XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stockholders’ Equity

12. Stockholders’ Equity

 

Common Stock

 

As of September 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 $4,150 and $21,439 for the three and nine months ended September 30, 2023, and at $25,935 and $77,804 for the three and nine months ended September 30, 2022.

 

Warrants

 

The following sets forth the warrants to purchase our common stock that were outstanding as of September 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 nine months ended September 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%