Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.23.2
Warrants (Tables)
 6 Months Ended
Jun. 30, 2023
Warrants and Rights Note Disclosure [Abstract]  
Schedule of warrant activity
The following table summarizes the activity in the Company’s outstanding warrants during the six months ended June 30, 2023:
Warrants Outstanding Number of
Shares 		Weighted Average Remaining
Contractual Life		 Weighted Average Exercise Price Per
Share
Balance at December 31, 2022 4,433,593 3.37 $ 22.50 
Granted 4,784,909 5.16 $ 2.50 
Exercised (2,311,550) 2.59 $ 23.70 
Expired (4,000) – $ 30.00 
Forfeitures (50,000) 7.69 $ 13.90 
Balance at June 30, 2023 6,852,952 4.54 $ 8.19 
Exercisable June 30, 2023 2,068,043 3.10 $ 21.35 
Exercisable December 31, 2022 4,433,593 4.77 $ 22.50 
Schedule of assumptions for warrant activity The fair value of the outstanding derivative warrants was determined by using the Black-Scholes option pricing model (“BSM”) based on the following assumptions:
Exercise Price $ 2.10 
Dividend Yield 0  %
Volatility 151  %
Risk-free interest rate 4.71  %
Expected Life of Warrants 1.7 years
The fair value of the aggregate total of 4,784,909 Exchange Warrants and the SEG Warrants (collectively, the “Warrants”) on the issuance date of June 26, 2023 was determined to be $13.1 million, or $2.74 per share, as calculated using the BSM based on the following assumptions:
June 26, 2023
Market Price $ 3.30 
Exercise Price $ 2.50 
Dividend Yield 0  %
Volatility 110  %
Risk-free interest rate 3.96  %
Expected Life of Warrants 5.0 years
The fair value of the Warrants as of June 30, 2023 was determined to be $7.1 million, or $1.48 per share, using the BSM based on the following assumptions:
June 30, 2023
Market Price $ 1.91 
Exercise Price $ 2.50 
Dividend Yield 0  %
Volatility 110  %
Risk-free interest rate 4.13  %
Expected Life of Warrants 5.0 years