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Note 8 - Outstanding Warrants
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Outstanding Warrants [Text Block]

8. Outstanding Warrants

 

During the years ended December 31, 2022 and 2021, the Company granted 227 thousand common stock warrants, respectively, for the extension of certain Subordinated Notes for each period, respectively. The accredited investors received 2-year warrants exercisable at $0.01 per share as part of note agreements. In addition, for the year ending December 31, 2022, the Company granted 300 thousand common stock warrants to obtain the Revolving Lines.  The accredited investors received 50 thousand 5-year warrants exercisable at $10.20 per share and 250 thousand 10-year warrants exercisable at $20.00 per share as part of note agreements. Also, during the year ending December 31, 2021, the Company granted 65 thousand common stock warrants for milestones related to the Aemetis Carbon Capture, Inc carbon sequestration project.  The accredited investors received 2-year warrants exercisable at $0.01 per share as part of note agreements. The warrants are equity classified.

 

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

 

Description

 

For the year ended December 31,

 
  

2022

  

2021

 

Dividend-yield

  0%  0%

Risk-free interest rate

  1.75%  0.21%

Expected volatility

  151.41%  136.16%

Expected life (years)

  3   2 

Exercise price per share

 $10.47  $0.01 

Market value per share on grant date

 $11.29  $9.92 

Fair value per share on grant date

 $9.68  $9.91 

 

A summary of historical warrant activity for the years ended  December 31, 2022 and 2021 follows:

 

  

Warrants Outstanding & Exercisable

  

Weighted - Average Exercise Price

  

Average Remaining Term in Years

 

Outstanding December 31, 2020

  95  $2.59   4.95 

Granted

  292   0.01     

Exercised

  (332)  0.32     

Outstanding December 31, 2021

  55  $2.59   3.95 

Granted

  527   10.47     

Exercised

  (227)  0.01     

Outstanding December 31, 2022

  355  $15.92   7.48 

 

All of the above outstanding warrants are vested and exercisable as of December 31, 2022. As of December 31, 2022 and 2021, the Company had no unrecognized compensation expense related to warrants, respectively.