Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

On July 10, 2018, the Company issued 4,792 shares of common stock in connection with employee option exercises.

Between July 2, 2018 and July 20, 2018, the Company raised an additional $447,020 under its private offering of promissory notes and accompanying warrants. The promissory notes bear interest at 5% per annum, payable monthly on the last day of the month. The entire amount of principal and any accrued and unpaid interest is due and payable on May 1, 2021. For every $100,000 in principal, the Company issued to the investor 10,000 common stock purchase warrants, for a total of 88,000 warrants. The warrants, which are identical to the warrants that were issued in the Company’s public offering that was consummated in August 2017, are exercisable through August 10, 2022, unless earlier redeemed, at an exercise price of $5.40, subject to adjustment for stock splits, reverse splits and other similar recapitalization events. The Company has the option to redeem all or a part of the outstanding warrants at any time after the closing price of the Company’s common stock exceeds $7.65 for five consecutive trading days. In electing to redeem the warrants, the Company will provide 30 days’ notice of the redemption date, during which time the holders of outstanding warrants will have the opportunity to exercise their warrants at the exercise price then in effect. Any warrants remaining outstanding at the close of business on the 30th day of the notice period will be redeemed at a price of $0.15 per warrant, after which, the warrants will be cancelled.

Between July 2, 2018 and August 13, 2018, the Company received an aggregate of $5,314,070 upon exercise of a total of 984,087 common stock purchase warrants that were sold in the Company’s August 2017 public offering as well as the identical warrants that were sold in the private offering of promissory notes during 2018. As of August 13, 2018, there remains outstanding 535,885 warrants sold in the public offering, in addition to a remaining total of 80,000 identical warrants sold in the private placement noted above. We also issued 32,308 common shares associated with the exercise of common stock purchase warrants that were sold in a prior private offering.

Between July 2, 2018 and July 10, 2018, the Company issued 167,273 shares of common stock in connection with the conversion of $1,003,638 in convertible note principal and accrued interest.

On August 3, 2018 the Company announced that it is exercising its option to call for redemption of the common stock purchase warrants sold in the Company’s public unit offering in August 2017 and the warrants sold in the note offering between March and June 2018 (collectively, the “Common Stock Purchase Warrants”). Registered holders of the Common Stock Purchase Warrants will have until September 10, 2018 (the “Redemption Date”) to exercise each Common Stock Purchase Warrant for one share of the Company’s common stock, $0.0001 par value (the “Common Stock”), at $5.40 per share. The Company has also arranged a call of the warrants issued between July 2, 2018 and July 20, 2018 in connection with its private offering of promissory notes totaling $447,020, on the same terms and conditions.