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Note 8 - Outstanding Warrants

3 Months Ended

Mar. 31, 2023

8. Outstanding Warrants

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

	*For the three months ended March 31, 2023*
Description	*2023*			*2022*
Dividend-yield		-	%		-	%
Risk-free interest rate		4.41	%		1.45	%
Expected volatility		125.32	%		139.55	%
Expected life (years)		2.00			4.00
Exercise price per warrant	$	0.01		$	13.33
Market value per share on grant date	$	3.96		$	13.06
Fair value per warrant on grant date	$	3.95		$	11.01

A summary of historical warrant activity follows:

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2022		355		$	15.92		7.48
Granted		113			0.01
Exercised		(113	)		0.01
Outstanding March 31, 2023		355		$	15.92		7.24

All of the above outstanding warrants are vested and exercisable as of March 31, 2023. As of March 31, 2023 and 2022, the Company had no unrecognized compensation expense related to warrants, respectively.