Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 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:
| |
|
Six Months Ended |
|
| |
|
June 30, 2019 |
|
| Risk-free interest rate |
|
|
2.09% - 2.46% |
|
| Contractual term (year) |
|
|
0.37 |
|
| 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, December 31, 2018 |
|
$ |
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 |
|
|
| Schedule of Earning Per Share |
Diluted EPS
excludes all dilutive potential shares if their effect is anti-dilutive.
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Numerator for diluted loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to common stockholders |
|
$ |
7,422 |
|
|
$ |
(2,716,255 |
) |
|
$ |
(1,629,555 |
) |
|
$ |
(4,128,941 |
) |
| Less: Change in fair value of Series B warrant derivative |
|
|
- |
|
|
|
- |
|
|
|
(4,709,583 |
) |
|
|
- |
|
| Numerator for diluted loss per share |
|
$ |
7,422 |
|
|
$ |
(2,716,255 |
) |
|
$ |
(6,339,138 |
) |
|
$ |
(4,128,941 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator for diluted loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares |
|
|
19,042,699 |
|
|
|
3,679,500 |
|
|
|
15,388,342 |
|
|
|
3,679,500 |
|
| Warrants |
|
|
- |
|
|
|
- |
|
|
|
127,839 |
|
|
|
- |
|
| Denominator for diluted loss per share |
|
|
19,042,699 |
|
|
|
3,679,500 |
|
|
|
15,516,181 |
|
|
|
3,679,500 |
|
|
| Schedule of Potential Dilutive Securities |
Potentially
dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive
are as follows (in common equivalent shares):
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Preferred shares |
|
|
3,752,000 |
|
|
|
378,260 |
|
|
|
1,886,000 |
|
|
|
322,428 |
|
| Warrants |
|
|
5,526,841 |
|
|
|
364,859 |
|
|
|
3,299,569 |
|
|
|
364,859 |
|
| Options |
|
|
1,063,419 |
|
|
|
125,000 |
|
|
|
1,063,419 |
|
|
|
125,000 |
|
| Total anti-dilutive weighted average shares |
|
|
10,342,260 |
|
|
|
868,119 |
|
|
|
6,248,988 |
|
|
|
812,287 |
|
|