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Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2022

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 2^nd, 2021

(2)	Based on the terms provided in the warrant agreement related to the issuance of common stock of on March 11^th, 2021

(3)	Based on the terms provided in the warrant agreement related to the issuance of common stock of on February 3^rd, 2021

(4)

Based on the terms provided in the warrant agreement related to the issuance of common stock of on December 24^th, 2020

(5)

Based on the terms provided in the warrant agreement related to the issuance of common stock of on March 18^th, 2020

(6)

Based on the terms provided in the warrant agreement related to the issuance of common stock of on September 10^th, 2019

(7)

Based on the terms provided in the warrant agreement related to the issuance of common stock of on November 6^th, 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.