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WARRANTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

WARRANTS

Schedule of warrants on convertible preferred stock outstanding

​

​	​	​	​	​	​	​	​	​	​	​
​	​	March 31, 2021
​		Issuance Date		Exercise Price			Number of Shares		Term (years)	​
Series A’	​	2012	​	$	0.4485	​	178,372	​	10	​
Series D	​	2017	​	​	1.5326	​	6,157,542	​	7	​
Series D’	​	2019 and 2020	​	​	1.5326	**	37,869,886	​	7	​
Total	​	​	​	​	​	​	44,205,800	​	​	​

**  In connection with various issuances of convertible promissory notes that occurred during 2021 and 2020, warrants to purchase either next financing stock or Series D’ preferred stock were issued. At March 31, 2021 and December 31, 2020, the number of warrants issued was subject to adjustment pending the occurrence of the next round of financing; however, the number of shares and exercise price of these warrants and related valuation of these warrants has been performed assuming that the warrants will be on Series D’ preferred stock.

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2020
​	​	​	​	Exercise		​	Number of	​	Term
​		Issuance Date		Price			Shares		(years)
Series A’		2012	​	$	0.4485		178,372		10
Series D		2017	​		1.5326		6,247,984		7
Series D’		2019 and 2020	​		1.5326**		37,869,886		7
Total		​	​				44,296,242

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2019
​	​	​	​	Exercise		​	Number of	​	Term
​		Issuance Date		Price			Shares		(years)
Series A’		2012	​	$	0.4485		178,372		10
Series D		2017	​		1.5326		6,269,223		7
Series D’		2019	​		1.5326**		23,177,068		7
Total		​	​				29,624,663

**   In connection with various issuances of Convertible Notes that occurred during 2019 and 2020, warrants to purchase either next financing stock or Series D’ preferred stock were issued. At December 31, 2020 and December 31, 2019, the number of warrants issued was subject to adjustment pending the occurrence of the next round of financing; however, the number of shares and exercise price of these warrants and related valuation of these warrants has been performed assuming that the warrants will be on Series D’ preferred stock.

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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- References

No definition available.

+ Details

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