Stockholders' Deficit

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Stockholders' Deficit

5. Stockholders’ Deficit

Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 20,000,000 shares of preferred stock. No shares have been issued.

Common Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 100,000,000 shares of common stock. As of March 21, 2019 and December 31, 2018, the Company had an aggregate of 27,938,243 and 26,448,881 shares of common stock outstanding, respectively.

On March 19, 2019, the Company issued 1,489,362 Collateral Shares pursuant to a convertible secured note payable agreement (see Note 4).

Common Stock Warrants

A summary of warrant activity for the period ended March 31, 2019 is presented below:

	Number of			Weighted Average Exercise		Weighted Average
Subject to Exercise	Warrants			Price		Life (Years)
Outstanding as of December 31, 2018		845,096		$	4.94		1.40
Granted – 2019		-			-		-
Forfeited/Expired – 2019		(11,839	)		-		-
Exercised – 2019		-			-		-
Outstanding as of March 31, 2019		833,257		$	4.95		1.17

As of March 31, 2019, the Company had outstanding vested and unexercised Common Stock Warrants as follows:

Date Issued	Exercise Price		Number of Warrants		Expiration date
2010	$	4.40		22,659	February 4, 2020
April 2013	$	10.00		5,000	April 28, 2020
September 2013	$	10.00		5,000	September 4, 2020
September 2013	$	10.00		2,500	September 20, 2020
November 2013	$	10.00		7,500	November 14, 2020
July 2014	$	10.00		50,000	June 30, 2020
July 2014	$	10.00		4,667	July 2, 2019
September 2014	$	16.20		62,500	August 31, 2021
September 2014	$	10.00		11,800	September 18, 2021
September 2014	$	10.00		8,959	September 29, 2021
October 2014	$	15.80		316,456	October 23, 2019
May 2015	$	15.80		189,874	May 4, 2020
February 2016	$	20.50		146,342	February 23, 2021
Total outstanding warrants at March 31, 2019				833,257

There were no common stock warrants exercised and 11,839 warrants expired during the period ended March 31, 2019. The intrinsic value of the outstanding warrants on March 31, 2019 is $-0-.