Stockholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

3. Stockholders’ Equity

Common Stock

During the nine months ended September 30, 2018, there were no activities that affected common stock. The Company effected a reverse stock split, effective October 1, 2018 (see Note 1).

August 2017 Private Placement

On August 2, 2017, we entered into a Securities Purchase Agreement with accredited investors as part of a private placement pursuant to which we issued a total of 975,000 shares of common stock at $10.00 per share, and warrants, for an aggregate purchase price of $9.75 million in gross proceeds (see Note 1 for additional details). 

Preferred Stock

We have one class of preferred stock outstanding. There were no activities that affected preferred stock during the nine months ended September 30, 2018.

Conversion of Preferred Stock Issued to Common Stock

The following table summarizes the amounts as of September 30, 2018. 

	Shares of Preferred Stock Not Exchanged as of September 30, 2018		Conversion Ratio		Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged at September 30, 2018
Series B Preferred stock		83		132.07		10,962

Warrants

As of both September 30, 2018 and December 31, 2017, there were 1,116,368 warrants to purchase common stock outstanding, respectively. During 2017, we agreed to issue the 2017 Warrants to investors in the August 2017 private placement to purchase up to a total of approximately 325,000 shares of common stock at an exercise price of $20.00 per share. The 2017 Warrants will become exercisable 12 months from the date of issuance and will expire three years from the date of issuance. If the 2017 Warrants are fully exercised, we will receive approximately $6.5 million in cash.