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Exchange Agreements (Tables)
9 Months Ended
Sep. 30, 2018
Text Block [Abstract]  
Summary of Income Statement Effect of Changes in Outstanding Warrants

 The following is a summary of the income statement effect of changes in the Company’s outstanding warrants:

 

    

Three Months

Ended

September 30, 2018

    

Nine Months

Ended

September 30, 2018

 

Changes in fair value of warrants

   $ 82,466      $ (5,160

Loss on warrants exchanged Q2 2018

     —          (3,467,935

Gain on warrants exchanged Q3 2018

     779,923        779,923  

Transaction Costs

     (56,165      (181,312
  

 

 

    

 

 

 

Change in fair value of warrant liability, including gain (loss) on exchange

   $ 806,224      $ (2,874,484
  

 

 

    

 

 

 
Summary of Key Assumptions Used in Calculating Marketability Discount

This amount is considered a marketability discount calculated based on an analysis of the leak out provision provided for in the exchange agreements. The key assumptions used in calculating the marketability discount were:

 

Holding period, in years

     0.03  

Risk free rate

     1.77

Dividend yield

     0

Volatility

     109.9