Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.8.0.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2018
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:

 

    Fair value measured at March 31, 2018  
    Total carrying
value at
    Quoted prices in active markets     Significant other observable inputs     Significant unobservable inputs  
    March 31, 2018     (Level 1)     (Level 2)     (Level 3)  
Assets                                
Digital Currencies   $ 68,044     $ 68,044     $ -     $ -  
                                 
Liabilities                                
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)  
Liabilities                                
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 )
                 
Denominator:                
Weighted average common shares - basic and diluted     15,222,735       4,764,890  
                 
Loss per common share - basic and diluted   $ (0.16 )   $ (0.76 )