• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
PREFERRED STOCK AND DETACHABLE WARRANTS (Tables)
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Summary of Temporary Equity
The following table represents the activity related to the Series B1 Preferred Stock, classified as Temporary Equity on the accompanying Consolidated Balance Sheet, for the three months ended March 31, 2018, and 2017:

 
2018
 
2017
Balance at beginning of period
$
15,769,478

 
$
13,927,788

Less: conversions of shares to common
(595,563
)
 
(86,468
)
Plus: dividends-in-kind
281,527

 
292,553

Plus: discount accretion
203,784

 
193,313

Balance at end of period
$
15,659,226

 
$
14,327,186

The following table represents the activity related to the Series B Preferred Stock, classified as Temporary Equity on the accompanying Consolidated Balance Sheet, during the three months ended March 31, 2018 and 2017:
 
2018
 
2017
Balance at beginning of period
$
7,190,467

 
$
5,676,467

Plus: discount accretion
254,069

 
206,916

Plus: dividends in kind
139,186

 
214,227

Balance at end of period
$
7,583,722

 
$
6,097,610

Schedule of Liabilities with Unobservable Inputs
The following is an analysis of changes in the derivative liability for the three months ended:

Level Three Roll-Forward
 
 
 
 
 
2018
2017
Balance at beginning of period
 
$
2,245,408

$
4,365,992

Change in valuation of warrants
 
431,751

(920,672
)
Balance at end of period
 
$
2,677,159

$
3,445,320