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Stockholders' Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity
  9. Stockholders’ Equity

 

Common Stock

 

The Company has the authority to issue 1,000,000,000 shares of common stock, $0.01 par value per share.

 

Common Stock Warrants

 

The Company issued warrants to purchase shares of the Company’s common stock to MDB Capital Group, LLC (the “MDB Warrants”), L2 Capital, LLC (the “L2 Warrants”), Strome Mezzanine Fund LP (the “Strome Warrants”), and B. Riley Financial, Inc. (the “B. Riley Warrants”) in connection with various financing transactions (collectively, the “Financing Warrants”).

 

The Financing Warrants outstanding and exercisable as of March 31, 2021 are summarized as follows:

 

              Outstanding        
    Exercise Price     Expiration Date   Classified as Derivative Liabilities (Shares)    

Classified

within Stockholders’ Equity

(Shares)

     Total Exercisable (Shares)  
MDB Warrants   $ 0.20     November 4, 2021     -       327,490       327,490  
Strome Warrants     0.50     June 15, 2023     1,500,000       -       1,500,000  
B. Riley Warrants     1.00     October 18, 2025     875,000       -       875,000  
MDB Warrants     1.15     October 19, 2022     -       119,565       119,565  
MDB Warrants     2.50      October 19, 2022     -       60,000       60,000  
Total outstanding and exercisable                 2,375,000       507,055       2,882,055  

 

The intrinsic value of exercisable but unexercised in-the-money stock warrants as of March 31, 2021 was $847,518, based on a fair market value of the Company’s common stock of $0.91 per share on March 31, 2021.