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WARRANT LIABILITY (Tables) | 6 Months Ended
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Jun. 30, 2024
WARRANT LIABILITY [Abstract] |
Fair Value of Warrant Liability Assumptions | The fair value of the Company’s warrant liability, measured at Level 3 in the fair value hierarchy, was calculated using the Black-Scholes model using the following inputs:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
Fair value of Company's common stock |  | $ | 2.65 |  |  | $ | 2.93 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility |  |  | 80% |  |  |  | 68% - 83% |
Risk free interest rate |  |  | 5.00% |  |  |  | 5.06% - 5.54% |
Expected life (years) |  |  | 0.30 |  |  |  | 0.30 |
Exercise price |  | $ | 8.70 - $28.00 |  |  | $ | 8.00 - $28.00 |
Fair value of financial instruments - warrants |  | $ | 20 |  |  | $ | 563 |
Change in Fair Value of Financial Instruments | The following table summarizes the change in fair value of the Company’s financial instruments – warrants, measured at Level 3 in the fair value hierarchy:
|  | Amount |
Balance as of January 1, 2024 |  | $ | 563 |
Change in fair value of warrant liability |  |  | (543 | )
Balance as of June 30, 2024 |  | $ | 20 |
|  | Amount |
Balance as of January 1, 2023 |  | $ | 4,547 |
Change in fair value of warrant liability |  |  | (2,494 | )
Balance as of June 30, 2023 |  | $ | 2,053 |
|  | Amount |
Balance as of April 1, 2024 |  | $ | 450 |
Change in fair value of warrant liability |  |  | (430 | )
Balance as of June 30, 2024 |  | $ | 20 |
|  | Amount |
Balance as of April 1, 2023 |  | $ | 10,106 |
Change in fair value of warrant liability |  |  | (8,053 | )
Balance as of June 30, 2023 |  | $ | 2,053 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of warrants, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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