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Warrants (Tables)
3 Months Ended
Mar. 31, 2020
Warrants [Abstract]  
Summary of Warrants Issued and Warrants Outstanding





 

 

 

 

 

 

 

 

 

 

 

 



 

Issued

 

Outstanding

 

Exercise Price

 

Expire

2015 Warrant Issuance 

 

 

383,500 

 

 

383,500 

 

 

2.05 

 

 

Jun 2021

2016 Warrant Issuance 

 

 

2,947,949 

 

 

2,947,949 

 

 

2.60 

 

 

Feb 2022

2017 Warrant Issuance  (1)(2)

 

 

100,000 

 

 

100,000 

 

 

2.25 

 

 

Mar 2022

2017 Warrant Issuance  (1)

 

 

1,650,000 

 

 

1,650,000 

 

 

2.45 

 

 

Nov 2022

2018 Warrant Issuance  (1)

 

 

4,004,324 

 

 

3,974,324 

 

 

1.55 

 

 

Jul 2023

2019 Warrant Issuance

 

 

240,000 

 

 

240,000 

 

 

0.55 

 

 

Apr 2024

2019 Warrant Issuance  (3)

 

 

4,000,000 

 

 

4,000,000 

 

 

0.49 

 

 

Oct 2024

2019 Warrant Issuance  (4)

 

 

6,000,000 

 

 

6,000,000 

 

 

0.78 

 

 

Oct 2024



 

 

 

 

 

19,295,773 

 

 

 

 

 

 



(1)

Warrants are subject to liability accounting.

(2)

Issued in conjunction with an unsecured line of credit as described in Note 9: Debt / Line of Credit.

(3)

Immediately exercisable pre-funded warrants at an exercise price of $0.01 per share.

(4)

Private Placement unregistered warrants exercisable six months following issuance.

Fair Value of Warrants



 

 

 

 

 

 



 

March 31,

 

December 31,



 

2020

 

2019

2018 January and February Issuance

 

 

Fair Value

 

$

39 

 

$

22 



 

 

 

 

 

 

2017 May issuance

 

 

 

 

 

 

Fair Value

 

 

 

 



 

$

43 

 

$

23 









 

 

 

 

 

 



 

Three Months Ended



 

March 31,



 

(in thousands)

Change in Fair Value of common stock warrant liability (1)

 

$

(20)

 

$

794 



(1)

The combined changes in fair value is reflected as income from change in the fair market value of common stock warrant liability.