Net Loss per Common Share

12 Months Ended

Dec. 31, 2017

Net Loss per Common Share [Abstract]

Net Loss per Common Share

5. Net Loss per Common Share

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

	Year Ended
	December 31,
	2017		2016
Basic and diluted net loss per common share calculation:
Net loss	$	(12,838,000)	$	(18,838,000)
Excess of fair value of consideration transferred on conversion of Series B redeemable convertible preferred stock		-		(3,580,000)
Accretion of Series B redeemable convertible preferred stock		-		(1,858,000)
Net loss attributable to common stockholders - basic		(12,838,000)		(24,276,000)
Changes in fair value of November 2016 warrants		(1,524,000)		-
Net loss attributable to common stockholders - diluted	$	(14,362,000)	$	(24,276,000)
Weighted average common shares outstanding - basic		6,387,425		983,846
Net loss per share of common stock - basic	$	(2.01)	$	(24.67)
Weighted average common shares outstanding - diluted		6,574,117		983,846
Net loss per share of common stock -  diluted	$	(2.18)	$	(24.67)

The $1,524,000 change in fair value of November 2016 warrants for the year ended December 31, 2017 represented a net gain from reduction in the fair value of the warrants starting in April 2017 when the warrants became in the money from an exercise price downward adjustment made in connection with the Company’s 1-for-10 reverse stock split through December 31, 2017. In September 2017, the exercise price was further adjusted down to $0.57 per share in connection with the issuance of 523,210 shares of common stock to shareholders who were parties to the CSIA (See Note 9). The dilutive effect of the November 2016 warrants on net loss per share of common stock (diluted) reflects these exercise price adjustments. The weighted average number of common shares outstanding for the basic loss per share calculation for the year ended December 31, 2016 included 28,684 shares that the Company was obligated to issue under the provisions of the CSIA as of December 31, 2016.

The following outstanding securities at December 31, 2017 and 2016 have been excluded from the computation of diluted weighted average shares outstanding for the years ended December 31, 2017 and 2016, as they would have been anti-dilutive:

	Year Ended
	December 31,
	2017		2016
Options		1,115,865	74,890
Warrants		8,225,087	776,267
Total		9,340,952	851,157