Liability Attributable to Warrants

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Liability Attributable to Warrants

6. Liability Attributable to Warrants

During the year ended December 31, 2018, pursuant to a settlement agreement to issue warrants to purchase 564,556 shares of the Company’s Common stock, we derecognized the accrued liability for potential liquidated damages of $855,100 by crediting Additional Paid-In Capital for $699,400 and other income for $155,700. The warrants we issued were at $0.01 per share and will expire in 5 years from the date of issuance. Following the issuance, the Company purchased back 52,755 shares from certain warrant holders.

The following tables reconcile the number of warrants outstanding for the periods indicated:

	For the Year Ended December 31, 2018
	Beginning Outstanding		Issued		Exercised/Sold			Cancelled / Forfeited			Ending Outstanding
2014 Transaction		376,667		—		—			(265,556	)		111,111
Exercise Agreement		300,000		564,556		(52,755	)		(300,000	)		511,801
Consultant Warrant		11,285		—		—			(11,285	)		—
Offer to Exercise		10,167							(10,167	)		—
		698,119		564,556		(52,755	)		(587,008	)		622,912

	For the Year Ended December 31, 2017
	Beginning Outstanding		Issued		Exercised		Cancelled / Forfeited		Ending Outstanding
2014 Transaction		376,667		—		—		—		376,667
Exercise Agreement		300,000		—		—		—		300,000
Consultant Warrant		11,285		—		—		—		11,285
Offer to Exercise		10,167		—		—		—		10,167
		698,119		—		—		—		698,119