Warrants

9 Months Ended

Sep. 30, 2019

Federal Home Loan Banks [Abstract]

Warrants

9.Warrants

A summary of warrant activity during the nine months ended September 30, 2019 is as follows:

Warrants outstanding, January 1, 2019	7,344,297
Issuances (Note 8)	3,052,959
Exchanges	(1,550	)
Exercises and conversions	(11,000	)
Warrants outstanding, September 30, 2019	10,384,706

For warrants classified as a liability, the following is a summary of the periodic changes in their fair value during the nine months ended September 30, 2019:

Balance, January 1, 2019	$	65,000
Changes in fair value (Monte Carlo simulation valuation)		(30,000	)
Warrant repurchases		(25,000	)
Balance, September 30, 2019	$	10,000