Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity and Common Stock Purchase Warrants (Tables)

v3.19.1
Stockholders' Equity and Common Stock Purchase Warrants (Tables)
12 Months Ended
Dec. 31, 2018
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, 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  
         
Issued and outstanding as of December 31, 2016     13,330,811  
Series W Warrant exercises     12,250  
Series S Warrant exercises     1,186,080  
Series A Convertible Preferred Stock conversion     22,093  
Issued and outstanding as of December 31, 2017     14,551,234  

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:

 

    Common Stock Purchase Warrants Issued and Outstanding at
    December 31, 2018     Weighted Average Exercise
Price /Share
    December 31, 2017     Weighted Average Exercise Price     Expiration
Date
Equity classified warrants                                    
Series Z Warrants     16,815,039     $ 1.60           $     April 2024
UPO - Series Z Warrants     53,000     $ 1.60           $     January 2022
Series W Warrants     381,818     $ 5.00       10,567,845     $ 5.00     January 2022
UPO - Series W Warrants         $       53,000     $ 5.00     January 2022
Series S Warrants     1,199,383     $ 0.01       1,473,640     $ 0.01     June 2032
Series A-1 Warrants         $       279,837     $ 6.67     April 2024
                                     
Liability classified warrants                                    
Series A Warrants         $       268,001     $ 6.61     April 2024
                                     
Total     18,449,240     $ 1.57       12,642,323     $ 4.49      

Schedule of Estimated Fair Value of Warrant Modification

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 %

 

    Series A-1 Amendment No. 1  
    Series A-1 Warrants Modification  
    Fair Value - October 18, 2017  
    Immediately     Immediately  
Fair Value Assumptions - October 18, 2017   After     Before  
Series A-1 Warrant Agreement - Amendment No. 1   Modification     Modification  
Calculated aggregate estimated fair value   $ 1,531,000     $ 1,309,000  
Series A-1 Warrants - issued and outstanding - October 18, 2017     125,000       125,000  
Value of common stock per share   $ 5.40     $ 5.40  
Exercise price per share - Series W Warrant   $ 5.00        
Exercise price per share - Series X Warrant   $     $ 6.00  
Expected term - years     4.3     $ 6.5  
Volatility     55 %     52 %
Risk free interest rate     1.9 %     2.1 %
Dividend yield     0 %     0 %

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

Fair Value Assumptions
April 5, 2018 Exchange Date
  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

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, 2018

 
NCI - equity (deficit) - beginning of period   $  
Investment in majority-owned subsidiary     1,812  
Payment of share Subscription Receivable      
Net loss attributable to NCI     (204,072 )
Increase in additional paid-in capital of Lucid Diagnostics Inc. - stock-based compensation - Lucid Diagnostics Inc 2018 Equity Plan     40,748  
NCI - equity (deficit) - end of period   $ (161,512 )