Quarterly report pursuant to Section 13 or 15(d)

Warrants and Derivative Liabilities (Tables)

v3.22.1
Warrants and Derivative Liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
Warrants and Rights Note Disclosure [Abstract]  
Schedule of warrants vested and outstanding
Warrants vested and outstanding as of March 31, 2022 are summarized as follows:
Source Exercise
Price		 Term
(Years)		 Number of
Warrants
Vested and
Outstanding
Pre 2015 Common Stock Warrants $ 1.00  10 1,110,000 
2015 Common Stock Warrants 5.00  10 100,000 
2016 Common Stock Warrants to Service Providers 1.15  10 40,000 
2018 Emerald Financing Warrants 0.10  5 3,400,000 
Emerald Multi-Draw Credit Agreement Warrants 0.50  5 7,500,000 
2019 Common Stock Warrants 0.35  5 8,000,000 
2020 Common Stock Warrants to Placement Agent 0.08  5 8,166,667 
2021 Inducement Warrants 0.15  5 21,166,667 
2021 Inducement Warrants to Placement Agent 0.19  5 1,481,667 
2021 Common Stock Warrants 0.09  5 77,777,779 
2021 Common Stock Warrants to Placement Agent 0.11  5 5,444,445 
Total warrants vested and outstanding as of March 31, 2022 134,187,225 
Schedule of the activity of derivative liabilities
The following tables summarize the activity of the derivative liability for the periods indicated:
Three Months Ended March 31, 2022
December 31, 2021
Fair
Value of Derivative Liability
 Fair
Value of
Derivative
Liability		 Change in
Fair Value of Derivative
Liability		 Reclassification
of Derivative
to Equity
March 31, 2022
Fair
Value of Derivative Liability
Emerald Financing - warrant liability (1)
$ 59,732  $ —  $ (43,655) $ —  $ 16,077 
Current balance of derivative liabilities $ 59,732  $ —  $ (43,655) $ —  $ 16,077 

Three Months Ended March 31, 2021
December 31, 2020
Fair
Value of Derivative Liability
 Fair
Value of
Derivative
Liability		 Change in
Fair Value of Derivative
Liability		 Reclassification
of Derivative
to Equity
March 31, 2021
Fair
Value of Derivative Liability
Emerald Financing - warrant liability (1)
$ 38,567  $ —  $ 238,350  $ —  $ 276,917 
Total derivative liabilities $ 38,567  $ —  $ 238,350  $ —  $ 276,917 
Emerald Financing Warrant Liability (1)
Schedule of input and valuation technique used to value warrant liabilities
The warrant liability is valued at the balance sheet dates using the following assumptions:
March 31,
2022		 December 31,
2021
Dividend yield —  % —  %
Volatility factor 103.3  % 126.5  %
Risk-free interest rate 1.49  % 0.43  %
Expected term (years) 0.88 1.13
Underlying common stock price $ 0.04  $ 0.05