Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.19.3.a.u2
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure Derivative Liabilities Tables Abstract  
Summary of Changes in Fair Value of Derivative Liabilities

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities for the two years ended December 31, 2018:

 

   

Warrant

Liability

 

Debt

Derivative

Balance, January 1, 2017   $ —       $ —    
Initial fair value of debt derivative at note issuance     —         3,383,913  
Initial fair value of warrant liability at issuance     3,407,900          
Mark-to-market at December 31, 2017     2,731,734       1,073,729  
Transfers out of Level 3 upon conversion or payoff of notes payable     (279,999)       (1,826,267)  
Balance, December 31, 2017   $ 5,859,635     $ 2,631,375  
Total (gains) losses                
Initial fair value of debt derivative at note issuance     —         4,403,740  
Mark-to-market at December 31, 2018:     —         (1,333,636 )
Transfers out of Level 3 upon conversion or payoff of notes payable or cancellation of warrant     (5,859,635 )     (3,368,855 )
Balance, December 31, 2018   $ —       $ 2,332,624  
Net gain for the period included in earnings relating to the liabilities held during the period ended December 31, 2018   $ —       $ 1,333,636