Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.19.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured at Fair Value

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                    
    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  

 

    Fair value at                    
    December 31, 2017     Level 1     Level 2     Level 3  
Convertible Bridge Notes   $ 3,270,000     $ -     $ -     $ 3,270,000  
Total   $ 3,270,000     $ -     $ -     $ 3,270,000  

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.

 

    Year Ended
December 31, 2018
 
Fair value, December 31, 2017   $ 3,270,000  
Issuances of debt     980,000  
Accrued interest     339,146  
Conversions of debt and accrued interest to shares of common stock     (57,664 )
Amortization of debt issuance costs     5,000  
Net unrealized gain on convertible bridge notes     (1,576,482 )
Fair value, December 31, 2018   $ 2,960,000  

 

    Year Ended
December 31, 2017
 
Fair value, December 31, 2016   $ 0  
Issuances of debt     1,841,908  
Accrued interest     184,963  
Amortization of debt issuance costs     (11,250 )
Net unrealized loss on convertible bridge notes     1,254,379  
Fair value, December 31, 2017   $ 3,270,000