v3.22.1
Warrants (Tables)
12 Months Ended
Dec. 31, 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 years ended December 31, 2021 and 2020 (table in thousands):

   Warrants Accounted for as:
Equity
   Warrants
Accounted for as:
Liabilities
     
   May 2018
Warrants
   October 2013
Warrants
   January 2014
Warrants
   Total 
Outstanding, December 31, 2019   84    26    133    243 
Exercised   -    -    -    - 
Granted   -    -    -    - 
Expired   -    -    -    - 
Outstanding, December 31, 2020   84    26    133    243 
Exercised   -    -    -    - 
Granted   -    -    -    - 
Expired   -    -    -    - 
Outstanding, December 31, 2021   84    26    133    243 
Expiration date   Oct 27, 2022    Oct 24, 2023    Jan 16, 2024      
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%
Expected term (years)   1.8    2.0 
Cumulative volatility   129.65%   128.17%
Risk-free rate   0.06%   0.08%
Fair value (in thousands)  $2   $10 

 

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%
Expected term (years)   2.8    3.0 
Cumulative volatility   119.18%   116.65%
Risk-free rate   0.16%   0.18%
Fair value (in thousands)  $9   $52