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Warrants | 6 Months Ended
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Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract] |
Warrants | Warrants The following table summarizes the Company’s warrant activity:
| Warrants |  | Weighted-Average Remaining Contractual Life |  | Weighted-Average Exercise Price per Share
Outstanding at December 31, 2023 | 6,852,952 |  | 4.16 |  | $ | 7.14 |
Granted | 100,000 |  | – |  | $ | 1.00 |
Exercised | – |  | – |  | $ | – |
Expired | (26,000) |  | – |  | $ | 26.88 |
Forfeitures | – |  | – |  | $ | – |
Outstanding at June 30, 2024 | 6,926,952 |  | 3.70 |  | $ | 6.98 |
Exercisable at June 30, 2024 | 6,926,952 |  | 3.70 |  | $ | 6.98 |
Exercisable at December 31, 2023 | 6,852,952 |  | 4.16 |  | $ | 7.14 |
As of June 30, 2024, 89,286 derivative warrants classified as a liability as issued with convertible notes in 2020 to purchase shares of the Company’s common stock remained outstanding and are revalued each reporting period. As of June 30, 2024, the warrants were revalued at approximately $2,606, resulting in a $0.1 million decrease in the liability as compared to December 31, 2023. The change in value was recorded as a Gain on Revaluation of Warrants within Other Expense, net on the condensed consolidated statements of operations and within the Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities on the condensed consolidated statements of cash flows. The Company has 4,784,909 warrants as of December 31, 2023 with a reprice option that was triggered by the registered direct offering which reduced the exercise price from $2.50 per share to $1.00 per share. The reduction in exercise price reduced the Weighted-Average Exercise Price per Share from $8.19 before the reprice to $7.14 after the reprice. The fair value of the outstanding derivative warrants was determined by using the Black-Scholes Merton option pricing model based on the following assumptions as of June 30, 2024:
Market Price | $ | 1.03 |
Exercise Price | $ | 2.10 |
Dividend Yield | – | %
Volatility | 60 | %
Risk-free Interest Rate | 5.09 | %
Expected Life of Warrants | 0.71 years

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