Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.23.1
Warrants (Tables)
12 Months Ended
Dec. 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 years ended December 31, 2022 and 2021 (table 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     7       2       11       20  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     -       -       -       -  
Outstanding, December 31, 2021     7       2       11       20  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     (7 )     -       -       (7 )
Outstanding, December 31, 2022     -       2       11       13  
Expiration date     Oct 27, 2022       Oct 24, 2023       Jan 16, 2024          
Schedule of Fair Value of Warrants Classified as Liabilities
    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 180.00     $ 180.00  
Expected dividend yield     0.00 %     0.00 %
Expected term (years)     0.8       1.0  
Cumulative volatility     143.06 %     145.00 %
Risk-free rate     4.42 %     4.40 %
Fair value (in thousands)   $ -     $ -  

 

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