Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Accounting Policies [Abstract] |
|
| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present information
about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated
level within the fair value hierarchy of those assets and liabilities as of March 31, 2018 and December 31, 2017, respectively:
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|
Fair value measured at March 31, 2018 |
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Total carrying
value at
|
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Quoted prices in active markets |
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Significant other observable inputs |
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|
Significant unobservable inputs |
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|
March 31, 2018 |
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|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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| Assets |
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| Digital Currencies |
|
$ |
68,044 |
|
|
$ |
68,044 |
|
|
$ |
- |
|
|
$ |
- |
|
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|
|
|
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| Liabilities |
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|
|
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| Warrant liability |
|
$ |
285,348 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
285,348 |
|
| |
|
Fair value measured at December 31, 2017 |
|
| |
|
Total carrying
value at
|
|
|
Quoted prices in active markets |
|
|
Significant other observable inputs |
|
|
Significant unobservable inputs |
|
| |
|
December 31, 2017 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
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| Liabilities |
|
|
|
|
|
|
|
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|
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|
|
|
|
|
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| Warrant liability |
|
$ |
1,794,396 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,794,396 |
|
|
| Schedule of Change in Fair Value of Assets Measured Level 1 |
Changes in Level 1 assets measured at
fair value for the three months ended March 31, 2018:
| Digital currencies at fair value - December 31, 2017 |
|
$ |
- |
|
| Additions of digital currencies |
|
|
199,582 |
|
| Realized loss on sale of digital currencies |
|
|
(1,510 |
) |
| Change in fair value of digital currencies |
|
|
(9,557 |
) |
| Proceeds from sale of digital currencies |
|
|
(120,471 |
) |
| Digital Currencies at fair value - March 31, 2018 |
|
$ |
68,044 |
|
|
| Schedule of Fair Value of Warrant Liabilities |
FV of warrant liabilities
| |
|
Fair value |
|
| Outstanding as of December 31, 2017 |
|
$ |
1,794,396 |
|
| Exercised |
|
|
(55,791 |
) |
| Change in fair value of warrants |
|
|
(1,453,257 |
) |
| Outstanding as of March 31, 2018 |
|
$ |
285,348 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Securities that could potentially dilute
loss per share in the future that were not included in the computation of diluted loss per share at March 31, 2018 and 2017 are
as follows:
| |
|
As of March 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Warrants to purchase common stock |
|
|
728,764 |
|
|
|
598,643 |
|
| Options to purchase common stock |
|
|
448,771 |
|
|
|
826,156 |
|
| Preferred stock to exchange common stock |
|
|
1,942,161 |
|
|
|
195,501 |
|
| Convertible notes to exchange common stock |
|
|
2,448,882 |
|
|
|
16,667 |
|
| Total |
|
|
5,568,578 |
|
|
|
1,636,967 |
|
|
| Schedule of Computation of Basic and Diluted Loss Per Share |
The following table sets forth the computation
of basic and diluted loss per share:
| |
|
For the three months ended March 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Net loss attributable to common shareholders |
|
$ |
(2,402,820 |
) |
|
$ |
(3,606,646 |
) |
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|
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| Denominator: |
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| Weighted average common shares - basic and diluted |
|
|
15,222,735 |
|
|
|
4,764,890 |
|
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|
|
|
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| Loss per common share - basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.76 |
) |
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