Annual report pursuant to Section 13 and 15(d)

WARRANTS

v3.23.1
WARRANTS
12 Months Ended
Dec. 31, 2022
Warrants and Rights Note Disclosure [Abstract]  
WARRANTS WARRANTS
The following table summarizes warrant activity for the years ended December 31, 2022 and 2021:
Warrants Weighted-
Average
Exercise
Price
Warrants Outstanding as of December 31, 2020 1,076,555  $ 1.99 
Issued 85,336,515  $ 0.08 
Exercised (586,198) $ 0.07 
Warrants Outstanding as of December 31, 2021 85,826,872  $ 0.22 
Exercised (4,945,055) $ 0.01 
Warrants Outstanding as of December 31, 2022 80,881,817  $ 0.11 
The weighted-average exercise price and weighted-average fair value of the warrants granted by the Company during the year ended December 31, 2021 were as follows:
Weighted-
Average
Exercise
Price
Weighted-
Average Fair
Value
Warrants Granted Whose Exercise Price Exceeded Fair Value at the Date of Grant $ 0.08  $ 0.21 
Warrants Granted Whose Exercise Price Was Equal or Lower Than Fair Value at the Date of Grant $ —  $ — 
The Company estimated the fair value of the warrants issued during the year ended December 31, 2021 utilizing the Black-Scholes option-pricing model with the following weighted-average inputs:
Year Ended December 31,
2021
Expected Term 3.8 
Volatility 112.6  %
Risk-Free Interest Rate 0.2  %
Dividend Yield —  %