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Stockholders’ Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders’ Equity

12. Stockholders’ Equity

 

Common Stock

 

As of June 30, 2023, 4,073,757 shares of common stock were issued and outstanding, 255,958 shares of common stock were reserved for issuance upon the exercise of outstanding warrants, and 497,330 shares of common stock were reserved for issuance under our 2015 Equity Incentive Plan, as amended (the “2015 Plan”).

 

The following table describes the shares and warrants issued as part of our 2022 and 2020 private placements:

 

Issuance of Common Stock  Issue Date  Shares Issued   Price per share   Warrants Issued   Warrant Exercise Price   Warrant Fair Value 
Private Placement 2022  April 1, 2022   1,242,588   $4.62    124,258   $4.62   $3.91 
Private Placement 2020  March 2, 2020   955,000   $4.00    95,500   $4.00   $3.90 

 

Amortization of the debt issuance costs for the Private Placement 2020 offering was recorded at $6,224 and $17,290 for the three and six months ended June 30, 2023, and at $25,935 and $51,869 for the three and six months ended June 30, 2022.

 

Warrants

 

The following sets forth the warrants to purchase our common stock that were outstanding as of June 30, 2023:

 

Warrants Outstanding   Warrant Exercise Price   Warranty Expiry
 124,258   $4.62   March 30, 2027
 95,500   $4.00   March 30, 2027
 16,000   $9.00   March 30, 2027
 17,200   $12.50   March 30, 2027
 3,000   $15.00   March 30, 2027

 

The estimated value of the warrants issued during the six months ended June 30, 2022, as well as the assumptions that were used in calculating such values, were based on estimates at the issuance date in the table below.

 

 

   Warrants Issued 
   April 1, 2022 
Risk-free interest rate   2.55%
Weighted average expected term   5 years 
Expected volatility   116.32%
Expected dividend yield   0.00%