Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.23.1
Warrants (Tables)
3 Months Ended
Mar. 31, 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 three months ended March 31, 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 $ – 
Exercised $ – 
Expired (4,000) $ 30.00 
Forfeitures (50,000) 7.69 $ 13.90 
Balance at March 31, 2023 4,379,593 3.08 $ 22.59 
Exercisable March 31, 2023 4,379,593 3.08 $ 22.59 
Exercisable December 31, 2022 4,433,593 3.37 $ 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 %
Volatility 127  %
Risk-free interest rate 4.03  %
Expected life of options 2.0 years