Note 19: Warrants

The Company has warrants outstanding to purchase up to 45,511,965 shares of the Company’s common stock as of June 30, 2022, and December 31, 2021, with a total value of $74.2 million, an average exercise price of $1.86 and average term of 5.5 years.

As of June 30, 2022, 892,857 liability classified derivative warrants to purchase shares of the Company’s common stock remained outstanding and are revalued each reporting period. As of June 30, 2022, the warrants were revalued at $0.6 million, resulting in a decrease of $0.3 million in liability as compared to December 31, 2021. The change in value is recorded within Net Other Income (Expense) on the condensed consolidated statement of operations. The valuation inputs as of June 30, 2022 included an expected volatility of 128% and an annual interest rate of 2.97%.

The Company did not have any warrant activity during the three or six months ended June 30, 2022.