The initial BCF of the Series B Preferred Stock was determined by calculating the intrinsic value of the conversion feature as follows:



Face amount of Series B Preferred Stock	$	25,000,000
Less: allocated value of Warrants	7,028,067
Allocated value of Series B Preferred Stock	$	17,971,933
Shares of Common stock to be converted	8,064,534
Effective conversion price	$	2.23
Market price	$	2.94
Intrinsic value per share	$	0.7115
Intrinsic value of beneficial conversion feature	$	5,737,796

The May 2016 BCF was determined by calculating the intrinsic value of the conversion feature as follows:



	May 13, 2016
Face amount of Series B1 Preferred Stock	$	19,349,745
Less: allocated value of May 2016 Warrants	2,867,264
Allocated value of Series B1 Preferred Stock	$	16,482,481
Shares of Common stock to be converted	12,403,683
Effective conversion price	$	1.33
Market price	$	1.52
Intrinsic value per share	$	0.19
Intrinsic value of May 2016 beneficial conversion feature	$	2,371,106

The following table represents the activity related to the Series B1 Preferred Stock, classified as Temporary Equity on the accompanying Consolidated Balance Sheet, for the year ended December 31, 2019 and December 31, 2018:



	2019			2018
Balance at beginning of period	$	13,279,755		$	15,769,478
Less: conversions of shares to common	(2,241,890		)	(5,068,602		)
Plus: discount accretion	749,206			841,754
Plus: dividends in kind	955,976			1,737,125
Balance at end of period	$	12,743,047		$	13,279,755

The following table represents the activity related to the Series B Preferred Stock, classified as Temporary Equity on the accompanying Consolidated Balance Sheet, during the years ended December 31, 2019 and December 31, 2018:



	2019		2018
Balance at beginning of period	$	8,900,208	$	7,190,467
Less: conversions of shares to common	—		(62,962		)
Plus: discount accretion	1,420,391		1,118,259
Plus: dividends in kind	685,807		654,444
Balance at end of period	$	11,006,406	$	8,900,208