Quarterly report pursuant to Section 13 or 15(d)

STOCK WARRANTS

v3.22.2.2
STOCK WARRANTS
 9 Months Ended
Sep. 30, 2022
Stock Warrants  
STOCK WARRANTS

12. STOCK WARRANTS

 

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

 

    Warrants     Weighted- Average Exercise Price     Weighted- Average Remaining Contractual Life (Years)     Aggregate Intrinsic Value  
                         
Outstanding as of January 1, 2022, all vested     10,984,740     $ 2.67       2.38     $ 507  
Granted, unvested as of September 30, 2022     14,666,667       0.75       5.07       -  
Forfeited     -       -       -       -  
Exercised     -       -       -       -  
Outstanding as of September 30, 2022     25,651,407     $ 1.52       3.52     $ -  

 

In connection with the April Registered Direct Offering on April 20, 2022, 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 a result of the April Registered Direct Offering, 3,704,826 warrants outstanding as of January 1, 2022, with exercise prices ranging from $1.10 to $2.10 per share, had the exercise prices reduced 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). In October 2022, the Company entered into the October Purchase Agreement and as a result of this transaction, certain warrants which previously had an exercise price of $0.75 per share had the exercise price reduced to $0.34 per share (see Note 14). As of September 30, 2022, the intrinsic value of the outstanding warrants was $0.