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Warrants (Tables)
 12 Months Ended
Dec. 31, 2017
Text Block [Abstract]  
Summary of Warrant Activity

Additionally, in the event of a fundamental transaction, each Series B Warrant holder will have the right to require the Company, or its successor, to repurchase the Series B Warrants for an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such Series B Warrants. During the year ended December 31, 2017, 8,893,700 Series B Warrants were exercised.

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Weighted

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Average

 

 

 

Warrants

 

 

Price

 

 

Life (in years)

 

 

Fair Value

 

Outstanding at December 31, 2014

 

 

1,313,719

 

 

$

1.70

 

 

 

3.9

 

 

$

1.75

 

Granted

 

 

112,903

 

 

 

3.10

 

 

 

6.6

 

 

 

0.86

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2015

 

 

1,426,622

 

 

$

1.81

 

 

 

3.2

 

 

$

1.54

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2016

 

 

1,426,622

 

 

$

1.81

 

 

 

2.2

 

 

$

1.54

 

Granted

 

 

45,769,746

 

 

 

1.00

 

 

 

4.8

 

 

 

0.22

 

Exercised

 

 

(34,033,700

)

 

 

1.00

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2017

 

 

13,162,668

 

 

$

1.08

 

 

 

4.5

 

 

$

0.39