Stockholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock Purchase Warrants: On August 21, 2018, the Company entered into a warrant agreement with University Fancards, LLC in conjunction with a Prepaid Card Marketing and Processing Agreement (the "Prepaid Agreement"). On the date the first financial transaction is processed on a card issued (the "Issue Date") under the Prepaid agreement, the Company issued Fancards a warrant to purchase an aggregate of up to 150,000 shares of the Company's common stock. Warrants to purchase 30,000 shares vested immediately on the Issue Date. The additional warrants will vest in 30,000 share increments on July 31, 2019, July 31, 2020, July 31, 2021 and July 31, 2022. The strike price for the warrants will be $1.80 per share when the warrants vest on the Issue Date. The strike price for the remaining warrants will be the lesser of $2.00 per share or 120% of the market price of the common stock on the vesting date of the warrant.

As of September 30, 2018, the first financial transaction had not been processed on a card issued under the Prepaid Agreement. The Company will estimate the fair value of the warrant as of the Issue Date based upon a Black-Sholes valuation.