Quarterly report pursuant to Section 13 or 15(d)

Warrants and Derivative Liabilities (Tables)

v3.22.2.2
Warrants and Derivative Liabilities (Tables)
 6 Months Ended
Jun. 30, 2022
Warrants and Rights Note Disclosure [Abstract]  
Schedule of warrants vested and outstanding
Warrants vested and outstanding as of June 30, 2022 are summarized as follows:

Source Exercise
Price		 Term
(Years)		 Number of
Warrants
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 
2022 Common Stock Warrants to Service Provider 0.04  2 2,000,000 
Total warrants outstanding as of June 30, 2022 136,187,225 
Schedule of input and valuation technique used to value warrant liabilities
As of the date of grant, the Company valued the warrants with a Black-Scholes valuation method using the following assumptions:
April 1, 2022 Date of Issuance
Dividend yield —  %
Volatility factor 118.5  %
Risk-free interest rate 1.92  %
Expected term (years) 1.27
Underlying common stock price $ 0.04 
The warrant liability is valued at the balance sheet dates using the following assumptions:
June 30,
2022		 December 31,
2021
Dividend yield —  % —  %
Volatility factor 99.0  % 126.5  %
Risk-free interest rate 2.59  % 0.43  %
Expected term (years) 0.63 1.13
Underlying common stock price $ 0.04  $ 0.05 
Schedule of the activity of derivative liabilities
The following tables summarize the activity of the derivative liability for the periods indicated:
Six Months Ended June 30, 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
June 30, 2022
Fair
Value of Derivative Liability
Emerald Financing - warrant liability $ 59,732  $ —  $ (53,178) $ —  $ 6,554 
Current balance of derivative liability $ 59,732  $ —  $ (53,178) $ —  $ 6,554 

Six Months Ended June 30, 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
June 30, 2021
Fair
Value of Derivative Liability
Emerald Financing - warrant liability $ 38,567  $ —  $ 358,998  $ —  $ 397,565 
Total derivative liability $ 38,567  $ —  $ 358,998  $ —  $ 397,565