Warrants (Tables)

12 Months Ended

Dec. 31, 2019


	Number of Warrants:
Warrant Issuance	December 31, 2019	December 31, 2018	Exercise Price		Expiration Date
Liability-classified Warrants
January 2014 Investors	-	39,683	$	153.60	Jan. 2019
November 2015 Investors	104,168	104,168	$	63.60	May 2021
November 2015 Placement Agent	279	279	$	63.60	Nov. 2020
March 2016 Investors	50,651	50,651	$	50.40	Sept. 2021
September 2016 Investors	67,084	67,084	$	36.00	Mar. 2022
June 2017 Investors	126,264	126,264	$	48.00	Dec. 2022
June 2017 Placement Agent	15,153	15,153	$	49.50	June 2022
October 2017 Investors	136,058	136,058	$	34.20	Apr. 2023
October 2017 Placement Agent	16,327	16,327	$	36.72	Oct. 2022
Total liability classified warrants	515,984	555,667

Equity-classified Warrants
October 2018 Investors	480,771	480,771	$	20.04	Apr. 2024
October 2018 Placement Agent	28,848	28,848	$	19.50	Oct. 2023
January 2019 Investors	895,886	-	$	9.60	Jan. 2024
Total equity-classified warrants	1,405,505	509,619

Total outstanding warrants	1,921,489	1,065,286

Summary Of Changes In Warrants Outstanding During The Period


	Number of Warrants
	Liability-classified	Equity- classified	Total	Weighted average exercise price
Balance, January 1, 2019	555,667	509,619	1,065,286	$	37.52
Issued during the period	-	895,886	895,886	$	9.60
Exercised during the period	-	-	-	$	-
Expired during the period	(39,683)	-	(39,683)	$	153.60

Balance, December 31, 2019	515,984	1,405,505	1,921,489	$	22.10

Schedule Of Fair Value Of Warrants Issued


	Fair Value as of:
Warrant Issuance:	December 31, 2019		December 31, 2018
November 2015 Investors	$	55	$	234,918
November 2015 Placement Agent		-		435
March 2016 Investor		439		160,099
September 2016 Investors		3,196		333,834
June 2017 Investors		11,736		623,324
June 2017 Placement Agent		845		65,149
October 2017 Investors		23,772		801,551
October 2017 Placement Agent		1,674		88,276
Total:	$	41,717	$	2,307,586

Schedule Of Assumptions Used In Calculating Fair Value Of Warrants


	December 31, 2019			December 31, 2018
Trading market prices	$	1.91		$	11.16
Estimated future volatility		102	%		105	%
Dividend		-			-
Estimated future risk-free rate		1.57-1.72	%		2.35-2.53	%
Equivalent volatility		85-94	%		99-104	%
Equivalent risk-free rate		1.57-1.59	%		2.51-2.55	%
Fundamental transaction likelihood		50	%		5	%
Fundamental transaction timing		April 2020			End of warrant term

Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants


	For the Year Ended December 31,
		2019		2018
Expired Warrants	$	-	$	64,307
November 2015 Investors		234,863		1,025,132
November 2015 Placement Agent		435		2,501
March 2016 Investors		159,660		537,455
September 2016 Investors		330,638		720,249
June 2017 Investors		611,588		1,358,540
June 2017 Placement Agent		64,304		156,442
October 2017 Investors		777,779		1,504,001
October 2017 Placement Agent		86,602		177,422
Total:	$	2,265,869	$	5,546,049

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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