Life in

Years

   

Intrinsic

Value

   

Number of

Warrants

   

Weighted

Average

Exercise

Price

   

Weighted

Average

Remaining

Life in

Years

   

Intrinsic

Value

 
Outstanding,
January 1, 2018
    100,570     $ 5.00                       371,216       12.00                  
Issued                                     3,292,443       6.09                  
Exercised                                                                
Cancelled     -       -                       -       -                  
Amendment of placement agent warrants [1]     (100,570 )     5.00                       116,912       4.30                  
Outstanding,
January 1, 2019
    -     $ -       -     $ -       3,780,571     $ 5.48       4.1     $ -  
Issued     -       -               -       603,889       2.60                  
Exercised     -       -               -       -       -                  
Cancelled     -       -               -       (17,500 )     1.59                  
Outstanding,
December 31, 2019
    -     $ -       -     $ -       4,366,960     $ 5.10       3.3     $ -  
                                                                 
Exercisable,
December 31, 2019
    -     $ -       -     $ -       4,349,460     $ 5.11       3.3     $ -  

 

[1] In connection with the IPO, placement agent warrants for the purchase of Series A Preferred Stock were amended such that the warrants became exercisable for the number of common stock that would have been issued upon the exercise of the Series A warrant and subsequent conversion to common stock upon the consummation of the IPO. The exercise price was amended to the price equal to the total proceeds that would have been required upon the exercise of the original warrant, divided by the amended number of warrant shares.
  The amendment was accounted for as a modification of a stock award. The Company determined that there was no incremental increase in the fair value for the amendment of the award and accordingly there was no charge to the statement of operations for the years ended December 31, 2018.

Schedule of Outstanding and Exercisable Warrants

A summary of outstanding and exercisable warrants as of December 31, 2019 is presented below:

 

Warrants Outstanding     Warrants Exercisable  

Exercise

Price

   

Exercisable

Into

 

Outstanding

Number of

Warrants

   

Weighted

Average

Remaining

Life in Years

   

Exercisable

Number of

Warrants

 
$ 12.00     Common Stock     183,969       3.5       183,969  
$ 6.25     Common Stock     75,000       3.4       75,000  
$ 6.00     Common Stock     1,875,000       3.5       1,875,000  
$ 4.99     Common Stock     100,000       3.5       100,000  
$ 4.62     Common Stock     138,392       2.9       138,392  
$ 4.30     Common Stock     116,912       1.1       116,912  
$ 4.20     Common Stock     1,441,298       2.8       1,441,298  
$ 2.00     Common Stock     50,000       4.4       50,000  
$ 1.59     Common Stock     17,500       4.0       -  
$ 1.50     Common Stock     188,108       4.2       188,108  
$ 1.28     Common Stock     180,781       4.4       180,781  
              4,366,960               4,349,460