Quarterly report pursuant to Section 13 or 15(d)

STOCK WARRANTS

v3.23.1
STOCK WARRANTS
 3 Months Ended
Mar. 31, 2023
Stock Warrants  
STOCK WARRANTS

12. STOCK WARRANTS

 

The Company has the following warrants outstanding as of March 31, 2023, all of which are exercisable:

    Warrants     Weighted-
Average
Exercise
Price		     Weighted-
Average
Remaining
Contractual
Life (Years)		     Aggregate
Intrinsic
Value		  
                         
Outstanding at January 1, 2023     952,638     $ 37.60       3.56     $         -  
Granted     -       -       -       -  
Forfeited     (834 )     13.60       -       -  
Exercised     -       -       -       -  
Outstanding at March 31, 2023, all vested     951,804     $ 32.80       2.93     $ -  

 

At March 31, 2023 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 901,275 shares of the Company’s common stock at a public offering price of $8.00 per share. As a result of this transaction, certain warrants which previously had an exercise price of $13.60 per share, had the exercise price reduced to $8.00 per share, which resulted in the Company recognizing a deemed dividend of $164.