FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED ON RECURRING BASIS

The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Liabilities
Common stock warrant liability	$	–	$	–	$	6,844	$	6,844
Total	$	–	$	–	$	6,844	$	6,844

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Common stock warrant liability	$	–	$	–	$	5,975	$	5,975
Total	$	–	$	–	$	5,975	$	5,975

SCHEDULE OF FAIR VALUE OF LIABILITY CLASSIFIED COMMON STOCK WARRANTS

The following table presents the change in fair value of the liability classified common stock warrants for the year ended December 31, 2021 (in thousands):

	Fair Value at December 31, 2020		Initial Fair Value at Issuance		(Gain) Loss Upon Change in Fair Value			Liability Reduction Due to Exercises			Fair Value at December 31, 2021
Warrant liabilities
February 14, 2020 issuance	$	328	$	–	$	(37	)	$	–		$	291
December 23, 2020 issuance		5,647		–		3,556			(8,964	)		239
January 14, 2021 issuance		–		8,629		(5,284	)		–			3,345
January 25, 2021 issuance(1)		–		6,199		(3,230	)		–			2,969
Total	$	5,975	$	14,828	$	(4,995	)	$	(8,964	)	$	6,844

(1) Concurrent with the issuance of the January 25, 2021 warrants, upon the exercise of the December 23, 2020 warrants, an inducement loss of $5.2 million was recorded as the fair value of the initial warrant liability for the new warrants of $6.2 million exceeded the gross proceeds received upon sale of the new warrants of approximately $1.0 million

The following table presents the change in fair value of the liability classified common stock warrants for the year ended December 31, 2020 (in thousands):

	Initial Fair Value at Issuance		Liability Reduction Due to Exercises			(Gain) Loss Upon Change in Fair Value			Fair Value at December 31, 2020
Warrant liabilities
February 14, 2020 issuance	$	11,677	$	(8,265	)	$	(3,084	)	$	328
December 23, 2020 issuance		5,477		–			170			5,647
Total	$	17,154	$	(8,265	)	$	(2,914	)	$	5,975

SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS LIABILITY

The Company uses the Monte Carlo valuation model to determine the fair value of the liability classified warrants issued during 2021 and 2020. Input assumptions for these freestanding instruments are as follows:

		For the Year Ended December 31, 2021
Stock price	$	0.59 - 1.21
Exercise price	$	0.10 - 1.38
Risk-free rate		0.42 - 1.27 %
Volatility		99.0 – 103.9 %
Remaining term (years)		4.0 - 5.9

		For the Year Ended December 31, 2020
Stock price	$	0.65 - 1.69
Exercise price	$	0.10 - 2.80
Risk-free rate		0.36 - 1.51 %
Volatility		93.4 – 99.7 %
Remaining term (years)		5.0 - 7.0