| Schedule of Warrant Liability |
The
warrants outstanding and fair values at each of the respective valuation dates are summarized below:
Schedule
of Warrant Liability
| Warrant
Liability |
|
Warrants
Outstanding |
|
|
Fair
Value
per Share |
|
|
Fair
Value |
|
| Fair value as of year ended
12/31/2020 |
|
|
201,572 |
|
|
|
|
|
|
$ |
123 |
|
| Fair value at initial measurement dates |
|
|
63,733 |
|
|
$ |
3.2097 |
|
|
$ |
203 |
|
| Change in fair value
of warrant liability |
|
|
|
|
|
|
|
|
|
|
(8 |
) |
| Fair value as of year ended 12/31/2021 |
|
|
265,305 |
|
|
|
|
|
|
$ |
318 |
|
| Modification of warrants |
|
|
- |
|
|
|
|
|
|
$ |
57 |
|
| Change in fair value
of warrant liability |
|
|
- |
|
|
|
|
|
|
|
(133 |
) |
| Fair value as of year ended 12/31/2022 |
|
|
265,305 |
|
|
|
|
|
|
$ |
242 |
|
The
warrant liabilities are considered Level 3 liabilities on the fair value hierarchy as the determination of fair value includes various
assumptions about future activities and the Company’s stock prices and historical volatility of other comparable public companies
used as inputs. As of December 31, 2022, none of the warrants have been exercised.
The
fair value of the warrant liabilities was measured using a Black-Scholes model. Significant inputs into the model at the inception are
as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
| |
|
|
|
|
Warrant |
|
|
|
|
Interest |
|
|
|
|
|
Time
to |
|
|
Calculated |
|
|
Dividend |
|
| Black
-Scholes |
|
Exercise |
|
|
Expiration |
|
Stock |
|
|
Rate |
|
|
Volatility |
|
|
Maturity |
|
|
fair
value |
|
|
per |
|
| Assumptions |
|
Price |
|
|
Date |
|
Price
(8) |
|
|
(annual)(9) |
|
|
(annual)
(10) |
|
|
(Years) |
|
|
per
share |
|
|
share(11) |
|
|
September
2,
2021(1)
|
|
$ |
.0525 |
|
|
September 2,
2026
|
|
$ |
3.50 |
|
|
|
0.78 |
% |
|
|
182.74 |
% |
|
|
5.0 |
|
|
$ |
0.3325 |
|
|
$ |
— |
|
|
March
11,
2021(2)
|
|
$ |
4.375
– 5.25 |
|
|
March
11,
2026
|
|
$ |
3.50 |
|
|
|
0.17 |
% |
|
|
172.54 |
% |
|
|
5.0 |
|
|
$ |
0.3325-
0.0329 |
|
|
$ |
— |
|
|
February
3,
2021(3)
|
|
$ |
2.80 |
|
|
February
3,
2024
|
|
$ |
2.80 |
|
|
|
0.18 |
% |
|
|
171.71 |
% |
|
|
3.0 |
|
|
$ |
2.417461 |
|
|
$ |
— |
|
|
December
24,
2020
(4)
|
|
$ |
2.80 |
|
|
December
24,
2023
|
|
$ |
2.80 |
|
|
|
0.17 |
% |
|
|
172.54 |
% |
|
|
3.0 |
|
|
$ |
2.422658 |
|
|
$ |
— |
|
|
March
18,
2020
(5)
|
|
$ |
1.40 |
|
|
March
18,
2023
|
|
$ |
1.40 |
|
|
|
0.66 |
% |
|
|
137.41 |
% |
|
|
3.0 |
|
|
$ |
1.075547 |
|
|
$ |
— |
|
|
September
10,
2019
(6)
|
|
$ |
0.49 |
|
|
September
10,
2022
|
|
$ |
0.49 |
|
|
|
1.61 |
% |
|
|
139.84 |
% |
|
|
3.0 |
|
|
$ |
0.38185 |
|
|
$ |
— |
|
|
November
6,
2019
(7)
|
|
$ |
0.49 |
|
|
November
6,
2022
|
|
$ |
0.49 |
|
|
|
1.60 |
% |
|
|
138.48 |
% |
|
|
3.0 |
|
|
$ |
0.38255 |
|
|
$ |
— |
|
Significant
inputs into the model at the reporting period measurement dates are as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
| |
|
|
|
|
Warrant |
|
|
|
|
Interest |
|
|
|
|
|
Time to |
|
|
Calculated |
|
|
Dividend |
|
| Black-Scholes |
|
Exercise |
|
|
Expiration |
|
Stock |
|
|
Rate |
|
|
Volatility |
|
|
Maturity |
|
|
fair value |
|
|
per |
|
| Assumptions |
|
Price |
|
|
Date |
|
Price
(8) |
|
|
(annual)
(9) |
|
|
(annual)
(10) |
|
|
(Years) |
|
|
per
share |
|
|
share
(11) |
|
|
December
31,
2022(1)
|
|
$ |
.0525 |
|
|
September
2,
2026
|
|
$ |
1.25 |
|
|
|
4.22 |
% |
|
|
287.87 |
% |
|
|
3.68 |
|
|
$ |
0.0968371 |
|
|
$ |
— |
|
|
December
31,
2022(2)
|
|
$ |
4.375
– 5.25 |
|
|
March
11,
2026
|
|
$ |
1.25 |
|
|
|
4.22 |
% |
|
|
288.66 |
% |
|
|
3.20 |
|
|
$ |
0.096101
- 0.0957467 |
|
|
$ |
— |
|
|
December
31,
2022(3)
|
|
$ |
2.80 |
|
|
February
3,
2024
|
|
$ |
1.25 |
|
|
|
4.73 |
% |
|
|
352.74 |
% |
|
|
1.10 |
|
|
$ |
0.0690620 |
|
|
$ |
— |
|
|
December
31,
2022(4)
|
|
$ |
2.80 |
|
|
December
24,
2023
|
|
$ |
1.25 |
|
|
|
4.73 |
% |
|
|
331.00 |
% |
|
|
0.98 |
|
|
$ |
0.0681813 |
|
|
$ |
— |
|
|
December
31,
2022(5)
|
|
$ |
1.40 |
|
|
March
18,
2023
|
|
$ |
1.25 |
|
|
|
4.42 |
% |
|
|
147.61 |
% |
|
|
0.22 |
|
|
$ |
0.0296661 |
|
|
$ |
— |
|
|
December
31,
2022(6)
|
|
$ |
0.49 |
|
|
September
10,
2022
|
|
$ |
1.25 |
|
|
|
4.42 |
% |
|
|
137.02 |
% |
|
|
0.35 |
|
|
$ |
0.0091855 |
|
|
$ |
— |
|
|
December
31,
2022(7)
|
|
$ |
0.49 |
|
|
November
6,
2022
|
|
$ |
1.25 |
|
|
|
4.42 |
% |
|
|
149.27 |
% |
|
|
0.18 |
|
|
$ |
0.0085006 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
| |
|
|
|
|
Warrant |
|
|
|
|
Interest |
|
|
|
|
|
Time
to |
|
|
Calculated |
|
|
Dividend |
|
| Black-Scholes |
|
Exercise |
|
|
Expiration |
|
Stock |
|
|
Rate |
|
|
Volatility |
|
|
Maturity |
|
|
fair
value |
|
|
per |
|
| Assumptions |
|
Price |
|
|
Date |
|
Price
(8) |
|
|
(annual)
(9) |
|
|
(annual)
(10) |
|
|
(Years) |
|
|
per
share |
|
|
share(11) |
|
|
December
31,
2021(1)
|
|
$ |
.0525 |
|
|
September
2,
2026
|
|
$ |
3.50 |
|
|
|
0.98 |
% |
|
|
205.16 |
% |
|
|
4.67 |
|
|
$ |
0.0968371 |
|
|
$ |
— |
|
|
December
31,
2021(2)
|
|
$ |
4.375
– 5.25 |
|
|
March
11,
2026
|
|
$ |
3.50 |
|
|
|
0.98 |
% |
|
|
205.16 |
% |
|
|
4.19 |
|
|
$ |
0.096101
- 0.0957467 |
|
|
$ |
— |
|
|
December
31,
2021(3)
|
|
$ |
2.80 |
|
|
February
3,
2024
|
|
$ |
2.80 |
|
|
|
0.28 |
% |
|
|
205.16 |
% |
|
|
2.09 |
|
|
$ |
0.0690620 |
|
|
$ |
— |
|
|
December
31,
2021(4)
|
|
$ |
2.80 |
|
|
December
24,
2023
|
|
$ |
2.80 |
|
|
|
0.28 |
% |
|
|
205.16 |
% |
|
|
1.98 |
|
|
$ |
0.0681813 |
|
|
$ |
— |
|
|
December
31,
2021(5)
|
|
$ |
1.40 |
|
|
March
18,
2023
|
|
$ |
1.40 |
|
|
|
0.28 |
% |
|
|
205.16 |
% |
|
|
1.21 |
|
|
$ |
0.0296661 |
|
|
$ |
— |
|
|
December
31,
2021(6)
|
|
$ |
0.49 |
|
|
September
10,
2022
|
|
$ |
0.49 |
|
|
|
0.09 |
% |
|
|
205.16 |
% |
|
|
0.69 |
|
|
$ |
0.0091855 |
|
|
$ |
— |
|
|
December
31,
2021(7)
|
|
$ |
0.49 |
|
|
November
6,
2022
|
|
$ |
0.49 |
|
|
|
0.19 |
% |
|
|
205.16 |
% |
|
|
0.85 |
|
|
$ |
0.0085006 |
|
|
$ |
— |
|
| (1) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on September 2nd, 2021 |
| (2) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on March 11th, 2021 |
| |
|
| (3) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on February 3rd, 2021 |
| (4) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on December 24th, 2020 |
| (5) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on March 18th, 2020 |
| (6) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on September 10th, 2019 |
| (7) |
Based
on the terms provided in the warrant agreement related to the issuance of common stock of on November 6th, 2019 |
| (8) |
Based
on the observable transaction value of common stock of per the most recent stock issuance financing agreements. |
| (9) |
Interest
rate for U.S. Treasury Bonds, as of the issuance dates and each presented year ended date, as published by the U.S. Federal
Reserve. |
| (10) |
Based
on the historical daily volatility of guideline public companies in the healthcare industry and each presented year ended
date. |
| (11) |
Current
estimated dividend payments beyond initial four quarters. At a future date, the Company will review the working capital needs and
make a final determination of any future dividend payments. |
|