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Common Stock Warrants | 3 Months Ended
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Mar. 31, 2023
Common Stock Warrants |
Common Stock Warrants | Note 13. Common Stock Warrants On January 1, 2022, the Company granted warrants to purchase shares of the Company’s common stock to a consultant in connection with the issuance of Series C preferred stock as follows: a warrant to purchase 400,000 shares with an exercise price of $1.50 per share, and a term of 5 years; a warrant to purchase 250,000 shares with an exercise price of $2.50 per share, and term of 5 years; and a warrant to purchase 250,000 shares with an exercise price of $2.75 per share, and term of 5 years. On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $1.50 per common share, in exchange for any warrants exercised at this time at the exercise price of $1.50 per common share. The issuance of replacement warrants has the effect of resetting the conversion price of all outstanding shares of Series C preferred stock to $1.50 per common share and resetting the exercise price of all outstanding warrants to $1.50 per common share in instances where those conversion and exercise prices are above $1.50. On March 30, 2022, warrants to purchase 600,000 shares of the Company’s common stock were exercised by one warrant holder resulting in $900,000 in cash proceeds being received by the Company. The Company issued replacement warrants to purchase 600,000 shares of the Company’s common stock to such warrant holder. The following table summarizes common stock warrant activity during the three months ended March 31, 2023: Schedule of Stock Warrants Activity
|  | Common Stock Warrants |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2022 |  |  | 21,984,266 |  |  | $ | 0.37 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Forfeited/Cancelled |  |  | — |  |  |  | — |
Outstanding at March 31, 2023 |  |  | 21,984,266 |  |  | $ | 0.37 | (1)
Exercisable at December 31, 2022 |  |  | 21,984,266 |  |  | $ | 0.37 |
Exercisable at March 31, 2023 |  |  | 21,984,266 |  |  | $ | 0.37 |
(1) |  | On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $1.50 per common share, in exchange for any warrants exercised at this time at the exercise price of $1.50 per common share. The issuance of replacement warrants has the effect of resetting the conversion price of all outstanding shares of Series C preferred stock to $1.50 per common share and resetting the exercise price of all outstanding warrants to $1.50 per common share in instances where those conversion and exercise prices are above $1.50.
The weighted average remaining contractual life of all common stock warrants outstanding as of March 31, 2023 was 2.3 years. The aggregate intrinsic value of common stock warrants outstanding as of March 31, 2023 was $0, based on the fair value of the Company’s common stock on March 31, 2023. Additional information regarding common stock warrants outstanding and exercisable as of March 31, 2023 is as follows: Schedule of Stock Warrants Outstanding and Exercisable
Warrant |  |  |  |  |  | Remaining |  |  |  |
Exercise |  |  | Warrants |  |  | Contractual |  |  | Warrants |
Price |  |  | Outstanding |  |  | Life (in years) |  |  | Exercisable |
$ | 0.175 |  |  |  | 14,285,714 |  |  |  | 1.7 |  |  |  | 14,285,714 |
| 0.50 |  |  |  | 6,318,552 |  |  |  | 3.7 |  |  |  | 6,318,552 |
| 1.00 |  |  |  | 300,000 |  |  |  | 1.0 |  |  |  | 300,000 |
| 1.50 |  |  |  | 400,000 |  |  |  | 3.8 |  |  |  | 400,000 |
| 1.53 |  |  |  | 180,000 |  |  |  | 1.4 |  |  |  | 180,000 |
| 2.50 |  |  |  | 250,000 |  |  |  | 3.8 |  |  |  | 250,000 |
| 2.75 |  |  |  | 250,000 |  |  |  | 3.8 |  |  |  | 250,000 |
| Total |  |  |  | 21,948,266 |  |  |  |  |  |  |  | 21,948,266 |

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