Annual report pursuant to Section 13 and 15(d)

FAIR VALUE (Tables)

v3.24.3
FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2023
FAIR VALUE  
Schedule of financial instruments measured at fair value on a recurring basis

    

Balance

    

Level 1

    

Level 2

    

Level 3

December 31, 2023

Cash and cash equivalents

$

9,564,988

$

9,564,988

$

$

Total assets

$

9,564,988

$

9,564,988

$

$

Warrant liability

$

16,120,898

$

$

2,989,207

$

13,131,691

Total liabilities

$

16,120,898

$

$

2,989,207

$

13,131,691

December 31, 2022

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

19,866,358

$

19,866,358

$

$

Total assets

$

19,866,358

$

19,866,358

$

$

Warrant liability

$

5,972,252

$

$

$

5,972,252

Total liabilities

$

5,972,252

$

$

$

5,972,252

Schedule of modified option pricing assumptions and assumptions used upon issuance

    

September 8

    

December 31

 

Volatility

 

83.0-84.0

%  

82.0-83.0

%

Risk-free interest rate

 

4.39-5.53

%  

3.80-5.40

%

Expected life (years)

 

0.4-5.0

 

0.3-4.7

Dividend

 

0

%  

0

%

    

October20,

    

December 31,

    

December 31,

 

2022

2022

2023

Volatility

 

84.5

%  

86.5

%  

81.1

%

Risk-free interest rate

 

4.45

%  

3.99

%  

3.84

%

Expected life (years)

 

5.0

 

4.8

 

3.8

Dividend

 

0

%  

0

%  

0

%

Schedule of changes in the fair market value of the warrants

    

Level 3

Fair value of Level 3 liabilities as of January 1, 2022

$

2,600,000

Issuance of 2022 Common Warrants

7,005,493

Change in fair value

(3,633,241)

December 31, 2022, fair value of Level 3 liabilities

$

5,972,252

Issuance of September 2023 Warrants

$

4,800,000

Exercise of 2022 Common Warrants

(732,612)

Change in fair value

 

3,092,051

December 31, 2023, fair value of Level 3 liabilities

$

13,131,691