Warrants

v3.23.1

Warrants	3 Months Ended
	Mar. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants The following table summarizes the activity in the Company's outstanding warrants during the three months ended March 31, 2023: Warrants Outstanding Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Per Share Balance at December 31, 2022 4,433,593 3.37 $ 22.50  Granted – – $ –  Exercised – – $ –  Expired (4,000) – $ 30.00  Forfeitures (50,000) 7.69 $ 13.90  Balance at March 31, 2023 4,379,593 3.08 $ 22.59  Exercisable March 31, 2023 4,379,593 3.08 $ 22.59  Exercisable December 31, 2022 4,433,593 3.37 $ 22.50  The warrants to purchase shares of the Company’s common stock outstanding as of March 31, 2023 and December 31, 2022 had a total value of $72.4 million and $73.3 million, respectively. As of March 31, 2023, 89,286 liability classified derivative warrants to purchase shares of the Company’s common stock remained outstanding and are revalued each reporting period. As of March 31, 2023, the warrants were revalued at $0.2 million, resulting in a decrease of $0.1 million in liability as compared to December 31, 2022. The change in value is recorded within net other income (expense) on the condensed consolidated statements of operations. The fair value of the outstanding derivative warrants was determined by using the Black-Scholes option pricing model ("BSM") based on the following assumptions: Exercise Price $ 2.10  Dividend Yield 0  % Volatility 127  % Risk-free interest rate 4.03  % Expected life of options 2.0 years On February 16, 2023, the Company received a notification of exercise from the holder of the remaining 50,000 warrants with a put option. The put option was exercised for a fixed rate of $250,000.