v3.22.1

Warrants (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 (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, 2021			84				26				133				243
Exercised			-				-				-				-
Granted			-				-				-				-
Expired			-				-				-				-
Outstanding, March 31, 2022			84				26				133				243
Expiration date:			10/27/2022				10/24/2023				01/16/2024

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 March 31, 2022:

 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)			1.6				1.8
Cumulative volatility			88.64	%			88.20	%
Risk-free rate			0.04	%			0.06	%
Value per warrants		$	0.00			$	0.00
Aggregate value		$	-			$	1

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, 2021:

		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

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- References

No definition available.

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- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
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-Paragraph 1
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