WARRANTS (Tables)

3 Months Ended

Mar. 31, 2019

Warrants and Rights Note Disclosure [Abstract]

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



	Issued and Outstanding Warrants as of January 1, 2018	Warrants Exercised/ Expired			Issued and Outstanding Warrants as of March 31, 2018
Bridge Warrants	249,999	(249,999	)	(1)	—
Consulting Warrants	12,223	—			12,223
Financing Warrants	62,530	—			62,530
Underwriting Warrants	310,500	—			310,500
IR Consulting Warrants	6,000	—			6,000
Private Placement Warrants - 2016	891,063	(15,000	)	(2)	876,063
Underwriting Warrants - Public Offering 2016	122,175	—			122,175
Private Placement Warrants - September 2017	1,976,919	—			1,976,919
Placement Agent Warrants	98,846	—			98,846
	3,730,255	(264,999	)		3,465,256

(1) During the three months ended March 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 three months ended March 31, 2018, there were 15,000 warrants exercised for cash.

A roll-forward of warrant share activity from January 1, 2019 to March 31, 2019 is shown in the following table:



	Exercise Price	Expiration Date	Issued and Outstanding Warrants as of January 1, 2019	Warrants Exercised/ Expired			Issued and Outstanding Warrants as of March 31, 2019
Consulting Warrants	$0.01	6/17/2020	6,667	—			6,667
Financing Warrants	$3.35	6/17/2020	62,530	—			62,530
Underwriting Warrants	$7.50	5/28/2019	310,500	—			310,500
Private Placement Warrants - 2016	$2.86	4/25/2019	818,063	(140,000	)	(1)	678,063
Underwriting Warrants - Public Offering 2016	$4.25	9/9/2019	122,175	—			122,175
Private Placement Warrants - September 2017	$4.85	9/28/2020	1,966,319	—			1,966,319
Placement Agent Warrants	$4.85	9/28/2020	98,846	—			98,846
			3,385,100	(140,000	)		3,245,100


(1)	During the three months ended March 31, 2019, there were 140,000 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.

+ References + Details