Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.8.0.1
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Schedule of liability warrant activity

The following table summarizes the 2017 liability warrant activity: 

 

    Shares     Weighted
Average
Exercise
Price
 
Outstanding as of December 31, 2016                
Warrants granted     5,863,332     $ 0.9375  
Warrants exercised     (5,863,332 )     0.26  
Outstanding as of December 31, 2017           $    
Schedule of valuation of the warrants

All remaining warrants were exercised and no warrants issued in the April 2017 financing remained outstanding at December 31, 2017.

 

Initial valuation      
Common stock price   $ 0.75  
Exercise price   $ 0.9375  
Expected volatility     50 %
Dividend yield     0 %
Risk-free interest rate     0.79% - 1.88 %
Expected term (years)     0.24 - 5  
         
June 30, 2017 valuation        
Common stock price   $ 0.50  
Exercise price   $ 0.26  
Expected volatility     50 %
Dividend yield     0 %
Risk-free interest rate     0.79-1.88 %
Expected term (years)     0.08-4.76
Schedule of warrants

As of December 31, 2017, warrants to purchase 10,980,561 shares of common stock were outstanding including:

 

    Outstanding
Warrants to
Purchase
Shares
    Exercise Price     Expiration Date
                 
2011 private placement     283,470     $ 18.75 - 24.00     May 8, 2018
2014 public offering     77,790       45.00     January 29, 2019
Placement agent fees for Company’s offerings     16,135       31.80 - 186.45     March - November, 2018
Outside consulting     3,166       63.75     January 14, 2018
2017 Warrant A private placement     5,300,000       0.32     August 22, 2018
2017 Warrant B private placement     5,300,000       0.32     December 22, 2018
      10,980,561