Quarterly report pursuant to Section 13 or 15(d)

Note Warrants

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Note Warrants
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Note Warrants

6. Note Warrants

The Company issued convertible notes from June 2013 through June 2014. In connection with the issuance of the convertible notes, purchasers of the convertible notes also received warrants (“Note Warrants”) which included an exercise price “cap” that was analogous to “down round protection”. This precluded the Company from classifying the warrants in equity. Upon the closing of the initial public offering and based on the terms of the Note Warrants, the Company determined the total number of shares of the Company’s common stock underlying the Note Warrants to be 3,321,416 at an exercise price of $3.00 per share. There were 3,315,878 shares of common stock underlying the outstanding Note Warrants as of June 30, 2017 and December 31, 2016. The Note Warrants expire between June 2018 and June 2019.