XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.19.2

Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2019
Stockholders Equity Note [Abstract] |
Stockholders' Equity |
(9) | Stockholders’ Equity
Preferred Stock Issuances Series D Preferred Stock On November 5, 2018, the Company’s Board authorized the establishment of a new series of preferred stock designated as Series D Preferred Stock, $0.01 par value, the terms of which are set forth in the certificate of designations for such series of Preferred Stock which was filed with the State of Delaware on November 5, 2018. On March 29, 2019, the Company exchanged all of its Series D Preferred Stock (with a stated value of $1,160,000) and received $400,000 in proceeds and issued a senior secured promissory note to an investor with a principal amount of $1,560,000. Common Stock Issuances During the three months ended March 31, 2019 the Company issued 4.1 million shares pursuant to the exercise of Pre-Funded Series D Warrants. Share-Based Compensation The Company’s 2019 Equity Incentive Plan (the “Plan”) allows for grants in the form of incentive stock options, nonqualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards. All of the Company’s officers, directors, employees, consultants and advisors are eligible to receive grants under the Plan. The maximum number of shares authorized for issuance under the Plan is 1,500,000. Options to purchase shares of common stock are granted at exercise prices not less than 100% of fair value on the dates of grant. As of March 31, 2019, the Plan had approximately 333,333 shares available for grant. The following is a summary of stock option activity under the Plan for the three months ended March 31, 2019:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2018 |  |  | — |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 1,250,000 |  |  |  | 0.28 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (83,333 | ) |  |  | 0.28 |  |  |  |  |  |  |
Outstanding at March 31, 2019 |  |  | 1,166,667 |  |  | $ | 0.28 |  |  | 9.08 |  | $ | — |
Exercisable at March 31, 2019 |  |  | 112,498 |  |  | $ | 0.28 |  |  | 8.43 |  | $ | — |
The following weighted average assumptions were used to compute the fair value of stock options granted during the three months ended March 31, 2019:
|  | Three months ended March 31, |
|  | 2019 |
Dividend yield |  | N/A |
Expected volatility |  |  | 147.6 | %
Weighted average risk-free interest rate |  |  | 2.6 | %
Weighted average expected life (in years) |  |  | 5.5 |
Weighted average grant date fair value |  | $ | 0.259 |
For the three months ended March 31, 2019, the Company recognized compensation expense of approximately $54,000 relating to stock options granted to employees. For the same period in 2018, the Company recognized compensation expense of approximately $7,000. For the three months ended March 31, 2019 the Company recognized compensation expense of approximately $4,000 relating to restricted stock granted to consultants. For the same period in 2018, the Company recognized compensation expense of approximately $14,000 related to restricted stock granted to employees. Warrants The following is a summary of warrant activity for the three months ended March 31, 2019:
|  | Warrants |  |  | Exercise Price per Share |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life (Years) |
Outstanding at December 31, 2018 |  |  | 65,685,269 |  |  | $0.01 - $10.00 |  | $ | 0.22 |  |  |  | 5.75 |
Exercised |  |  | (4,119,500 | ) |  |  |  |  | 0.01 |  |  |  |  |
Expired |  |  | — |  |  |  |  |  | — |  |  |  |  |
Outstanding at March 31, 2019 |  |  | 61,565,769 |  |  | $0.01 - $10.00 |  | $ | 0.23 |  |  |  | 5.49 |

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration