| Schedule of Liabilities Measured at Fair Value |
The
following tables set forth the Company’s consolidated financial assets and liabilities measured at fair value by level within
the fair value hierarchy at June 30, 2019 and December 31, 2018. Assets and liabilities are classified in their entirety based
on the lowest level of input that is significant to the fair value measurement.
| |
|
Fair value at |
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2019 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Convertible Bridge Notes |
|
$ |
3,510,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,510,000 |
|
| Total |
|
$ |
3,510,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,510,000 |
|
| |
|
Fair value at |
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2018 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Convertible Bridge Notes |
|
$ |
2,960,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,960,000 |
|
| Total |
|
$ |
2,960,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,960,000 |
|
|
| Schedule of Reconciliation of Level 3 Conversion Option Liability |
The
following tables present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring
basis that use significant unobservable inputs (Level 3) and the related realized and unrealized gains (losses) recorded in the
consolidated statement of operations during the periods.
| |
|
Six Months Ended
June 30, 2019 |
|
| Fair value, December 31, 2018 |
|
$ |
2,960,000 |
|
| Issuances of debt |
|
|
30,000 |
|
| Accrued interest |
|
|
271,774 |
|
| Conversions of debt and accrued interest to shares of common stock |
|
|
- |
|
| Amortization of debt issuance costs |
|
|
2,500 |
|
| Net unrealized loss on convertible bridge notes |
|
|
245,726 |
|
| Fair value, June 30, 2019 |
|
$ |
3,510,000 |
|
| Less: current portion of bridge notes |
|
|
2,781,240
|
|
| Fair value, June 30, 2019, less current portion |
|
$ |
728,760
|
|
| |
|
Six Months Ended
June 30, 2018 |
|
| Fair value, December 31, 2017 |
|
$ |
3,270,000 |
|
| Issuances of debt |
|
|
290,000 |
|
| Accrued interest |
|
|
140,488 |
|
| Conversions of debt and accrued interest to shares of common stock |
|
|
(57,664 |
) |
| Amortization of debt issuance costs |
|
|
2,500 |
|
| Net unrealized gain on convertible bridge notes |
|
|
(345,324 |
) |
| Fair value, June 30, 2018 |
|
$ |
3,300,000 |
|
|