Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.21.2
Warrants (Tables)
9 Months Ended
Sep. 30, 2021
Warrants  
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 nine months ended September 30, 2021 (in thousands):

 Summary of Warrant Activity

   

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, September 30, 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 September 30, 2021:

 Schedule of Fair Value of Warrants Classified as Liabilities

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Contractual term (years)     2.1       2.3  
Cumulative volatility     130.84 %     127.99 %
Risk-free rate     0.09 %     0.11 %
Value per warrants   $ 0.19     $ 0.22  
Aggregate value   $ 5,031     $ 28,969  

 

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 per warrants   $ 0.36     $ 0.38  
Aggregate value   $ 9,406     $ 51,151