Related-Party Transactions (Tables)

6 Months Ended

Jun. 30, 2019

Certain terms of these Letter Agreements are set forth in the table below:

	December 5, 2017 Letter Agreement		July 30, 2018 Letter Agreement		December 11, 2018 Letter Agreement		March 18, 2019 Letter Agreement
Aggregate dollar value to be sold under agreement	$10.0 million		$10.0 million		$10.0 million		$9.0 million
Specified purchase price per share	$	4.38	$	1.33	$	1.84	$	1.65
Expiration date of letter agreement	December 5, 2018		July 30, 2019		December 11, 2019		March 18, 2020
Shares available to be issued under related warrants		198,267		518,654		340,534		—
Exercise price of related warrants	$	5.04	$	1.53	$	2.12	$	—
Expiration date of related warrants	December 5, 2024		July 30, 2025		December 11, 2025
Total shares issued as of June 30, 2019		2,283,105		7,518,797		5,434,783		1,212,121
Remaining shares to be issued as of June 30, 2019		—		—		—		4,242,425

- 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.

+ References + Details