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Note 8 - Outstanding Warrants

6 Months Ended

Jun. 30, 2023

8. Outstanding Warrants

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

The Company granted warrants exercisable for 100,000 shares of the Company's common stock at an exercise price of $2.50 per share with a two-year term. These warrants have been exercised at option of withhold to cover and 62,293 shares were issued. In addition, the Company also granted warrants exercisable for 160,000 shares of the Company's common stock to senior lenders at an exercise price of $2.00 per share. These warrants were granted in the quarter ended June 30, 2023 and are outstanding as of June 30, 2023.

	*For the six months ended June 30,*
Description	*2023*			*2022*
Dividend-yield		-	%		-	%
Risk-free interest rate		3.76	%		1.75	%
Expected volatility		121.50	%		151.41	%
Expected life (years)		5.43			3.47
Exercise price per warrant	$	1.53		$	10.47
Market value per share on grant date	$	3.14		$	11.29
Fair value per warrant on grant date	$	2.95		$	9.68

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		373			1.53
Exercised		(223	)		1.24
Outstanding June 30, 2023		505		$	11.78		6.40

All of the above outstanding warrants are vested and exercisable as of June 30, 2023. As of June 30, 2023 and 2022, the Company had no unrecognized compensation expense related to warrants, respectively.