Quarterly report pursuant to Section 13 or 15(d)

STOCK WARRANTS

v3.22.2.2
STOCK WARRANTS
 6 Months Ended
Jun. 30, 2022
Stock Warrants  
STOCK WARRANTS

12. STOCK WARRANTS

 

The Company has the following warrants outstanding as of June 30, 2022:

 

    Warrants     Weighted- Average Exercise Price     Weighted- Average Remaining Contractual Life (Years)     Aggregate Intrinsic Value  
                         
Outstanding at January 1, 2022, all vested     10,984,740     $ 2.67       2.38     $ 507  
Granted, unvested as of June 30, 2022     14,666,667       0.75       5.32       -  
Forfeited     -       -       -       -  
Exercised     -       -       -       -  
Outstanding at June 30, 2022     25,651,407     $ 1.52       3.65     $ -  

 

In connection with the Registered Direct Offering, the Company issued 14,666,667 warrants to purchase common stock with a vesting period of six months and an exercise price of $0.75. As of a result of the Registered Direct Offering, 3,704,826 Series A warrants with exercise prices ranging from $1.10 to $2.10 per share were repriced to $0.75 per share. The change in fair value of such warrants as a result of the new exercise price is approximately $200 and the Company accounted for this change as part of the change in fair value of derivative liability (see Note 8). As of June 30, 2022, the intrinsic value of the outstanding warrants was $0.