Convertible Stock and Warrants

Convertible Preferred Stock

The following table summarizes the Company’s convertible preferred stock as of June 30, 2018 (in thousands, except share data):



	Shares Authorized	Shares Issued and Outstanding	Carrying Value at June 30, 2018		Liquidation Preference

Series A preferred	9,374,101	9,374,101	$	8,956	$	4,689
Series B preferred	7,868,856	7,868,856	11,941		11,998
Series C preferred	5,979,069	5,979,069	44,928		45,000
Series D preferred	6,443,830	6,443,831	102,648		103,907
Series E preferred	9,486,398	9,486,398	198,264		167,767
Series F preferred	14,597,248	13,885,893	376,962		385,750
Series G preferred	26,712,107	18,702,014	722,142		722,646
	80,461,609	71,740,162	$	1,465,841	$	1,441,757

Preferred Stock Warrants

The Company accounts for its issuance of preferred stock warrants at fair value. The Company has issued warrants to purchase Series F and Series G preferred stock. The following table summarizes the warrants outstanding, together with their respective fair values (in thousands, except warrants outstanding):



	June 30, 2018			December 31, 2017
	Warrants Outstanding	Fair Value of Warrants		Warrants Outstanding	Fair Value of Warrants

Series F	581,182	$	2,327	581,182	$	8,378
Series G	279,606	42		279,606	1,447
	860,788	$	2,369	860,788	$	9,825

Common Stock Warrants

During 2014 and in connection with a dispute settlement with the principals of a securities placement agent, the Company issued warrants to purchase 33,333 shares of the Company’s common stock at $38.64 per share. The fair value of $3.3 million was recorded as expense in the consolidated statements of operations in 2013 when the obligation became probable. The common stock warrants are immediately exercisable and expire five years from the date of issuance.

During 2016, in connection with the 6% Convertible Promissory Notes entered in December 2015 and September 2016, the Company recorded a $9.2 million warrant expense for convertible redeemable common stock warrants issued to J.P. Morgan and CPPIB, to purchase the Company’s common stock up to a maximum of 146,666 shares and 166,222 shares, respectively. During 2017, the fair value of the right to common stock warrants was re-measured and $0.2 million in warrant expenses was charged to the consolidated statement of operations, and on August 31, 2017, J.P. Morgan assigned their warrants to CPPIB and all 312,888 warrant shares were issued to CPPIB, and the Company reclassified the $9.4 million of accrued warrant liabilities to additional paid in capital, which is not subject to further remeasurement in the fair value.