Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.23.3
Warrants (Tables)
9 Months Ended
Sep. 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 nine months ended September 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 4.91 $ 2.50 
Exercised (2,311,550) 2.59 $ 23.70 
Expired (4,000) $ 30.00 
Forfeitures (50,000) 7.69 $ 13.90 
Balance at September 30, 2023 6,852,952 4.29 $ 8.19 
Exercisable September 30, 2023 2,068,043 2.85 $ 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 BSM option pricing model based on the following assumptions as of September 30, 2023:
Market Price $ 1.40 
Exercise Price $ 2.10 
Dividend Yield %
Volatility 141  %
Risk-free Interest Rate 5.27  %
Expected Life of Warrants 1.5 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 option pricing model based on the following assumptions:
June 26, 2023
Market Price $ 3.30 
Exercise Price $ 2.50 
Dividend Yield %
Volatility 110  %
Risk-free interest rate 3.96  %
Expected Life of Warrants 5.0 years
The fair value of the Warrants as of September 30, 2023 was determined to be $4.3 million, or $0.91 per share, using the BSM option pricing model based on the following assumptions:
September 30, 2023
Market Price $ 1.40 
Exercise Price $ 2.50 
Dividend Yield %
Volatility 93  %
Risk-free interest rate 4.60  %
Expected Life of Warrants 5.0 years