Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.22.2.2
Warrants (Tables)
9 Months Ended
Sep. 30, 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 nine months ended September 30, 2022 (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, 2021     7       2       11       20  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     -       -       -       -  
Outstanding, September 30, 2022     7       2       11       20  
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 September 30, 2022:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 180.00     $ 180.00  
Expected dividend yield     0.00 %     0.00 %
Contractual term (years)     1.1       1.3  
Cumulative volatility     110.47 %     112.04 %
Risk-free rate     0.01 %     0.01 %
Value per warrants   $ 0.00     $ 0.00  
Fair value (in thousands)   $ 0.00     $ 0.00  

 

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   $ 180.00     $ 180.00  
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