STOCKHOLDERS' DEFICIT (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
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| Summary of outstanding warrants |
A summary of the Company’s warrants activity for the years ended December 31, 2023 and 2022 is presented below:
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December 31, 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 |
|
Warrants outstanding, beginning of year |
|
6,610,520 |
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|
$ |
2.22 |
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|
8,236,017 |
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|
$ |
5.78 |
|
Granted |
|
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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|
$ |
— |
|
Cancelled, forfeited and expired |
|
(10,378,129 |
) |
|
$ |
4.23 |
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|
(2,125,497 |
) |
|
$ |
14.38 |
|
Warrants outstanding, end of year |
|
4,732,391 |
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|
$ |
0.95 |
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|
6,610,520 |
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|
$ |
2.22 |
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Warrant exercisable, end of year |
|
4,732,391 |
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|
$ |
0.95 |
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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 the Company’s stock option activity for the years ended December 31, 2023 and 2022 is presented below:
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December 31, 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 |
|
|
Weighted‑
Average
Exercise
Price |
|
Options outstanding, beginning of year |
|
|
4,660,787 |
|
|
$ |
5.08 |
|
|
|
5,968,338 |
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|
$ |
4.78 |
|
Granted or deemed issued |
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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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|
$ |
— |
|
Cancelled, forfeited and expired |
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(2,686,906 |
) |
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$ |
3.74 |
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(1,307,551 |
) |
|
$ |
3.73 |
|
Options outstanding, end of year |
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|
3,223,881 |
|
|
$ |
5.97 |
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|
4,660,787 |
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|
$ |
5.08 |
|
Options exercisable at end of year |
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|
2,373,881 |
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|
$ |
6.50 |
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4,645,286 |
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$ |
5.10 |
|
Options available for future grant |
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2,750,000 |
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4,000,000 |
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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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December 31, 2023 |
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January 2023 |
Stock price |
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$ |
0.10 |
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$0.31 - $0.49 |
Exercise price |
|
$0.47 - $0.50 |
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|
$0.47 - $4.50 |
Expected term |
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4.03-4.24 years |
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|
5 years |
Risk-free rate |
|
3.90%-3.92% |
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|
3.53%-3.66% |
Dividend yield |
|
— |
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|
— |
Volatility |
|
129.40%-130.23% |
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|
116.40% - 119.14% |
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| Schedule of fair value of conversion feature liabilities |
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 |
|
$ |
0.31 |
|
Exercise price |
|
$ |
4.50 |
|
Expected term |
|
5-6 years |
|
Risk-free rate |
|
3.51-3.53% |
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Dividend yield |
|
— |
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Volatility |
|
108.16-116.40% |
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