XML 30 R17.htm IDEA: XBRL DOCUMENT

Warrant Liability

12 Months Ended

Dec. 31, 2022

Note 10. Warrant Liability

The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented as a Warrant liability in the accompanying consolidated balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within the consolidated statement of operations and comprehensive loss. (See Notes 7 and 8)

The Warrant liability at December 31, 2022 was as follows:

Schedule of Warrant Liability


Note Warrants	$	30,588
Trading and Overallotment Warrants		1,121,250
Total	$	1,151,838
Warrant liability	$	1,151,838

The Warrants outstanding at December 31, 2022 were as follows:

Schedule of Warrant Outstanding


Note warrants			235,295
Trading and Overallotment Warrants			8,812,500
Total			9,047,795
Warrant outstanding			9,047,795

The following table presents the changes in the Warrant liability of the Level 1 warrants issued on April 14, 2022, the effective date of the IPO measured at fair value:

	Total

FMV of Note Warrants, at issuance	$	157,647

FMV of Trading and Overallotment Warrants, at issuance		5,778,750

Change in fair value of warrant liability, issuance through December 31, 2022		(4,784,559	)

Fair Value at December 31, 2022	$	1,151,838

SHARPS TECHNOLOGY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021