Quarterly report pursuant to Section 13 or 15(d)

Stockholder's Equity (Tables)

v3.20.2
Stockholder's Equity (Tables)
6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Merger Consideration

As a result of the Merger, the following reflects the net equity contribution of Merger Consideration to the Company which reflects the gross proceeds received, offset of the direct costs incurred for the transaction, the difference between the redemption payment and carrying value of the Redeemable Preferred Stock - Series 1, and redemption of certain warrants.

 

Contributed cash portion of Merger Consideration   $ 6,000,000  
Contribution of Sonnet warrant portion of Merger Consideration     1,628,909  
Transaction cost incurred     (588,255 )
    $ 7,040,654  

Summary of Warrant Activity

A summary of the warrant activity during the six months ended June 30, 2020 is presented below:

 

    Number of Warrants     Weighted Average Exercise Price    

Weighted Average Remaining

Life

 
Outstanding December 31, 2019     3,306,238     $ 6.00       6.8  
Granted     3,275,200       0.30       9.2  
Exercised     (2,414,022 )     0.50       -  
Forfeited / Other Adjustments     (892,216 )     -       -  
Outstanding June 30, 2020     3,275,200       0.30       9.2  
                         
Exercisable June 30, 2020     3,275,200     $ 0.30       9.2