Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.21.1
Warrants (Tables)
3 Months Ended
Mar. 31, 2021
Warrants and Rights Note Disclosure [Abstract]  
Summary of Warrant Activity

The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the three months ended March 31, 2021 (in thousands):

 

   

Warrants

Accounted for as:

Equity

   

Warrants

Accounted for as:

Liabilities

       
    May 2018
Warrants
    October 2013 Warrants     January 2014 Warrants     Total  
Outstanding, December 31, 2020     84       26       133       243  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     -       -       -       -  
Outstanding, March 31, 2021     84       26       133       243  
Expiration date:     October 27, 2022       October 24, 2023       January 16, 2024          

Schedule of Fair Value of Warrants Classified as Liabilities

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of March 31, 2021:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Contractual term (years)     2.6       2.8  
Cumulative volatility     124.57 %     121.00 %
Risk-free rate     0.14 %     0.16 %
Value   $ 0.36     $ 0.38  

 

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of December 31, 2020:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Contractual term (years)     2.8       3.0  
Cumulative volatility     119.18 %     116.65 %
Risk-free rate     0.16 %     0.18 %
Value   $ 0.36     $ 0.38