Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.20.1
Warrants (Tables)
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Schedule of Warrants Outstanding
At March 31, 2020, and December 31, 2019, respectively, the Company has the following warrants outstanding,

Number of Shares Under Outstanding Warrants at
March 31, 2020
Number of Shares Under Outstanding Warrants at December 31, 2019 Weighted Average Exercise Price at March 31, 2020 Remaining Contractual Life at March 31, 2020 (No. Years)
Liability Classified Warrants (1)
Issued February 2017 404,002 404,002 $ 1.50    1.9
Issued February 2018 2,273,700 2,273,700 $ 2.80    3.4
Issued June 2018 (2)
742,991 742,991 $ 2.03    3.7
Issued March 2019 1,585,500 1,585,500 $ 1.10    4.0
Issued April 2019 5,250,000 5,250,000 $ 1.75    4.1
Issued February 2020 6,150,000 —    $ 1.05    5.3
16,406,193 10,256,193 $ 1.58   
Equity Classified Warrants
Issued May 2016 - Bonwick 107,802 107,802 $ 7.50    1.1
Issued July 2017 - Consulting (3)
150,000 150,000 $ 2.61    2.3
Issued April 2018 - Consulting 100,000 100,000 $ 3.00    1.0
Issued August 2019 - Consulting 150,000 150,000 $ 1.64    2.4
507,802 507,802 $ 3.44   
Balance outstanding 16,913,995 10,763,995 $ 1.63   

(1) If the Company subdivides (by any stock split, stock dividend, recapitalization or otherwise) its outstanding shares of its common stock into a smaller number of shares, the warrant exercise price is proportionately reduced and the number of shares under outstanding warrants is proportionately increased. Additionally, if the Company combines (by combination, reverse stock split or otherwise) its outstanding shares of common stock into a smaller number of shares, the warrant exercise price is proportionately increased and the number of shares under outstanding warrants is proportionately decreased. Also, the Company may voluntarily reduce the warrant exercise price for its warrants issued in March 2019 and February 2017 and may voluntarily extend the contractual term of its warrants issued in February 2017.

(2) Includes warrants to purchase 710,212 shares at an exercise price of $2.02, expiring December 22, 2023, and warrants to purchase 32,779 shares at an exercise price of $2.32, expiring June 21, 2023.
(3) Includes warrants to purchase 100,000 shares at an exercise price of $2.41 and warrants to purchase 50,000 shares at an exercise price of $3.00.
Schedule of Assumptions Used
The assumptions used in determining the fair value of the Company’s outstanding liability classified warrants are as follows:
March 31, 2020 December 31, 2019
Risk-free interest rate 0.2  % to 1.5  % 1.6  % to 1.7  %
Volatility 111.4  % to 120.6  % 97.5  % to 107.5  %
Expected life (years) 1.9 to 5.5 2.1 to 4.3
Dividend yield —% —%
Schedule of Liability Warrant Activity
A summary of the Company's liability classified warrant activity during the three months ended March 31, 2020 and related information follows: 
Number of Shares Under Warrant Range of Warrant Exercise Price per Share Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years)
Balance at January 1, 2020 10,256,193    $ 1.10    $ 2.80    $ 1.89    4.0
Granted 6,150,000    $ 1.05    $ 1.05    $ 1.05    5.3
Exercised —    $ —    $ —    $ —    —   
Expired —    $ —    $ —    $ —    —   
Balance at March 31, 2020 16,406,193    $ 1.05    $ 2.80    $ 1.58    4.4
Vested and Exercisable at March 31, 2020 10,256,193    $ 1.10    $ 2.80    $ 1.89    3.8