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WARRANT LIABILITY (Tables)

6 Months Ended

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.

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- References

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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

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