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Note 8 - Warrants

9 Months Ended

Sep. 30, 2023

8. Warrants

During the three months ending September 30, 2023, the Company granted warrants to subordinated lenders in connection with debt extensions. The warrants were exercisable for 113,000 shares of the Company's common stock at an exercise price of $.01 per share with a two-year term. These warrants were also exercised during the three months ending September 30, 2023.

The weighted average fair value calculations for issued warrants are based on the following weighted average factors:

	*For the nine months ended September 30,*
Description	*2023*			*2022*
Dividend-yield		-	%		-	%
Risk-free interest rate		3.80	%		1.75	%
Expected volatility		117.60	%		151.41	%
Expected life (years)		4.63			3.52
Exercise price per warrant	$	1.18		$	10.47
Market value per share on grant date	$	4.11		$	11.29
Fair value per warrant on grant date	$	3.97		$	9.68

The following table summarizes warrant activity during the nine months ending September 30, 2023:

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2022		355		$	15.92		7.48
Granted		486			1.18
Exercised		(336	)		0.83
Outstanding September 30, 2023		505		$	11.78		6.15

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