Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.20.2
STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 30, 2020
STOCKHOLDERS' EQUITY  
Summary of assumptions used by applying the black-scholes option pricing model to stock warrants issued

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2020

    

2019

    

2020

    

2019

 

Expected term (years)

 

3.86

 

n/a

 

3.86

 

5.00

 

Expected volatility

 

61.2

%  

n/a

 

61.2

%  

55.8%-56.1

%

Risk free interest rate

 

0.24

%  

n/a

 

0.24

%  

1.75%-2.32

%

Expected dividends

 

0.00

%  

n/a

 

0.00

%  

0.00

%

 

Summary of the warrant activity

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

    

 

    

Weighted

    

    

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

 

 

 

 

Number of

 

Exercise

 

Life

 

Intrinsic

 

 

Warrants

 

Price

 

In Years

 

Value

Outstanding, January 1, 2020

 

1,138,557

 

$

4.95

 

  

 

 

  

Issued

 

4,854,718

 

 

5.30

 

  

 

 

  

Warrant adjustment [1]

 

 —

 

 

(0.89)

 

  

 

 

  

Exercised

 

 —

 

 

 —

 

  

 

 

  

Expired

 

 —

 

 

 —

 

  

 

 

  

Outstanding, September 30, 2020 [2]

 

5,993,275

 

$

5.23

 

4.5

 

$

 —

 

 

 

 

 

 

 

  

 

 

  

Exercisable, September 30, 2020

 

5,452,953

 

$

5.28

 

4.6

 

$

 —


[1] Effect of down round triggered in connection with closing of IPO. See Note 5 - Notes Payable for additional details.

[2] Excludes five-year warrants to purchase 1,235,977 shares of common stock at an exercise price of $5.50 per share that are issuable upon exercise of certain warrants. See Note 5 - Notes Payable for additional details.

Summary of stock warrants

The following table presents information related to stock warrants as of September 30, 2020:

 

 

 

 

 

 

 

 

Warrants Outstanding

 

Warrants Exercisable

 

 

 

 

 

Weighted

 

 

 

 

 

Outstanding

 

Average

 

Exercisable

Exercise

 

Number of

 

Remaining Life

 

Number of

Price

    

Warrants

    

In Years

    

Warrants

 

 

 

 

 

 

 

 

$

4.20

 

1,235,997

 

3.6

 

857,141

$

4.95

 

177,223

 

2.5

 

177,223

$

5.50

 

4,455,055

 

4.8

 

4,418,589

$

6.25

 

125,000

 

 —

 

 —

 

 

 

5,993,275

 

4.6

 

5,452,953