The following table summarizes warrant activity for the years ended December 31, 2020 and 2019: |
|
| Shares
|
|
| Weighted- Average Exercise Price
|
|
|
|
|
|
|
|
|
|
| Warrants Outstanding as of January 1, 2019
|
|
| 1,053,252
|
|
| $
| 4.28
|
|
| Warrants Granted
|
|
| 454,237
|
|
| $
| 0.69
|
|
| Warrants Expired
|
|
| (194,029
| )
|
| $
| 2.08
|
|
| Warrants Outstanding as of December 31, 2019
|
|
| 1,313,459
|
|
| $
| 2.67
|
|
| Warrants Expired
|
|
| (236,904
| )
|
| $
| 5.73
|
|
| Warrants Outstanding as of December 31, 2020
|
|
| 1,076,555
|
|
| $
| 1.99
|
|
The weighted-average exercise price and weighted-average fair value of the warrants granted by the Company in 2019 were as follows (note- no warrants granted in 2020): |
|
| For the Year Ended
|
|
|
|
| December 31, 2019
|
|
|
|
| Weighted- Average Exercise Price
|
|
| Weighted- Average Fair Value
|
|
|
|
|
|
|
|
|
|
| Warrants Granted Whose Exercise Price Exceeded Fair Value at the Date of Grant
|
| $
| 0.69
|
|
| $
| 0.41
|
|
| 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 in 2019 utilizing the Black-Scholes option-pricing model with the following weighted-average inputs (note- no warrants granted in 2020): |
|
| Year Ended December 31,
|
|
|
|
| 2019
|
|
| Stock Price on Date of Grant
|
| $
| 0.69
|
|
| Exercise Price
|
| $
| 0.72
|
|
| Volatility
|
|
| 96.9
| %
|
| Term
|
| | 5Years
|
|
| Risk-Free Interest Rate
|
|
| 2.0
| %
|
| Expected Dividend Rate
|
|
| 0.0
| %
|
For the years ended December 31, 2020 and 2019, zero and $0.18 million of warrants were issued in connection with debt and recorded as a debt discount.
|