The Company has the following warrants as of December 31, 2022 and 2021 are presented below:

SCHEDULE OF WARRANTS OUTSTANDING 

In connection with the April Registered Direct Offering on April 20, 2022, the Company issued 14,666,667 warrants to purchase common stock with a vesting period of six months and an exercise price of $0.75. As a result, 3,704,826 warrants, with exercise prices ranging from $1.10 to $2.10 per share, had the exercise prices reduced to $0.75 per share. The change in fair value of such warrants as a result of the new exercise price is approximately $200 and the Company accounted for this change as part of the change in fair value of derivative liability (see Note 10).

Further, as a result of the October Purchase Agreement, certain warrants which previously had an exercise price of $0.75 per share had the exercise price reduced to $0.34 per share, which resulted in the Company recognizing a deemed dividend of $246 (see Note 11). As of December 31, 2022, the intrinsic value of the outstanding warrants was $0.

On January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the January 2023 offering, issuance and sale of 36,051,000 shares of the Company’s common stock at a public offering price of $0.20 per share. As a result of this transaction, certain warrants which previously had an exercise price of $0.34 per share, had the exercise price reduced to $0.20 per share. See Note 17 – Subsequent Events.

During the year ended December 31, 2021, the Company granted 138,889 warrants to an officer. The warrants are fully vested upon grant, have an exercise price of $2.61 per share, expire in 3 years with an estimated fair value of $363.

During the year ended December 31, 2021, a total of 2,285,389 warrants were exercised into 2,254,411 shares of common stock at a weighted average exercise price of $1.25. The Company received cash of $2,784 upon exercise of the warrants.