STOCK WARRANTS

6 Months Ended

Jun. 30, 2023

Stock Warrants

STOCK WARRANTS

12. STOCK WARRANTS

The Company has the following warrants outstanding as of June 30, 2023, all of which are exercisable:

	Warrants			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2023		952,638		$	37.60		3.56	$	-
Granted		-			-		-		-
Forfeited		(834	)		13.60		-		-
Exercised		-			-		-		-
Outstanding at June 30, 2023, all vested		951,804			32.80		2.68	$	-

At June 30, 2023 the intrinsic value of the outstanding warrants was $0.

On January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the January 2023 offering, issuance and sale of 901,275 shares of the Company’s common stock at a public offering price of $8.00 per share. As a result of this transaction, certain warrants which previously had an exercise price of $13.60 per share, had the exercise price reduced to $8.00 per share, which resulted in the Company recognizing a deemed dividend of $164.