Note 5 - Stock Warrants

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Warrants [Text Block]

5. Stock Warrants

The Company’s outstanding warrants as of June 30, 2023 is summarized as follows, and all were exercisable at that date.

	Number of		Exercise		Remaining
	Shares		Price		Contractual Life (years)
Outstanding warrants expiring January 28, 2025		431,250	$	10.00		1.58
Outstanding warrants expiring May 7, 2026		958,334	$	20.00		2.85
Outstanding warrants on June 30, 2023		1,389,584	$	17.43		3.18

The Warrants issued as part of the Purchase Agreement related to the Financing contain a call provision whereby the Company, after the 13-month anniversary of the issuance date, and if the volume weighted average price of the common stock for such date exceeds four times the exercise price of the warrants for 20 consecutive trading days, may call the Warrants that have not previously been exercised, and the Warrant holders have ten trading days within which to exercise before the Warrants may be cancelled. 12,833 warrants expired during the first half of 2023.

As of June 30, 2023, the outstanding warrants have no intrinsic value.