On each of January 3, March 4, and May 4, 2020, in relation to the 2020 Lincoln Park Note, the Company issued the 2020 Lincoln Park Warrants to purchase up to 207,588 shares of Common Stock (622,764 total) at a purchase price of $0.78 per share to Lincoln Park and issued additional warrants to purchase up to 207,588 shares of Common Stock on July 3, 2020. The 2020 Lincoln Park Warrants become exercisable on the six-month anniversary of issuance and for a period of five years thereafter. If a resale registration statement covering the shares of Common Stock underlying the 2020 Lincoln Park Warrants is not effective and available at the time of exercise, the 2020 Lincoln Park Warrants may be exercised by means of a “cashless” exercise formula. The Company determined that the 2020 Lincoln Park Warrants should be classified as freestanding financial instruments that meet the criteria to be accounted for as derivative liabilities and recorded a fair value at issuance of $314,441. The Company recorded $215,559 and $270,000 of expense due to change in fair value during the three and six months ended June 30, 2020, and had a balance of $525,559 as of June 30, 2020 recorded in its condensed consolidated balance sheet.