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Warrants (Tables)

9 Months Ended

Sep. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrant Activity

The following table summarizes the activity in the Company’s outstanding warrants during the nine months ended September 30, 2023:

			Warrants Outstanding Number of Shares						Weighted Average Remaining Contractual Life						Weighted Average Exercise Price Per Share
Balance at December 31, 2022			4,433,593						3.37						$	22.50
Granted			4,784,909						4.91						$	2.50
Exercised			(2,311,550)						2.59						$	23.70
Expired			(4,000)						–						$	30.00
Forfeitures			(50,000)						7.69						$	13.90
Balance at September 30, 2023			6,852,952						4.29						$	8.19
Exercisable September 30, 2023			2,068,043						2.85						$	21.35
Exercisable December 31, 2022			4,433,593						4.77						$	22.50

Schedule of Assumptions for Warrant Activity

The fair value of the outstanding derivative warrants was determined by using the BSM option pricing model based on the following assumptions as of September 30, 2023:

Market Price			$	1.40
Exercise Price			$	2.10
Dividend Yield			0		%
Volatility			141		%
Risk-free Interest Rate			5.27		%
Expected Life of Warrants			1.5 years

The fair value of the aggregate total of 4,784,909 Exchange Warrants and the SEG Warrants (collectively, the “Warrants”) on the issuance date of June 26, 2023 was determined to be $13.1 million, or $2.74 per share, as calculated using the BSM option pricing model based on the following assumptions:

			June 26, 2023
Market Price			$	3.30
Exercise Price			$	2.50
Dividend Yield			0		%
Volatility			110		%
Risk-free interest rate			3.96		%
Expected Life of Warrants			5.0 years

The fair value of the Warrants as of September 30, 2023 was determined to be $4.3 million, or $0.91 per share, using the BSM option pricing model based on the following assumptions:

			September 30, 2023
Market Price			$	1.40
Exercise Price			$	2.50
Dividend Yield			0		%
Volatility			93		%
Risk-free interest rate			4.60		%
Expected Life of Warrants			5.0 years

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- Definition

Schedule Of Assumptions For Warrant Activity

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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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