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Common Stock Warrants

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Warrant Conversions and Consent Solicitation

Certain holders of our warrants issued in private placements in (i) June 2018, exercisable for an aggregate of 283,337 shares of common stock, (ii) July 2019, exercisable for an aggregate of 1,910,540 shares of common stock, and (iii) December 2019, exercisable for an aggregate of 8,958,358 shares of common stock (collectively, the “Private Warrants”) indicated to the Company that they were willing to exercise their Private Warrants at reduced exercise prices. Our board of directors approved the Company’s partially waiving the exercise prices of Private Warrants to provide for reduced exercised prices which resulted in a deemed dividend. Prices were subsequently agreed upon between the Company and each exercising warrant holder, and Company's obtaining stockholder approval for the issuance of an aggregate number of shares of the Company’s common stock upon the exercise of Private Warrants greater than 19.99% of the number of shares outstanding prior to any such issuance, in compliance with Nasdaq Listing Rule 5635(d).

During the nine months ended September 30, 2020, the Company issued an aggregate of 7,098,108 shares of its common stock upon Private Warrant exercises for gross proceeds of $4,914,411.

The following table summarizes all stock warrant activity of the Company for the nine months ended September 30, 2020:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)
Balance outstanding at December 31, 2019		13,496,924		$	2.02		4.07
Granted		-			-		-
Exercised		(7,098,108	)		0.71		3.64
Forfeited		-			-		-
Expired		(115,226	)		-		-
Balance outstanding at September 30, 2020		6,283,590		$	2.83		3.03
Exercisable at September 30, 2020		6,283,590		$	2.83		3.03