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9. Outstanding Warrants

12 Months Ended

Dec. 31, 2020

Warrants and Rights Note Disclosure [Abstract]

Outstanding Warrants

During the years ended December 31, 2020 and 2019, the Company granted 227 thousand common stock warrants, for the extension of certain Notes for each period, respectively. The accredited investors received 2-year warrants exercisable at $0.01 per share as part of note agreements.

The weighted average fair value calculations for warrants granted are based on the following weighted average assumptions:

Description		For the year ended December 31
		2020				2019
Dividend-yield			0	%			0	%
Risk-free interest rate			0.84	%			2.13	%
Expected volatility			108.8	%			103.0	%
Expected life (years)			2				2
Market value per share on grant date		$	0.81			$	0.73
Exercise price per share		$	0.01			$	0.01
Fair value per share on grant date		$	0.80			$	0.72

For the years ended December 31, 2020 and 2019, Note investors exercised 227 thousand warrant shares for each period respectively, at exercise prices of $0.01 per share, respectively.

A summary of historical warrant activity for the years ended December 31, 2020 and 2019 follows:

		Warrants Outstanding & Exercisable				Weighted - Average Exercise Price				Average Remaining Term in Years
Outstanding December 31, 2018			95			$	2.59				6.95
Granted			227				0.01
Exercised			(227	)			0.01
Outstanding December 31, 2019			95			$	2.59				5.95
Granted			227				0.01
Exercised			(227	)			0.01
Outstanding December 31, 2020			95			$	2.59				4.95

All of the above outstanding warrants are vested and exercisable as of December 31, 2020. As of December 31, 2020 and 2019, the Company had no unrecognized compensation expense related to warrants, respectively.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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- References

No definition available.

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