The May 2016 BCF was determined by calculating the intrinsic value of the conversion feature as follows:



	May 13, 2016
Face amount of Series B1 Preferred Stock	$	19,349,745
Less: allocated value of May 2016 Warrants	2,867,264
Allocated value of Series B1 Preferred Stock	$	16,482,481
Shares of Common stock to be converted	12,403,683
Effective conversion price	$	1.33
Market price	$	1.52
Intrinsic value per share	$	0.19
Intrinsic value of May 2016 beneficial conversion feature	$	2,371,106

The initial BCF of the Series B Preferred Stock was determined by calculating the intrinsic value of the conversion feature as follows:



Face amount of Series B Preferred Stock	$	25,000,000
Less: allocated value of Warrants	7,028,067
Allocated value of Series B Preferred Stock	$	17,971,933
Shares of Common stock to be converted	8,064,534
Effective conversion price	$	2.23
Market price	$	2.94
Intrinsic value per share	$	0.7115
Intrinsic value of beneficial conversion feature	$	5,737,796

The following table represents the activity related to the Series B Preferred Stock, classified as Temporary Equity on the accompanying Consolidated Balance Sheet, during the years ended December 31, 2018 and December 31, 2017:



	2018			2017
Balance at beginning of period	$	7,190,467		$	5,676,467
Less: conversions of shares to common	(62,962		)	—
Plus: discount accretion	1,118,259			882,215
Plus: dividends in kind	654,444			631,785
Balance at end of period	$	8,900,208		$	7,190,467

The following table represents the activity related to the Series B1 Preferred Stock, classified as Temporary Equity on the accompanying Consolidated Balance Sheet, for the year ended December 31, 2018 and December 31, 2017:



	2018			2017
Balance at beginning of period	$	15,769,478		$	13,927,788
Less: conversions of shares to common	(5,068,602		)	(86,467		)
Plus: discount accretion	841,754			798,548
Plus: dividends in kind	1,737,125			1,129,609
Balance at end of period	$	13,279,755		$	15,769,478