XML 46 R35.htm IDEA: XBRL DOCUMENT
v3.23.1

Warrant Liability (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Warrant Liability |
Schedule of Warrant Liability | The warrants outstanding and fair values at each of the respective valuation dates are summarized below: Schedule of Warrant Liability
Warrant Liability |  | Warrants Outstanding |  |  | Fair Value per Share |  |  | Fair Value |
Fair value as of year ended 12/31/2020 |  |  | 201,572 |  |  |  |  |  |  | $ | 123 |
Fair value at initial measurement dates |  |  | 63,733 |  |  | $ | 3.2097 |  |  | $ | 203 |
Change in fair value of warrant liability |  |  |  |  |  |  |  |  |  |  | (8 | )
Fair value as of year ended 12/31/2021 |  |  | 265,305 |  |  |  |  |  |  | $ | 318 |
Modification of warrants |  |  | - |  |  |  |  |  |  | $ | 57 |
Change in fair value of warrant liability |  |  | - |  |  |  |  |  |  |  | (133 | )
Fair value as of year ended 12/31/2022 |  |  | 265,305 |  |  |  |  |  |  | $ | 242 |
The warrant liabilities are considered Level 3 liabilities on the fair value hierarchy as the determination of fair value includes various assumptions about future activities and the Company’s stock prices and historical volatility of other comparable public companies used as inputs. As of December 31, 2022, none of the warrants have been exercised. The fair value of the warrant liabilities was measured using a Black-Scholes model. Significant inputs into the model at the inception are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Future |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Quarterly |
|  |  |  |  | Warrant |  |  |  |  | Interest |  |  |  |  |  | Time to |  |  | Calculated |  |  | Dividend |
Black -Scholes |  | Exercise |  |  | Expiration |  | Stock |  |  | Rate |  |  | Volatility |  |  | Maturity |  |  | fair value |  |  | per |
Assumptions |  | Price |  |  | Date |  | Price (8) |  |  | (annual)(9) |  |  | (annual) (10) |  |  | (Years) |  |  | per share |  |  | share(11) |
September 2, 2021(1) |  | $ | .0525 |  |  | September 2, 2026 |  | $ | 3.50 |  |  |  | 0.78 | % |  |  | 182.74 | % |  |  | 5.0 |  |  | $ | 0.3325 |  |  | $ | — |
March 11, 2021(2) |  | $ | 4.375 – 5.25 |  |  | March 11, 2026 |  | $ | 3.50 |  |  |  | 0.17 | % |  |  | 172.54 | % |  |  | 5.0 |  |  | $ | 0.3325- 0.0329 |  |  | $ | — |
February 3, 2021(3) |  | $ | 2.80 |  |  | February 3, 2024 |  | $ | 2.80 |  |  |  | 0.18 | % |  |  | 171.71 | % |  |  | 3.0 |  |  | $ | 2.417461 |  |  | $ | — |
December 24, 2020 (4) |  | $ | 2.80 |  |  | December 24, 2023 |  | $ | 2.80 |  |  |  | 0.17 | % |  |  | 172.54 | % |  |  | 3.0 |  |  | $ | 2.422658 |  |  | $ | — |
March 18, 2020 (5) |  | $ | 1.40 |  |  | March 18, 2023 |  | $ | 1.40 |  |  |  | 0.66 | % |  |  | 137.41 | % |  |  | 3.0 |  |  | $ | 1.075547 |  |  | $ | — |
September 10, 2019 (6) |  | $ | 0.49 |  |  | September 10, 2022 |  | $ | 0.49 |  |  |  | 1.61 | % |  |  | 139.84 | % |  |  | 3.0 |  |  | $ | 0.38185 |  |  | $ | — |
November 6, 2019 (7) |  | $ | 0.49 |  |  | November 6, 2022 |  | $ | 0.49 |  |  |  | 1.60 | % |  |  | 138.48 | % |  |  | 3.0 |  |  | $ | 0.38255 |  |  | $ | — |
Significant inputs into the model at the reporting period measurement dates are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Future |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Quarterly |
|  |  |  |  | Warrant |  |  |  |  | Interest |  |  |  |  |  | Time to |  |  | Calculated |  |  | Dividend |
Black-Scholes |  | Exercise |  |  | Expiration |  | Stock |  |  | Rate |  |  | Volatility |  |  | Maturity |  |  | fair value |  |  | per |
Assumptions |  | Price |  |  | Date |  | Price (8) |  |  | (annual) (9) |  |  | (annual) (10) |  |  | (Years) |  |  | per share |  |  | share (11) |
December 31, 2022(1) |  | $ | .0525 |  |  | September 2, 2026 |  | $ | 1.25 |  |  |  | 4.22 | % |  |  | 287.87 | % |  |  | 3.68 |  |  | $ | 0.0968371 |  |  | $ | — |
December 31, 2022(2) |  | $ | 4.375 – 5.25 |  |  | March 11, 2026 |  | $ | 1.25 |  |  |  | 4.22 | % |  |  | 288.66 | % |  |  | 3.20 |  |  | $ | 0.096101 - 0.0957467 |  |  | $ | — |
December 31, 2022(3) |  | $ | 2.80 |  |  | February 3, 2024 |  | $ | 1.25 |  |  |  | 4.73 | % |  |  | 352.74 | % |  |  | 1.10 |  |  | $ | 0.0690620 |  |  | $ | — |
December 31, 2022(4) |  | $ | 2.80 |  |  | December 24, 2023 |  | $ | 1.25 |  |  |  | 4.73 | % |  |  | 331.00 | % |  |  | 0.98 |  |  | $ | 0.0681813 |  |  | $ | — |
December 31, 2022(5) |  | $ | 1.40 |  |  | March 18, 2023 |  | $ | 1.25 |  |  |  | 4.42 | % |  |  | 147.61 | % |  |  | 0.22 |  |  | $ | 0.0296661 |  |  | $ | — |
December 31, 2022(6) |  | $ | 0.49 |  |  | September 10, 2022 |  | $ | 1.25 |  |  |  | 4.42 | % |  |  | 137.02 | % |  |  | 0.35 |  |  | $ | 0.0091855 |  |  | $ | — |
December 31, 2022(7) |  | $ | 0.49 |  |  | November 6, 2022 |  | $ | 1.25 |  |  |  | 4.42 | % |  |  | 149.27 | % |  |  | 0.18 |  |  | $ | 0.0085006 |  |  | $ | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Future |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Quarterly |
|  |  |  |  | Warrant |  |  |  |  | Interest |  |  |  |  |  | Time to |  |  | Calculated |  |  | Dividend |
Black-Scholes |  | Exercise |  |  | Expiration |  | Stock |  |  | Rate |  |  | Volatility |  |  | Maturity |  |  | fair value |  |  | per |
Assumptions |  | Price |  |  | Date |  | Price (8) |  |  | (annual) (9) |  |  | (annual) (10) |  |  | (Years) |  |  | per share |  |  | share(11) |
December 31, 2021(1) |  | $ | .0525 |  |  | September 2, 2026 |  | $ | 3.50 |  |  |  | 0.98 | % |  |  | 205.16 | % |  |  | 4.67 |  |  | $ | 0.0968371 |  |  | $ | — |
December 31, 2021(2) |  | $ | 4.375 – 5.25 |  |  | March 11, 2026 |  | $ | 3.50 |  |  |  | 0.98 | % |  |  | 205.16 | % |  |  | 4.19 |  |  | $ | 0.096101 - 0.0957467 |  |  | $ | — |
December 31, 2021(3) |  | $ | 2.80 |  |  | February 3, 2024 |  | $ | 2.80 |  |  |  | 0.28 | % |  |  | 205.16 | % |  |  | 2.09 |  |  | $ | 0.0690620 |  |  | $ | — |
December 31, 2021(4) |  | $ | 2.80 |  |  | December 24, 2023 |  | $ | 2.80 |  |  |  | 0.28 | % |  |  | 205.16 | % |  |  | 1.98 |  |  | $ | 0.0681813 |  |  | $ | — |
December 31, 2021(5) |  | $ | 1.40 |  |  | March 18, 2023 |  | $ | 1.40 |  |  |  | 0.28 | % |  |  | 205.16 | % |  |  | 1.21 |  |  | $ | 0.0296661 |  |  | $ | — |
December 31, 2021(6) |  | $ | 0.49 |  |  | September 10, 2022 |  | $ | 0.49 |  |  |  | 0.09 | % |  |  | 205.16 | % |  |  | 0.69 |  |  | $ | 0.0091855 |  |  | $ | — |
December 31, 2021(7) |  | $ | 0.49 |  |  | November 6, 2022 |  | $ | 0.49 |  |  |  | 0.19 | % |  |  | 205.16 | % |  |  | 0.85 |  |  | $ | 0.0085006 |  |  | $ | — |
(1) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on September 2nd, 2021
(2) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on March 11th, 2021
(3) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on February 3rd, 2021
(4) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on December 24th, 2020
(5) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on March 18th, 2020
(6) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on September 10th, 2019
(7) | Based on the terms provided in the warrant agreement related to the issuance of common stock of on November 6th, 2019
(8) | Based on the observable transaction value of common stock of per the most recent stock issuance financing agreements.
(9) | Interest rate for U.S. Treasury Bonds, as of the issuance dates and each presented year ended date, as published by the U.S. Federal Reserve.
(10) | Based on the historical daily volatility of guideline public companies in the healthcare industry and each presented year ended date.
(11) | Current estimated dividend payments beyond initial four quarters. At a future date, the Company will review the working capital needs and make a final determination of any future dividend payments.

X
- References No definition available. + Details
Name: | NXGL_DisclosureWarrantLiabilityAbstract
Namespace Prefix: | NXGL_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fair Value Warrant Liability [Text Block] + References No definition available. + Details
Name: | NXGL_FairValueWarrantLiabilityTextBlock
Namespace Prefix: | NXGL_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration