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WARRANT LIABILITY | 9 Months Ended
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Sep. 30, 2022
WARRANT LIABILITY [Abstract] |
WARRANT LIABILITY |
Note 10 | WARRANT LIABILITY
In conjunction with the Merger, outstanding warrants to purchase Helix common stock were converted to warrants to purchase Company common stock. As the warrant holders have the option to receive cash in lieu of common stock in certain circumstances, the Company determined that the warrants require classification as a liability pursuant to ASC 815-40. In accordance with the applicable accounting guidance, the outstanding warrants are recognized as a warrant liability on the condensed consolidated balance sheet and are measured at their inception date fair value (the closing date of the Merger) and subsequently re-measured at each reporting period with changes being recorded in the condensed consolidated statement of operations. As of September 30, 2022, the Company had 92,058 warrants outstanding classified as liabilities. The fair value of the Company’s warrant liability was calculated using the Black-Scholes model and the following assumptions:
|  | As of September 30, 2022 |  |  | As of December 31, 2021 |
Fair value of company's common stock |  | $ | 3.35 |  |  | $ | 9.02 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility |  |  | 104% - 134% |  |  |  | 118% - 149% |
Risk Free interest rate |  |  | 3.81% - 4.23% |  |  |  | 0.06% - 0.97% |
Expected life (years) |  |  | 1.16 |  |  |  | 1.82 |
Exercise price |  | $ | 8.00 - $28.00 |  |  | $ | 8.00 - $28.00 |
Fair value of financial instruments - warrants |  | $ | 26,079 |  |  | $ | 369,234 |
The change in fair value of the financial instruments – warrants is as follows:
|  | Amount |
Balance as of January 1, 2022 |  | $ | 369,234 |
Change in fair value of warrant liability |  |  | (343,155 | )
Balance as of September 30, 2022 |  | $ | 26,079 |
|  | Amount |
Balance as of January 1, 2021 |  | $ | — |
Fair value of warrant liability assumed in connection with Helix Merger |  |  | 1,247,715 |
Change in fair value of warrant liability |  |  | (746,605 | )
Balance as of September 30, 2021 |  | $ | 501,110 |
|  | Amount |
Balance as of July 1, 2022 |  | $ | 34,618 |
Change in fair value of warrant liability |  |  | (8,539 | )
Balance as of September 30, 2022 |  | $ | 26,079 |
|  | Amount |
Balance as of July 1, 2021 |  | $ | 752,888 |
Change in fair value of warrant liability |  |  | (251,778 | )
Balance as of September 30, 2021 |  | $ | 501,110 |

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- References No definition available. + Details
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- Definition The entire disclosure for warrant liability. Includes liability account in which a company records the amount of the repair or replacement cost that it expects to incur for products already shipped or services already provided. + References No definition available. + Details
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