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Common Stock Warrants and Common Stock Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2016

Warrants and Rights Note Disclosure [Abstract]

Schedule of common stock warrant activity

The table summarizes the common stock warrant activity as of December 31, 2016 as follows:

Common Stock Warrants		Number of Warrants				Date Issued				Term		Exercise Price
Secured Promissory Note			69,333				April 2015			5 years (1)		$	7.50
2014/2015 Convertible Notes			131,734				April – November 2015			5 years (1)		$	7.50
Other Promissory Notes			69,333				September –December 2015			5 years (1)		$	7.50
			270,400
University of Arizona			15,000				June 2015			5 years (2)		$	7.50
Consulting Agreement			121,228				July 2015			10 years (3)		$	7.50
Northern Arizona University			210,526				November 2015			3 years (4)		$	15.00
Warrants issued			617,154
Warrants exercised			6,667
Outstanding at December 31, 2015			610,487
Initial Public Offering Underwriter			187,500				December 2016			5 years		$	9.60
Marketing and Development Services			100,000				February 2016			5 years(1)		$	7.50
Other Advisory Services			40,000				August 2016			3 years(1)		$	7.50
Promissory Notes			9,031				March 2016			3 years(1)		$	7.50
Warrants issued			336,531
Warrants exercised			117,733
Outstanding at December 31, 2016			829,285

(1)

The warrants also terminate, if not exercised, upon the closing of (i) an initial public offering of common stock; or (ii) a liquidation, dissolution or winding up of the Company.

(2)

In the event of a terminating change of the Company, as defined in the warrant agreement, the warrant holder would be paid in cash the aggregate fair market value of the warrant shares immediately prior to the consummation of the terminating change event.

(3)

The warrant also terminates, if not exercised, (i) two years after the closing of an initial public offering of common stock; or (ii) the closing of a liquidation, dissolution or winding up of the Company.

(4)

The warrant also terminates, if not exercised, upon the closing of (i) an initial public offering of common stock; or (ii) a consolidation, merger, sale or other disposition of all or substantially all of the Company’s assets

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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