Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.19.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Summary of Assumptions Used for Valuation of Fair Value Liabilities

Assumptions utilized in the valuation of Level 3 liabilities are described as follows:

 

    For the Years Ended  
    December 31,  
    2018     2017  
             
Risk-free interest rate     1.62-2.63 %     1.47% - 1.98 %
Contractual term (years)     0.25-3.25       0.78 - 4.00  
Expected volatility     113%-217 %     112% - 149 %
Expected dividend yield     0.00 %     0.00 %

Summary of Changes in Fair Value of Level 3 Warrant Liabilities Measured at Recurring Basis

The following table sets forth a summary of the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis:

 

    December 31,  
    2018     2017  
Derivative Liabilities                
Beginning balance as of January 1   $ 3,448,390     $ 1,583,103  
Conversion of derivative liability to equity     (419,415 )     (42,556,454 )
Reclassify derivative liability to equity     (36,445 )     -  
Issuance of warrants     -       1,395,618  
Change in fair value of derivative liability     (2,992,530 )     43,026,123  
Ending balance as of December 31   $ -     $ 3,448,390  
                 
Warrants Payable                
Beginning balance as of January 1   $ 1,154,120     $ 155,412  
Exchange of warrants payable for equity     (1,183,091 )     -  
Accrual of other warrant obligations     2,135,430       14,992  
Change in fair value of warrants payable     (2,100,494 )     983,716  
Ending balance as of December 31   $ 5,965     $ 1,154,120  

Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis

Assets and liabilities measured at fair value on a recurring or nonrecurring basis are as follows:

 

    December 31, 2018
    Level 1   Level 2   Level 3   Total
Liabilities:                
Warrants payable   $ -     $ -     $ 5,965     $ 5,965  
Total liabilities   $ -     $ -     $ 5,965     $ 5,965  

 

    December 31, 2017
    Level 1   Level 2   Level 3   Total
Liabilities:                
Derivative liabilities   $ -     $ -     $ 3,448,390     $ 3,448,390  
Warrants payable     -       -       1,154,120     $ 1,154,120  
Total liabilities   $ -     $ -     $ 4,602,510     $ 4,602,510