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Warrants and Derivative Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Liabilities [Line Items] |
Schedule of warrants vested and outstanding |
|  |  |  |  |  |  |  | Number of Warrantsv |
|  | Exercise |  |  | Term |  |  | Vested and |
Source |  | Price |  |  | (Years) |  |  | Outstanding |
Pre 2015 Common Stock Warrants |  | $ | 1.00 |  |  | 6—10 |  |  |  | 4,000,000 |
2015 Common Stock Warrants |  | $ | 1.15—5.00 |  |  | 5—10 |  |  |  | 442,000 |
Common Stock Warrants to Series B Stockholders |  | $ | 0.00 |  |  |  | 5 |  |  |  | 1,031,250 |
2016 Common Stock Warrants to Service Providers |  | $ | 1.15 |  |  |  | 10 |  |  |  | 40,000 |
2016 Series C Common Stock Warrants to Placement Agent |  | $ | 0.40 |  |  |  | 5 |  |  |  | 125,000 |
2017 Series D Common Stock Warrants to Placement Agent |  | $ | 0.25 |  |  |  | 5 |  |  |  | 480,000 |
2017 Common Stock Warrants to Service Provider |  | $ | 0.41 |  |  |  | 5 |  |  |  | 125,000 |
2018 Emerald Financing Warrants |  | $ | 0.10 |  |  |  | 5 |  |  |  | 3,400,000 |
Emerald Multi Draw Credit Agreement Warrants |  | $ | 0.50 |  |  |  | 5 |  |  |  | 7,500,000 |
2019 Common Stock Warrants |  | $ | 0.35 |  |  |  | 5 |  |  |  | 8,000,000 |
Total warrants vested and outstanding as of December 31, 2019 |  |  |  |  |  |  |  |  |  |  | 25,143,250 |
Schedule summary of the activity of derivative liabilities |
|  | Year Ended December 31, 2019 |
|  | December 31, 2018, Fair Value of Derivative Liabilities |  |  | Fair Value of Derivative Liabilities Issued |  |  | Change in Fair value of Liabilities |  |  | Reclassification of Derivatives to Equity or Extinguishment |  |  | December 31, 2019, Fair Value of Derivative Liabilities |
Emerald Multi Draw Credit Agreement - compound derivative liability (1) |  | $ | 219,453 |  |  | $ | 516,058 |  |  | $ | (484,147 | ) |  | $ | (160,567 | )* |  | $ | 90,797 |
Emerald Financing - warrant liability (2) |  |  | 15,251,413 |  |  |  | — |  |  |  | (9,042,066 | ) |  |  | (5,933,323 | ) |  |  | 276,024 |
Series B - warrant liability (3) |  |  | 487,500 |  |  |  | — |  |  |  | (208,546 | ) |  |  | (144,375 | ) |  |  | 134,579 |
Total derivative liabilities |  | $ | 15,958,366 |  |  | $ | 516,058 |  |  | $ | (9,734,759 | ) |  | $ | (6,238,265 | ) |  | $ | 501,400 |
Less, noncurrent portion of derivative liabilities |  |  | (219,453 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (90,797 | )
Current balance of derivative liabilities |  | $ | 15,738,913 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 410,603 |
*This amount has been included in the calculation of the extinguishment loss recorded in connection with the prepayment of the Emerald Credit Agreement as described in Note 4 below.
|  | Year Ended December 31, 2018 |
|  | December 31, 2017, Fair Value of Derivative Liabilities |  |  | Fair Value of Derivative Liabilities Issued |  |  | Change in Fair value of Derivative Liabilities** |  |  | Reclassification of Derivatives to Equity |  |  | December 31, 2018, Fair Value of Derivative Liabilities |
Emerald Multi Draw Credit Agreement - compound derivative liability (1) |  | $ | — |  |  | $ | 204,102 |  |  | $ | 15,351 |  |  | $ | — |  |  | $ | 219,453 |
Emerald Financing - warrant liability (2) |  |  | — |  |  |  | 10,424,634 |  |  |  | 4,826,779 |  |  |  | — |  |  |  | 15,251,413 |
Series B - warrant liability (3) |  |  | 551,322 |  |  |  | — |  |  |  | 1,476,044 |  |  |  | (1,539,866 | ) |  |  | 487,500 |
Emerald Convertible Promissory Note - conversion liability (4) |  |  | 265,000 |  |  |  | 360,000 |  |  |  | 185,000 |  |  |  | (810,000 | ) |  |  | — |
Series B Preferred Stock - conversion liability (5) |  |  | 6,715 |  |  |  | — |  |  |  | — |  |  |  | (6,715 | ) |  |  | — |
Total derivative liabilities |  | $ | 823,037 |  |  | $ | 10,988,736 |  |  | $ | 6,503,174 |  |  | $ | (2,356,581 | ) |  | $ | 15,958,366 |
Less, noncurrent portion of derivative liabilities |  |  | (551,322 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (219,453 | )
Current balance of derivative liabilities |  | $ | 271,715 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15,738,913 |
**The change in fair value of derivative liabilities for the year ended December 31, 2018, relate partially to the Company determining it had sufficient trading activity to utilize the actual volatility of the trading of the Company’s common stock as an input to the volatility assumption when computing the fair value of derivative liabilities. The volatility assumption was updated as of October 1, 2018 to incorporate the Company’s own volatility with six similar companies to develop a blended average. The Company had previously estimated the volatility assumption by averaging the volatility of six similar entities which had resulted in a lower volatility. The increase in value of the volatility assumption has led to a higher valuation of the derivative liabilities as disclosed below.
Schedule of the adjustment for the difference between the fair value of the warrant liabilities and the total proceeds received |
|  | Closing |  |  |  |
|  | January 2018 |  |  | February 2018 |  |  | Total |
Initial fair value of Emerald Financing Warrant Liability |  | $ | 4,717,211 |  |  | $ | 5,707,423 |  |  | $ | 10,424,634 |
Less: proceeds from the Emerald Financing |  |  | 1,500,000 |  |  |  | 1,750,000 |  |  |  | 3,250,000 |
Excess over proceeds adjustment |  |  | 3,217,211 |  |  | $ | 3,957,423 |  |  | $ | 7,174,634 |
2019 Common Stock Warrants |
Derivative Liabilities [Line Items] |
Schedule of input and valuation technique used to value warrant liabilities |
|  | At Issuance |
Dividend yield |  |  | 0.00 | %
Volatility factor |  |  | 93.08 | %
Risk-free interest rate |  |  | 1.62 | %
Expected term (years) |  |  | 5.0 |
Underlying common stock price |  | $ | 0.22 |
Series B Warrant Liability |
Derivative Liabilities [Line Items] |
Schedule of input and valuation technique used to value warrant liabilities |
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Volatility factor |  |  | 79.2 | % |  |  | 93.0 | %
Risk-free interest rate |  | 1.60 | % |  |  | 2.79 | %
Expected term (years) |  | 0.64 |  |  |  | 1.64—1.65 |
Underlying common stock price |  | $ | 0.13 |  |  | $ | 0.40 |
Emerald Multi-Draw Credit Agreement Warrants |
Derivative Liabilities [Line Items] |
Schedule of input and valuation technique used to value warrant liabilities |
|  | At Issuance |
Dividend yield |  |  | 0.00 | %
Volatility factor |  | 91.6-92.1% |
Risk-free interest rate |  | 2.23-2.51% |
Expected term (years) |  |  | 5.0 |
Underlying common stock price |  | $0.33-0.69 |
|  | At Issuance |
Dividend yield |  |  | 0.00 | %
Volatility factor |  |  | 92.5 | %
Risk-free interest rate |  |  | 2.96 | %
Expected term (years) |  |  | 5.0 |
Underlying common stock price |  | $ | 0.36 |
Emerald Convertible Promissory Note Conversion Liability |
Derivative Liabilities [Line Items] |
Schedule of input and valuation technique used to value warrant liabilities |
|  | January 19, 2018 |  |
Dividend yield |  |  | 0.00 | % |
Volatility factor |  |  | 70.00 | % |
Risk-free interest rate |  |  | 1.29 | % |
Expected term (years) |  |  | 0.003 |  |
Underlying common stock price |  | $ | 0.19 |  |
Emerald Financing Warrant Liability |
Derivative Liabilities [Line Items] |
Schedule of input and valuation technique used to value warrant liabilities |
|  | December 31, 2019 |  |  | December 31, 2018 |  |  |  | At Issuance |
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Volatility factor |  | 79.5 | % |  |  | 92.1—92.4 | % |  |  | 70.0 | %
Risk-free interest rate |  |  | 1.62 | % |  | 2.49 | % |  |  | 2.45—2.60 | %
Expected term (years) |  | 3.13 |  |  |  | 4.05—4.13 |  |  |  | 5.0 |
Underlying common stock price |  | $ | 0.13 |  |  | $ | 0.40 |  |  | $ | 0.29—0.30 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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=116856206&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: 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 + Details
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