| Schedule of Derivative Liability Using Binomial Pricing Model Assumptions |
The derivative liabilities were valued using
a Binomial pricing model with the following average assumptions:
| |
|
March 31, 2020 |
|
|
Upon Issuance |
|
|
December 31, 2019 |
|
| Stock Price |
|
$ |
1.26 |
|
|
$ |
1.70 |
|
|
$ |
1.55 |
|
| Exercise Price |
|
$ |
1.66 |
|
|
$ |
1.55 |
|
|
$ |
1.88 |
|
| Expected Life |
|
|
3.27 |
|
|
|
5.0 |
|
|
|
3.53 |
|
| Volatility |
|
|
211 |
% |
|
|
212 |
% |
|
|
216 |
% |
| Dividend Yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Risk-Free Interest Rate |
|
|
2.22 |
% |
|
|
2.47 |
% |
|
|
1.64 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value |
|
$ |
6,907,000 |
|
|
$ |
3,951,000 |
|
|
$ |
5,048,000 |
|
|
The derivative liabilities were valued using
a Binomial pricing model with the following average assumptions:
| |
|
December 31, 2019 |
|
|
Upon
Issuance
|
|
|
December 31, 2018 |
|
| Stock Price |
|
$ |
1.55 |
|
|
$ |
4.78 |
|
|
$ |
4.80 |
|
| Exercise Price |
|
$ |
1.88 |
|
|
$ |
3.76 |
|
|
$ |
2.70 |
|
| Expected Life |
|
|
3.53 |
|
|
|
2.75 |
|
|
|
1.78 |
|
| Volatility |
|
|
216 |
% |
|
|
192 |
% |
|
|
184 |
% |
| Dividend Yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Risk-Free Interest Rate |
|
|
1.64 |
% |
|
|
1.99 |
% |
|
|
2.46 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value |
|
$ |
5,048,000 |
|
|
$ |
6,561,000 |
|
|
$ |
2,576,000 |
|
|
| Schedule of Derivative Liability Transactions |
The details of derivative liability transactions
as of and for the periods ended March 31, 2020 and 2019 are as follows:
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
| Beginning Balance |
|
$ |
5,048,000 |
|
|
$ |
2,576,000 |
|
| Fair value upon issuance of notes payable and warrants |
|
|
3,951,000 |
|
|
|
388,000 |
|
| Change in fair value |
|
|
(2,092,000 |
) |
|
|
(944,000 |
) |
| Ending Balance |
|
$ |
6,907,000 |
|
|
$ |
2,020,000 |
|
|
The details of derivative liability transactions
for the year ended December 31, 2019 are as follows:
| |
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| Beginning balance |
|
$ |
2,576,000 |
|
|
$ |
1,251,000 |
|
| Fair value upon issuance of notes payable and warrants |
|
|
6,561,000 |
|
|
|
1,877,000 |
|
| Change in fair value |
|
|
(1,862,000 |
) |
|
|
1,167,000 |
|
| Extinguishment |
|
|
(2,227,000 |
) |
|
|
(1,719,000 |
) |
| Ending balance |
|
$ |
5,048,000 |
|
|
$ |
2,576,000 |
|
|