Annual report pursuant to Section 13 and 15(d)

Stockholders' deficit (Tables)

v3.20.1
Stockholders' deficit (Tables)
12 Months Ended
Dec. 31, 2019
Stockholders' deficit [Abstract]  
Common Stock for Future Issuance
As of December 31, 2019, the Company has reserved approximately 31.0 million shares of common stock for future issuance as follows:

   
December 31, 2019
 
Conversion of Series E
   
1,760,903
 
Exercise of options to purchase common stock
   
7,791,833
 
Warrants to purchase common stock
   
16,981,854
 
Notes payable
   
4,437,500
 
Total
   
30,972,090
 
Options Granted and Outstanding
The following table provides detail of the options granted and outstanding:

               
Vested
options
   
Non-vested options
 
   
Total number of
options
   
Weighted
average
exercise price
   
Number
   
Number
   
Weighted average
grant date fair
value
 
Legacy options
   
38,462
   
$
6.76
     
38,462
     
-
   
$
8.06
 
Acquired on May 6, 2019
   
5,250,000
     
1.82
     
-
     
5,250,000
     
0.92
 
Granted
   
2,503,371
     
1.83
     
-
     
2,503,371
     
0.97
 
Vested during period
    -
     
1.89
     
2,678,329
     
(2,678,329
)
   
1.02
 
Options outstanding at December 31, 2019
   
7,791, 833
   
$
1.85
     
2,716,791
     
5,075,042
   
$
0.97
 
Options expected to vest
                           
5,075,042
         
Weighted average exercise price
                 
$
1.89
   
$
1.82
         
Weighted average remaining contractual term (years)
                   
9.3
     
9.6
         
Aggregate intrinsic value at December 31, 2019 (in thousands)
                 
$
2,357
   
$
4,448
         
Activity of Warrants
The warrants are exercisable on the date of issuance and expire 24 months from the date of the consummation of a future IPO.

 
Warrants
   
Exercise Price
 
Warrants acquired on May 6, 2019
   
712,823
   
$
3.90
 
Issued
   
17,414,030
     
3.27
 
Exercised
   
(1,144,999
)(1)
   
3.50
 
Warrants outstanding at December 31, 2019
   
16,981,854
   
$
3.23
 

(1) Exercised warrants were converted at 1.1 shares per warrant for a total of 1,259,498 shares.