Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Fair Value Warrants Assumption |
The Company calculated the estimated fair value
of warrants on the date of issuance and at each subsequent reporting date using the following assumptions:
| |
|
Nine Months Ended |
|
| |
|
September 30, 2019 |
|
| Risk-free interest rate |
|
|
1.89% - 1.99 |
% |
| Contractual term (year) |
|
|
0.1222 |
|
| Expected volatility |
|
|
40 |
% |
|
| Schedule of Warrants Liabilities Measured at Fair Value Using Significant Unobservable Inputs |
The table below provides a reconciliation of
the beginning and ending balances for the warrant derivative which is measured at fair value using significant unobservable inputs
(Level 3):
| Balance, January 1, 2019 |
|
$ |
23,507,247 |
|
| Series B Warrants exercised during the three months ended March 31, 2019 |
|
|
(5,635,769 |
) |
| Change in the fair value of warrant derivative |
|
|
(2,597,899 |
) |
| Balance, March 31, 2019 |
|
$ |
15,273,579 |
|
| Series B Warrants exercised during the three months ended June 30, 2019 |
|
|
(7,733,463 |
) |
| Series B Warrants exchanged for Series C Preferred Stock |
|
|
(3,671,024 |
) |
| Change in the fair value of warrant derivative |
|
|
(2,111,684 |
) |
| Balance, June 30, 2019 |
|
$ |
1,757,408 |
|
| Series B Warrants exercised during the three months ended September 30, 2019 |
|
|
(1,215,139 |
) |
| Change in the fair value of warrant derivative |
|
|
(59,780 |
) |
| Balance, September 30, 2019 |
|
$ |
482,489 |
|
|
| Schedule of Earning Per Share |
Diluted EPS excludes all dilutive potential
shares if their effect is anti-dilutive.
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Numerator for diluted loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to common stockholders |
|
$ |
(2,749,122 |
) |
|
$ |
(3,008,675 |
) |
|
$ |
(6,951,070 |
) |
|
$ |
(7,137,615 |
) |
| Less: Change in fair value of warrant derivative |
|
|
59,780 |
|
|
|
- |
|
|
|
4,769,363 |
|
|
|
- |
|
| Numerator for diluted loss per share |
|
$ |
(2,689,342 |
) |
|
$ |
(3,008,675 |
) |
|
$ |
(2,181,707 |
) |
|
$ |
(7,137,615 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator for diluted loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares |
|
|
30,844,557 |
|
|
|
7,359,000 |
|
|
|
19,061,790 |
|
|
|
7,359,000 |
|
| Warrants |
|
|
914,072 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Denominator for diluted loss per share |
|
|
31,758,629 |
|
|
|
7,359,000 |
|
|
|
19,061,790 |
|
|
|
7,359,000 |
|
|
| Schedule of Potential Dilutive Securities |
Total weighted average antidilutive shares
as of September 30, 2019 are as follows:
| |
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Preferred shares |
|
|
7,979,000 |
|
|
|
447,875 |
|
|
|
2,689,000 |
|
|
|
352,908 |
|
| Warrants |
|
|
11,449,884 |
|
|
|
364,859 |
|
|
|
11,838,773 |
|
|
|
364,859 |
|
| Options |
|
|
1,063,419 |
|
|
|
125,000 |
|
|
|
1,063,419 |
|
|
|
125,000 |
|
| Total anti-dilutive weighted average shares |
|
|
20,492,303 |
|
|
|
937,734 |
|
|
|
15,591,192 |
|
|
|
842,767 |
|
|