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Warrants (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Key Terms of Placement Warrants

The key terms of the 2017 and 2016 Placement Warrants are as follows:

	Issuance Date	Term	Exercise Price Per Share		Warrants Exercised during the Three Months Ended March 31, 2019		Warrants Outstanding at March 31, 2019
2017 Placement Warrants	January 2017	7 years	$	3.17		6,022		1,703,510
2016 Placement Warrants	August and September 2016	7 years	$	2.95		15,549		1,115,066
Total						21,571		2,818,576

Summary of Assumptions using Black- Scholes Option Pricing Model to estimate fair value

The fair value of the 2016 and 2017 Placement Warrants at March 31, 2019 and December 31, 2018, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions:

	2017 Placement Warrants				2016 Placement Warrants
	March 31, 2019		December 31, 2018		March 31, 2019	December 31, 2018
Expected term (in years)		4.8		5.1	4.4		4.7
Expected volatility	59.4%		60.8%		60.0%	60.9%
Risk-free interest rate	2.2%		2.5%		2.2%	2.5%
Expected dividend yield	0%		0%		0	0%

- 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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