Equity (Details Textual) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
Apr. 30, 2019 |
Jan. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Equity (Textual) | ||||||
Sales of common stock, shares | 924,500 | |||||
Net proceeds on sale of common stock | $ 400,000 | |||||
Net proceeds on exercise of warrants | $ 1,503,762 | $ 900 | ||||
Proceeds from common stock issued | $ 380,109 | |||||
Description of shares | The Company sold 42.9 million shares of common stock at an offering price of $0.385 per share and warrants to purchase up to 42.9 million shares of common stock at an exercise price of $0.50 per share and with a term of 5 years, resulting in gross proceeds of $16.5 million and net proceeds of $15.1 million after deducting underwriting and other offering expenses. | |||||
Stock Options [Member] | ||||||
Equity (Textual) | ||||||
Stock option granted to employees | 1,000,000 | |||||
Option exercise price minimum | $ 0.26 | |||||
Option exercise price maximum | $ 0.58 | |||||
Stock options, description | The options have an aggregated fair value of $0.3 million that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate range from 1.81% to 2.60% (2) expected life of 6 years, (3) expected volatility range from 78.5% to 80.4%, and (4) no expected dividends. During the six months ended June 30, 2019, options to purchase 0.3 million shares were cancelled upon the termination of employment for several employees. | |||||
Total option expense | $ 300,000 | $ 900,000 | ||||
Unrecognized compensation expense | $ 2,300,000 | |||||
Stock options, term | 10 years | |||||
Stock options, vesting period | 4 years | |||||
Stock options outstanding | 7,900,000 | |||||
Weighted average exercise price | $ 1.61 | |||||
Weighted average remaining contractual term | 7 years 9 months 18 days | |||||
Warrants [Member] | ||||||
Equity (Textual) | ||||||
Stock options, description | The transaction date relative fair value of the April 2019 warrants of $5.3 million was determined utilizing the Black-Scholes option pricing model and variables of (1) a discount rate of 2.35%, (2) expected term of 5 years, (3) expected volatility of 78% and (4) zero expected dividends. | |||||
Description of warrants | The Company has outstanding warrants to purchase 57,212 shares that include down-round protection. For warrants with down-round protection, a deemed dividend is recorded for the change in fair value of the warrants when the down-round provision is triggered. As result of the April 2019 offering, the exercise price of the warrant was reset from $1.25 per share to $0.88 per share. The down-round protection provision in the above warrants created a deemed dividend to common stockholders of $1,269, which is reflected in the accompanying condensed consolidated statement of operations and consolidated statement of changes in stockholders’ equity. | |||||
Series A warrants [Member] | ||||||
Equity (Textual) | ||||||
Sales of common stock, shares | 30,237,894 | |||||
Issuance of common stock, shares | 30,237,894 | |||||
Proceeds from warrants exercised | $ 1,500,000 | |||||
Description of warrant exercisable | Each series A warrant exercisable for one share of common stock at an exercise price of $0.60 per share. | |||||
Warrants exercised by warrant holders | 2,500,000 | |||||
Aggregate series warrants | 7,559,445 | |||||
Series B warrants [Member] | ||||||
Equity (Textual) | ||||||
Description of warrant exercisable | Each series B warrant exercisable for one share of Common Stock at an exercise price of $0.70 per share, resulting in gross proceeds of approximately $15.1 million (each unit was sold at $0.50 per unit), and net proceeds of approximately $13.8 million after deducting expenses relating to dealer-manager fees and other offering expenses. | |||||
Aggregate series warrants | 22,678,393 |