Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity and Common Stock Purchase Warrants (Tables)

v3.20.1
Stockholders' Equity and Common Stock Purchase Warrants (Tables)
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Convertible Preferred Stock, Common Stock and Warrants Issued and Outstanding

Shares of Common Stock Issued and Outstanding      
Issued and outstanding as of December 31, 2018     27,142,979  
Registered offerings     5,480,000  
Conversion of Senior Secured Convertible Note issued December 27, 2018     7,773,110  
Employee stock purchase plan     82,772  
Issued and outstanding as of December 31, 2019     40,478,861  
         
Issued and outstanding as of December 31, 2017     14,551,234  
Equity Subscription Rights Offering     9,000,000  
Underwritten public offering     2,649,818  
Repayment of debt - Senior Secured Note     600,000  
Series W Warrant exercises     34,345  
Series S Warrant exercises     274,257  
Series B Convertible Preferred Stock conversion     33,325  
Issued and outstanding as of December 31, 2018     27,142,979

Schedule of Outstanding Warrants to Purchase Common Stock

The following table summarizes outstanding warrants to purchase common stock of the Company at the dates indicated:

 

    December 31,
2019
    Weighted Average Exercise
Price
    December 31, 2018     Weighted Average Exercise
Price
    Expiration Date
Equity classified warrants                                    
Series Z Warrants     16,815,039     $      1.60          16,815,039     $     1.60      April 2024
UPO - Series Z Warrants     53,000     $ 1.60       53,000     $ 1.60      January 2022
Series W Warrants     381,818     $ 5.00       381,818     $ 5.00      January 2022
UPO - Series W Warrants     -       -       -       -      January 2022
Series S Warrants     1,199,383     $ 0.01       1,199,383     $ 0.01      January 2032
                                     
Total     18,449,240     $ 1.57       18,449,240     $ 1.57      

Schedule of Estimated Fair Value of Warrant Modification

The modification expense incremental fair value was estimated using a Black-Scholes valuation model, using the following assumptions:

 

Fair Value Assumptions - June 1, 2018
Series Z Warrant Exercise Price Adjustment
  Immediately after Modification     Immediately before Modification  
Calculated aggregate estimated fair value   $ 3,477,692     $ 2,336,697  
Series Z Warrants - issued and outstanding - June 1, 2018     7,815,039       7,815,039  
Value of common stock per share   $ 1.00     $ 1.00  
Exercise price per share - Series Z Warrant   $ 1.60     $ 3.00  
Expected term - years     5.9       5.9  
Volatility     58 %     58 %
Risk free interest rate     2.8 %     2.8 %
Dividend yield     0 %     0 %

Schedule of Estimated Fair Values for Series Z and Series W Warrants

The April 5, 2018 Exchange Date estimated fair values of each of the Series Z Warrants and Series W Warrants noted above, were each computed using the Black-Scholes option pricing model, using the following assumptions:

 

    Series Z Warrants     Series W Warrants  
             
Calculated aggregate estimated fair value   $ 3,304,377     $ 2,537,921  
Series Z Warrants issued-upon-exchange     5,075,849       -  
Series W Warrants extinguished-upon-exchange     -       10,151,682  
Value of common stock   $ 1.66     $ 1.66  
Exercise price per share   $ 3.00     $ 5.00  
Expected term (years)     2.7       3.8  
Volatility     55 %     55 %
Risk free rate     2.7 %     2.5 %
Dividend yield     0 %     0 %

Schedule of Estimated Fair Values for Unit Purchase Options

The August 22, 2018 estimated fair values of each of the UPO-Z and UPO-W were each computed using the Black-Scholes option pricing model, using the following assumptions:

 

Fair Value Assumptions
August 22, 2018 UPO Exchange Offer Exchange Date
  UPO-Z     UPO-W  
Calculated aggregate estimated fair value   $ 3,180     $ 1,060  
UPO-Z issued-upon-exchange /UPO-W extinguished-upon-exchange     53,000       53,000  
Value of common stock   $ 1.38     $ 1.38  
Value of Series Z Warrant /Series W Warrants   $ 0.53     $ 0.05  
Exercise price per unit - UPO-Z /UPO-W   $ 5.50     $ 5.50  
Expected term (years)     2.4       2.4  
Volatility     42 %     42 %
Risk free rate     2.6 %     2.6 %
Dividend yield     0 %     0 %

Schedule of Noncontrolling Interest

The noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity for the periods indicated is as follows:

 

    Year Ended  
    December 31, 2019     December 31, 2018  
NCI - equity (deficit) - beginning of period     (161,512 )     -  
Investment in majority-owned subsidiary- Lucid Diagnostics Inc.     -       1,812  
Investment in majority-owned subsidiary- Solys Diagnostics Inc.     889       -  
Share Subscription Receivable - Solys Diagnostics Inc.     (889 )     -  
Net loss attributable to NCI- Lucid Diagnostics Inc.     (801,224 )     (204,072 )
Net loss attributable to NCI- Solys Diagnostics Inc.     (9,666 )     -  
Stock-based compensation expense - Lucid Diagnostics Inc 2018 Equity Plan     158,123       40,748  
NCI - equity (deficit) - end of period     (814,279 )     (161,512 )