v3.21.2
Warrants (Tables)
9 Months Ended
Sep. 30, 2021
Warrants  
Summary of Warrant Activity

The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the nine months ended September 30, 2021 (in thousands):

 Summary of Warrant Activity

  

Warrants

Accounted for as:

Equity

  

Warrants

Accounted for as:

Liabilities

     
   May 2018
Warrants
   October 2013
Warrants
   January 2014
Warrants
   Total 
Outstanding, December 31, 2020   84    26    133    243 
Exercised   -    -    -    - 
Granted   -    -    -    - 
Expired   -    -    -    - 
Outstanding, September 30, 2021   84    26    133    243 
Expiration date:   October 27, 2022    October 24, 2023    January 16, 2024      
Schedule of Fair Value of Warrants Classified as Liabilities

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of September 30, 2021:

 Schedule of Fair Value of Warrants Classified as Liabilities

   October 2013
Warrants
   January 2014
Warrants
 
         
Strike price  $15.00   $15.00 
Expected dividend yield   0.00%   0.00%
Contractual term (years)   2.1    2.3 
Cumulative volatility   130.84%   127.99%
Risk-free rate   0.09%   0.11%
Value per warrants  $0.19   $0.22 
Aggregate value  $5,031   $28,969 

 

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of December 31, 2020:

 

   October 2013
Warrants
   January 2014
Warrants
 
         
Strike price  $15.00   $15.00 
Expected dividend yield   0.00%   0.00%
Contractual term (years)   2.8    3.0 
Cumulative volatility   119.18%   116.65%
Risk-free rate   0.16%   0.18%
Value per warrants  $0.36   $0.38 
Aggregate value  $9,406   $51,151