Quarterly report pursuant to Section 13 or 15(d)

Warrants

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Warrants
3 Months Ended
Mar. 31, 2024
Warrants and Rights Note Disclosure [Abstract]  
Warrants Warrants
The following table summarizes the Company’s warrant activity:
Warrants Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price per Share
Outstanding at December 31, 2023 6,852,952 4.16 $ 8.19 
Granted $ – 
Exercised $ – 
Expired (26,000) $ 26.88 
Forfeitures $ – 
Outstanding at March 31, 2024 6,826,952 3.93 $ 8.12 
Exercisable at March 31, 2024 6,826,952 3.93 $ 8.12 
Exercisable at December 31, 2023 6,852,952 4.16 $ 8.19 
As of March 31, 2024, 89,286 derivative warrants classified as a liability as issued with convertible notes in 2020 to purchase shares of the Company’s common stock remained outstanding and are revalued each reporting period. As of March 31, 2024, the warrants were revalued at approximately $25,741, resulting in a decrease of $37,334 in liability as compared to December 31, 2023. The change in value was recorded as a Gain on Revaluation of Warrants within Other Expense, net on the condensed consolidated statements of operations and within the Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities on the condensed consolidated statements of cash flows.
The fair value of the outstanding derivative warrants was determined by using the Black-Scholes Merton option pricing model based on the following assumptions as of March 31, 2024:
Market Price $ 1.37 
Exercise Price $ 2.10 
Dividend Yield –  %
Volatility 87  %
Risk-free Interest Rate 5.03  %
Expected Life of Warrants 0.95 years