Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of warrants outstanding and exercisable for purchase of common stock


	Number of Shares
	March 31,	December 31,	Weighted-Average
Description	2018	2017	Exercise Price		Expiration Date
Issued in May 2013 financing (1)	1,200,000	21,606,327		0.47	May 2018
Issued in May 2013 financing (pre-funded)	15,816,327	15,816,327		0.01	May 2020
Issued in September 2013 financing	4,175,975	4,175,975		0.01	Sep 2020
Issued in February 2014 financing	2,158,750	2,158,750		0.01	Feb 2021
Total	23,351,052	43,757,379

(1)

Subsequent to March 31, 2018, the holder of the remaining May 2013 financing warrants, a related party, exercised these warrants as more fully described in Note 13.

Summary of warrant activity

The table below is a summary of the Company's warrant activity for the three months ended March 31, 2018:


	Number of	Weighted-Average
	Warrants	Exercise Price
Outstanding at December 31, 2017	43,757,379	$	0.24
Issued	—		—
Exercised (1)	(20,406,327)		0.47
Expired	—		—
Outstanding at March 31, 2018	23,351,052	$	0.03

During the three months ended March 31, 2018, a related party exercised certain of these warrants as more fully described in Note 11.

- 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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