Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.3
Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn October 10, 2019, the Company entered into a private placement of 485,250 units (each an “October Unit”) of common stock issued at $12.88 per October Unit for total gross proceeds of $6,250,020. Each October Unit consisting of (i) one share of the Company’s common stock, and (ii) 1.1 of a warrant to purchase one share of common stock (each an “October Warrant”). The October Warrants included in the October Units are exercisable at a price of $12.88 per share commencing on the date of issuance and will expire 5 years from the date of issuance. The Company estimates the net proceeds from the closing of the sale of the October Units on October 11, 2019 was approximately $5,700,000 after deducting the placement agent fees and estimated offering expenses payable by the Company.The grant date fair value of these 533,775 October Warrants was $4,537,648, which was determined utilizing the Black-Scholes option pricing model. Variables used in the Black-Scholes option-pricing model include (1) discount rate of 1.59% based on the daily yield curve rates for U.S. Treasury obligations, (2) expected term of 5 years based on the term of the warrants, (3) expected volatility of 82.92% based on the historical volatility of comparable companies' stock, (4) no expected dividends, and (5) fair value of the Company's stock at $12.88 per share.