Quarterly report pursuant to Section 13 or 15(d)

Warrant Liabilities (Tables)

v3.21.1
Warrant Liabilities (Tables)
3 Months Ended
Mar. 31, 2021
Warrant Liabilities  
Schedule of Warrants Activity

The following table summarizes the activity in the warrants received in exchange for the Series C Warrants for the three months ended March 31, 2021:

 

   

Common Stock Warrants (received in exchange for the

Series C Warrants)

 
    Shares    

Weighted–

Average

Exercise

Price

   

Range of Exercise

Price

   

Weighted–

Average

Remaining
Life (Years)

 
Total outstanding – December 31, 2020     3,378,596     $ 0.72                  
Exercised     (473,608 )     0.72                  
Forfeited     (36,097 )     0.72                  
Expired                            
Granted                            
Total outstanding – March 31, 2021     2,868,891     $ 0.72                  
Exercisable     2,868,891     $ 0.72     $ 0.72       2.75  

 

The following table summarizes the Series C Warrants activity for the three months ended March 31, 2020:

 

    Series C Preferred Stock Warrants  
    Shares    

Weighted–

Average

Exercise

Price

   

Range of Exercise

Price

   

Weighted– Average Remaining

Life (Years)

 
Total outstanding – December 31, 2019     1,441,180     $ 2.35                  
Forfeited                            
Expired                            
Granted                            
Total outstanding – March 31, 2020     1,441,180     $ 2.35                  
Exercisable     1,441,180     $ 2.35     $ 2.25 – 2.70       4.85  

Schedule of Fair Value Hierarchy for Warrant Liabilities

The following table presents the Company’s fair value hierarchy for its warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants) measured at fair value on a recurring basis using Level 3 inputs as of March 31, 2021:

 

      Quoted                          
      Market       Significant                  
      Prices for       Other       Significant          
      Identical       Observable       Unobservable          
      Assets       Inputs       Inputs          
Warrant liabilities     (Level 1)       (Level 2)       (Level 3)       Total  
Balance as of March 31, 2021   $     $     $ 6,187,200     $ 6,187,200  

Schedule of Assumptions of Warrant Liabilities

The following are the weighted average and the range of assumptions used in estimating the fair value of warrant liabilities (weighted average calculated based on the number of outstanding warrants on each issuance) as of March 31, 2021:

 

    March 31, 2021  
    Range    

Weighted

Average

 
Risk-free interest rate     0.28% — 0.42 %     0.30 %
Expected volatility (peer group)     81.00 — 84.00 %     83.52 %
Term of warrants (in years)     2.65 — 3.24       2.75  
Expected dividend yield     0.00 %     0.00 %