STOCKHOLDERS' DEFICIT (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Summary of outstanding warrants |
A summary of outstanding warrants as of September 30, 2023 and December 31, 2022 is presented below:
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September 30, 2023 |
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December 31, 2022 |
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Number of
Warrants |
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Weighted‑
Average
Exercise
Price |
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Number of
Warrants |
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Weighted‑
Average
Exercise
Price |
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Warrants outstanding, beginning of period |
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6,610,520 |
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$ |
2.22 |
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8,236,017 |
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$ |
5.78 |
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Granted |
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8,500,000 |
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4.03 |
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500,000 |
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2.50 |
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Exercised |
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— |
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— |
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— |
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— |
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Cancelled, forfeited or expired |
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(714,929 |
) |
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11.53 |
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(2,125,497 |
) |
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14.38 |
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Warrants outstanding, end of period |
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14,395,591 |
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$ |
2.80 |
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6,610,520 |
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$ |
2.22 |
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Warrants exercisable end of period |
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14,395,591 |
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$ |
2.80 |
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6,610,520 |
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$ |
2.22 |
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| Summary of stock option activity |
A summary of outstanding stock options as of September 30, 2023 and December 31, 2022 is presented below.
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September 30, 2023 |
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December 31, 2022 |
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Number of
Options |
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Weighted‑
Average
Exercise
Price |
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Number of
Options |
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Weighted‑
Average
Exercise
Price |
|
Options outstanding, beginning of period |
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4,660,787 |
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$ |
5.08 |
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5,968,338 |
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$ |
4.78 |
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Granted |
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1,250,000 |
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$ |
4.50 |
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— |
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$ |
— |
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Exercised |
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— |
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$ |
— |
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— |
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$ |
— |
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Cancelled, forfeited and expired |
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(2,364,447 |
) |
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$ |
3.46 |
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(1,307,551 |
) |
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$ |
3.73 |
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Options outstanding, end of period |
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3,546,340 |
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$ |
5.95 |
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4,660,787 |
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$ |
5.08 |
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Options exercisable, end of period |
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2,696,340 |
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$ |
6.41 |
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4,645,286 |
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$ |
5.10 |
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Options available for future grant |
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2,750,000 |
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4,000,000 |
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| S T I P2021 Plan [Member] |
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| Schedule of fair value of conversion feature liabilities |
The following table presents the assumptions used on the recent dates on which options were granted by the Company. The risk‑free interest rate is based on the implied yield available on U.S. Treasury issues with a term approximating the expected life of the options depending on the date of the grant and expected life of the respective options.
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January 12, 2023 |
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Stock price |
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$ |
0.31 |
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Exercise price |
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$ |
4.50 |
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Expected term |
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5-6 years |
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Risk-free rate |
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3.51-3.53% |
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Dividend yield |
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— |
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Volatility |
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108.16-116.40% |
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| Convertible Promissory Note [Member] |
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| Summary of assumptions used to value the warrants |
The following table presents the assumptions used to value the warrants:
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September 30, 2023 |
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June 30, 2023 |
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March 31, 2023 |
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Stock price |
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$ |
0.13 |
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$ |
0.23 |
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$ |
0.30 |
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Exercise price |
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$0.47 - $4.50 |
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$0.47 - $4.50 |
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$0.47 - $4.50 |
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Expected term |
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3.86-4.33 years |
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4.11-4.58 years |
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4.36 - 4.83 years |
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Risk-free rate |
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4.67%-4.71% |
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4.21%-4.58% |
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3.62%-3.67% |
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Dividend yield |
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— |
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— |
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— |
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Volatility |
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127.75%-134.24% |
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128.78%-134.9% |
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122.09% - 126.95% |
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