| Schedule of warrant activity |
A roll-forward of warrant share activity from January 1, 2014 to September 30, 2014 is shown in the following table:
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Issued and
Outstanding
Warrants as of
January 1, 2014
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|
Warrants
Issued
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Warrants
Exercised/
Expired
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Issued and Outstanding Warrants as of September 30, 2014 |
Bridge Warrants |
249,999 |
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|
— |
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|
— |
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|
249,999 |
|
Consulting Warrant |
222,222 |
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|
— |
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|
— |
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|
222,222 |
|
Financing Warrant(1) |
208,763 |
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— |
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— |
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|
208,763 |
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Underwriting Warrant |
— |
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|
310,500 |
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— |
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|
310,500 |
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IR Consulting Warrant |
— |
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|
42,000 |
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|
42,000 |
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|
680,984 |
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|
352,500 |
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— |
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1,033,484 |
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A roll-forward of warrant share activity from January 1, 2015 to September 30, 2015 is shown in the following table:
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Issued and
Outstanding
Warrants as of
January 1, 2015
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|
Warrants
Issued
|
|
Warrants
Exercised/
Expired
|
|
Issued and Outstanding Warrants as of September 30, 2015 |
Bridge Warrants |
249,999 |
|
|
— |
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|
— |
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|
249,999 |
|
Consulting Warrant |
222,222 |
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|
— |
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(104,444 |
) |
(2) |
117,778 |
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Financing Warrant(1) |
208,763 |
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— |
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(130,577 |
) |
(2) |
78,186 |
|
Underwriting Warrant |
310,500 |
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|
— |
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|
— |
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|
310,500 |
|
IR Consulting Warrants |
48,000 |
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|
— |
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— |
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|
48,000 |
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|
1,039,484 |
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— |
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(235,021 |
) |
|
804,463 |
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(1) |
The number of shares of common stock underlying the Financing Warrant was determined using an exercise price of $3.35 per share, assuming the IPO price of our common stock in a Qualified IPO would be at least $5.59 per share. Upon completion of the IPO with a price of $6.00 per share, the number of shares was considered unchanged and final.
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(2) |
During the nine months ended September 30, 2015, there were 235,021 common stock warrants that were exercised through a cashless exercise which netted 208,184 shares being issued.
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