WARRANTS (Tables)

12 Months Ended

Dec. 31, 2018

Warrants and Rights Note Disclosure [Abstract]

A roll-forward of warrant activity from January 1, 2017 to December 31, 2017 is shown in the following table:



	Issued and Outstanding Warrants as of January 1, 2017	Warrants Issued	Warrants Exercised/ Expired			Issued and Outstanding Warrants as of December 31, 2017
Bridge Warrants	249,999	—	—			249,999
Consulting Warrant	98,000	—	(85,777	)	⁽¹⁾	12,223
Financing Warrant	78,186	—	(15,656	)	⁽²⁾	62,530
Underwriting Warrant	310,500	—	—			310,500
IR Consulting Warrant	48,000	—	(42,000	)	⁽³⁾	6,000
Private Placement Warrants - 2016	1,995,124	—	(1,104,061	)	⁽⁴⁾	891,063
Underwriting Warrants - Public Offering 2016	135,750	—	(13,575	)	⁽⁵⁾	122,175
Private Placement Warrants - February 2017	—	1,626,898	(1,626,898	)	⁽⁶⁾	—
Private Placement Warrants - September 2017	—	1,976,919	—			1,976,919
Placement Agent Warrants - 2017	—	98,846	—			98,846
	2,915,559	3,702,663	(2,887,967	)		3,730,255


(1)	During the year ended December 31, 2017, there were 85,777 warrants that were exercised through cashless exercises, which netted 85,620 shares being issued.


(2)	During the year ended December 31, 2017, there were 15,656 warrants that were exercised through cashless exercises, which netted 6,842 shares being issued.


(3)	During the year ended December 31, 2017, 42,000 warrants expired.

(4)

During the year ended December 31, 2017, there were 122,281 warrants that were exercised through cashless exercises, which netted 49,063 shares being issued. Additionally, there were 981,780 warrants that were exercised for cash, which included 836,780 warrants exercised subject to inducement, which offered the warrant holder an inducement fee of $0.29/share to exercise the warrant in full for cash immediately.


(5)	During the year ended December 31, 2017, there were 13,575 warrants that were exercised through cashless exercises, which netted 6,322 shares being issued.


(6)	During the year ended December 31, 2017, there were 1,626,898 warrants that were exercised for cash. The warrants were exercised subject to inducement, which offered the warrant holder an inducement fee of $4.13/share to exercise the warrant in full for cash immediately.

A roll-forward of warrant activity from January 1, 2018 to December 31, 2018 is shown in the following table:



	Exercise Price	Expiration Date	Issued and Outstanding Warrants as of January 1, 2018	Warrants Exercised/ Expired			Issued and Outstanding Warrants as of December 31, 2018
Bridge Warrants	NA	NA	249,999	(249,999	)	₍₁₎	—
Consulting Warrant	$0.01	6/17/2020	12,223	(5,556	)	₍₂₎	6,667
Financing Warrant	$3.35	6/17/2020	62,530	—			62,530
Underwriting Warrant	$7.50	5/28/2019	310,500	—			310,500
IR Consulting Warrant	NA	NA	6,000	(6,000	)	₍₃₎	—
Private Placement Warrants - 2016	$2.86	4/25/2019	891,063	(73,000	)	₍₄₎	818,063
Underwriting Warrants - Public Offering 2016	$4.25	9/9/2019	122,175	—			122,175
Private Placement Warrants - September 2017	$4.85	9/28/2020	1,976,919	(10,600	)	₍₅₎	1,966,319
Placement Agent Warrants - 2017	$4.85	9/28/2020	98,846	—			98,846
			3,730,255	(345,155	)		3,385,100


(1)	During the year ended December 31, 2018, there were 249,999 warrants that were exchanged for 242,913 shares of common stock in an exchange transaction where the warrant holders exchanged the warrants for the same number of shares they would have been entitled to in a cashless exercise.


(2)	During the year ended December 31, 2018, there were 5,556 warrants that were exercised through a cashless exercise, which netted 5,542 shares being issued.


(3)	During the year ended December 31, 2018, 6,000 warrants expired.


(4)	During the year ended December 31, 2018, there were 73,000 warrants exercised for cash.


(5)	During the year ended December 31, 2018, there were 10,600 warrants exercised for cash.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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