Quarterly report pursuant to Section 13 or 15(d)

Warrants and Derivative Liabilities (Tables)

v3.23.3
Warrants and Derivative Liabilities (Tables)
 9 Months Ended
Sep. 30, 2023
Warrants and Rights Note Disclosure [Abstract]  
Schedule of warrants vested and outstanding
Warrants vested and outstanding as of September 30, 2023 are summarized as follows:
Source Exercise
Price		 Weighted
Average
Remaining
Contractual
Term
(Years)		 Number of
Warrants
Outstanding
2015 Common Stock Warrants $ 1,250.00  1.57 400 
2016 Common Stock Warrants to Service Providers 287.50  3.09 160 
2019 Common Stock Warrants 87.50  1.15 32,000 
2020 Common Stock Warrants to Placement Agent 20.00  1.84 32,668 
2021 Inducement Warrants 37.50  2.82 84,667 
2021 Inducement Warrants to Placement Agent 47.00  2.82 5,927 
2021 Common Stock Warrants 22.50  3.00 311,113 
2021 Common Stock Warrants to Placement Agent 27.50  3.00 21,778 
2022 Common Stock Warrants to Service Provider 10.00  0.50 8,000 
November 2019 EHT Common Stock Warrants 72.25  1.17 34,213 
November 2019 EHT Common Stock Warrants 37.25  1.25 3,783 
December 2019 EHT Common Stock Warrants 37.25  1.36 80,694 
August 2023 Convertible Note Common Stock Warrants 5.16  9.89 340,000 
August 2023 PIPE Financing Common Stock Warrants 5.16  9.89 2,325,537 
Total warrants outstanding as of September 30, 2023 3,280,940 
Schedule of the activity of derivative liabilities
The following table summarizes the activity of the derivative liability for the period indicated:
Nine Months Ended September 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
September 30, 2022
Fair
Value of Derivative Liability
Emerald Financing - warrant liability $ 59,732  $ —  $ (59,406) $ —  $ 326 
Total derivative liability $ 59,732  $ —  $ (59,406) $ —  $ 326 
Schedule of input and valuation technique used to value warrant liabilities The warrants vested immediately and the fair value of $7,881,972 was determined using the Black-Scholes Merton option pricing model with the following assumptions:
August 18,
2023
Dividend yield 0.00  %
Volatility factor 87.88  %
Risk-free interest rate 4.26  %
Expected term (years) 10
Underlying common stock price
 $ 5.16 
The warrants vested immediately and the fair value of $1,144,886 was determined using the Black-Scholes Merton option pricing model with the following assumptions:
August 18,
2023
Dividend yield 0.00  %
Volatility factor 87.88  %
Risk-free interest rate 4.26  %
Expected term (years) 10
Underlying common stock price
 $ 5.16 
The warrant liability is valued at the balance sheet date using the following assumptions:
December 31,
2022
Dividend yield —  %
Volatility factor 140.83  %
Risk-free interest rate 4.21  %
Expected term (years) 0.13
Underlying common stock price $ 4.00