Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.22.1
Warrants (Tables)
3 Months Ended
Mar. 31, 2022
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 three months ended March 31, 2022 (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, 2021     84       26       133       243  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     -       -       -       -  
Outstanding, March 31, 2022     84       26       133       243  
Expiration date:     10/27/2022       10/24/2023       01/16/2024          
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, 2022:

 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)     1.6       1.8  
Cumulative volatility     88.64 %     88.20 %
Risk-free rate     0.04 %     0.06 %
Value per warrants   $ 0.00     $ 0.00  
Aggregate value   $ -     $ 1  

 

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, 2021:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Expected term (years)     1.8       2.0  
Cumulative volatility     129.65 %     128.17 %
Risk-free rate     0.06 %     0.08 %
Fair value (in thousands)   $ 2     $ 10