Stockholders' Deficit (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Deficit

Schedule of warrant activity

The following is a summary of warrant activity for the three months ended March 31, 2023 (dollars in thousands, except per share data):

	Number of	Weighted Average		Remaining
	Warrants	Exercise Price		Contractual Term
Outstanding as of January 1, 2023	141,048	$	0.31	1.46
Warrants exercised for cash	(767)		0.32	—
Warrants expired and cancellations	(38)		0.34	—
Outstanding as of March 31, 2023	140,243	$	0.31	1.42

Schedule of modifications to the warrants following weighted average assumptions

	As of January 9, 2023			As of March 31, 2023
	Warrant			Share			Contingent Payable
	Liability			Liability			Derivative Liability
Strike price	$	0.31		$	0.63	*	$	0.63	*
Contractual term (years)		1.5			0.04			1.3
Volatility (annual)		87	%		114	%		73	%
Risk-free rate		4.3	%		2.2	%		4.9	%
Dividend yield (per share)		0	%		0	%		0	%

	As of December 31, 2022
	Warrant			Share			Contingent Payable
	Liability			Liability			Derivative Liability
Strike price	$	0.31		$	0.78	*	$	0.78	*
Contractual term (years)		1.5			0.1			0.6
Volatility (annual)		86	%		76	%		77	%
Risk-free rate		4.3	%		2.0	%		4.8	%
Dividend yield (per share)		0	%		0	%		0	%

* The strike price assumes the current stock price as of March 31, 2023 and December 31, 2022.

Warrants

Stockholders' Deficit

Schedule of modifications to the warrants following weighted average assumptions

	Post-modification			Pre-modification
Exercise price	$	0.27		$	0.27
Expected term (in years)		2.1			1.9
Volatility		74	%		95	%
Risk-free interest rate		4.3	%		4.2	%
Dividend yield		0	%		0	%