Quarterly report pursuant to Section 13 or 15(d)

Capitalization and Equity Structure (Tables)

v3.23.1
Capitalization and Equity Structure (Tables)
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Warrant share activity
Warrants outstanding as of March 31, 2023 and December 31, 2022 were as follows:  
Source Exercise
Price		 Term
(Years)		 December 31, 2022 Issued Exercised March 31, 2023
2021 Warrants $ 12.81  5 273  —  —  273 
June 2020 Investor Warrants $ 5.18  5.5 127  —  —  127 
June 2020 Placement Agent Warrants $ 5.64  5 39  —  —  39 
December 2019 Warrants $ 8.10  5 556  —  —  556 
December 2019 Placement Agent Warrants $ 8.44  5 52  —  —  52 
May 2019 Warrants $ 3.52  5 193  —  —  193 
  1,240  —  —  1,240 
Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants:
March 31, 2023 December 31, 2022
Current share price $ 1.65  $ 1.19 
Conversion price $ 12.81  $ 12.81 
Risk-free interest rate 4.68  % 4.21  %
Expected term (years) 2.86 3.11
Volatility of stock 93.5  % 99.6  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:
March 31, 2023 December 31, 2022
Current share price $ 1.65  $ 1.19 
Conversion price $ 5.18  $ 5.18 
Risk-free interest rate 4.73  % 4.23  %
Expected term (years) 2.69 2.94
Volatility of stock 72.5  % 99.6  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:
March 31, 2023 December 31, 2022
Current share price $ 1.65  $ 1.19 
Conversion price $ 5.64  $ 5.64 
Risk-free interest rate 4.88  % 4.33  %
Expected term (years) 2.19 2.44
Volatility of stock 70.7  % 73.5  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:
March 31, 2023 December 31, 2022
Current share price $ 1.65  $ 1.19 
Conversion price $ 8.10  $ 8.10 
Risk-free interest rate 4.87  % 4.32  %
Expected term (years) 2.22 2.47
Volatility of stock 70.8  % 73.3  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:
March 31, 2023 December 31, 2022
Current share price $ 1.65  $ 1.19 
Conversion price $ 8.44  $ 8.44 
Risk-free interest rate 4.95  % 4.42  %
Expected term (years) 1.72 1.97
Volatility of stock 62.1  % 71.8  %
The following assumptions were used in the Black-Scholes Model in combination with the Lattice Model to measure the fair value of the May 2019 Warrants:
March 31, 2023 December 31, 2022
Share price $ 1.65  $ 1.19 
Conversion price $ 3.52  $ 3.52 
Risk-free interest rate 4.55  % 4.6  %
Expected term (years) 1.2 1.4
Volatility of stock 62.8  % 74.5  %