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 September 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 |
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30, 2019 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Convertible Bridge Notes |
|
$ |
2,907,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,907,000 |
|
Total |
|
$ |
2,907,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,907,000 |
|
|
|
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.
|
|
Nine Months Ended
Sept. 30, 2019 |
|
Fair value, December 31, 2018 |
|
$ |
2,960,000 |
|
Issuances of debt |
|
|
30,000 |
|
Accrued interest |
|
|
403,329 |
|
Conversions of debt and accrued interest to shares of common stock |
|
|
- |
|
Amortization of debt issuance costs |
|
|
3,750 |
|
Net unrealized gain on convertible bridge notes |
|
|
(490,079 |
) |
Fair value, September 30, 2019 |
|
$ |
2,907,000 |
|
Less: current portion of bridge notes |
|
|
2,829,488 |
|
Fair value, September 30, 2019, less current portion |
|
$ |
77,512 |
|
|
|
Nine Months Ended
Sept. 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, September 30, 2018 |
|
$ |
3,300,000 |
|
|