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Derivative Liabilities | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Liabilities | NOTE 9 – DERIVATIVE LIABILITIES At December 31, 2020 and December 31, 2019, the Company had warrants that contain net cash settlement provisions or do not have fixed settlement provisions because their conversion and exercise prices may be lowered if the Company issues securities at lower prices in the future. The Company concluded that the warrants should be accounted for as derivative liabilities. In determining the fair value of the derivative liabilities, the Company used the Black-Scholes option pricing model on December 31, 2020 and 2019:
|  | December 31, 2020 |
Common stock issuable upon exercise of warrants |  |  | 295,000 |
Market value of common stock on measurement date |  | $ | 1.53 |
Exercise price |  | $ | 0.42 |
Risk free interest rate (1) |  |  | 0.13 | %
Expected life in years |  |  | 1 year |
Expected volatility (2) |  |  | 160.03 | %
Expected dividend yields (3) |  |  | 0 | %
|  | December 31, 2019 |
Common stock issuable upon exercise of warrants |  |  | 295,000 |
Market value of common stock on measurement date |  | $ | 1.11 |
Exercise price |  | $ | 1.20 |
Risk free interest rate (1) |  |  | 1.58 | %
Expected life in years |  |  | 2 years |
Expected volatility (2) |  |  | 86.66 | %
Expected dividend yields (3) |  |  | 0 | %
| (1) | The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date.
| (2) | The historical trading volatility was determined by calculating the volatility of the Company’s peers’ common stock.
| (3) | The Company does not expect to pay a dividend in the foreseeable future.
The following table shows the change in the Company’s derivative liabilities rollforward for the years ended December 31, 2020 and 2019 (in thousands):
|  | Amount |
Balance, December 31, 2018 |  | $ | 326 |
Initial valuation of derivative liabilities upon issuance of warrants |  |  | 66 |
Change in fair value of derivative liabilities |  |  | (245 | )
Balance, December 31, 2019 |  | $ | 147 |
|  | Amount |
Balance, December 31, 2019 |  | $ | 147 |
Change in fair value of derivative liabilities |  |  | 216 |
Balance, December 31, 2020 |  | $ | 363 |
The change in fair value of derivative liabilities includes losses from exercise price modifications.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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