Schedule of Derivative Expense |
Derivative expense recorded during the three and nine months ended
September 30, 2022 is summarized as follows:
Commitment Date | |
May 24,
2022 | |
Fair value of derivative liabilities | |
$ | 1,483,888 | |
Less: face amount of debt | |
| (979,275 | ) |
Derivative expense | |
$ | 504,613 | |
Derivative expense recorded during the three and nine months ended
September 30, 2023 is summarized as follows:
Commitment Date | |
May 8,
2023 | |
Fair value of derivative liabilities | |
$ | 954,725 | |
Less: face amount of debt | |
| (555,000 | ) |
Derivative expense | |
$ | 399,725 | |
|
Schedule of Derivative Liabilities Measured at Fair Value on a Recurring Basis |
A reconciliation of the beginning and ending balances
for the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows
at September 30, 2023 and December 31, 2022:
| |
Bridge Shares | | |
Warrants | | |
Convertible
Notes
Payable | | |
Contingent
Milestone
Payment | | |
Total | |
Derivative liabilities - December 31, 2022 | |
$ | 834,352 | | |
$ | 578,164 | | |
$ | 81,684 | | |
$ | - | | |
$ | 1,494,200 | |
Fair value - mark to market adjustment | |
| 4,902 | | |
| 1,689 | | |
| (1,457 | ) | |
| - | | |
| 5,134 | |
Derivative liabilities - March 31, 2023 | |
$ | 839,254 | | |
$ | 579,853 | | |
$ | 80,227 | | |
$ | - | | |
$ | 1,499,334 | |
Fair value - commitment date | |
| 680,276 | | |
| 274,449 | | |
| - | | |
| - | | |
| 954,725 | |
Fair value - mark to market adjustment | |
| 8,896 | | |
| (17,009 | ) | |
| 145 | | |
| - | | |
| (7,968 | ) |
Derivative liabilities - June 30, 2023 | |
$ | 1,528,426 | | |
$ | 837,293 | | |
$ | 80,372 | | |
$ | - | | |
$ | 2,446,091 | |
Fair value - mark to market adjustment prior to conversion or reclassification | |
| (105,790 | ) | |
| 1,455 | | |
| (45,207 | ) | |
| - | | |
| (149,542 | ) |
Conversion of convertible promissory notes | |
| (1,422,636 | ) | |
| - | | |
| (35,165 | ) | |
| - | | |
| (1,457,801 | ) |
Reclassification of warrants to equity | |
| - | | |
| (838,748 | ) | |
| - | | |
| - | | |
| (838,748 | ) |
Recognition of contingent milestone liability | |
| - | | |
| - | | |
| - | | |
| 2,117,142 | | |
| 2,117,142 | |
Fair value - mark to market adjustment | |
| - | | |
| - | | |
| - | | |
| 57,052 | | |
| 57,052 | |
Derivative liabilities - September 30, 2023 | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 2,174,194 | | |
$ | 2,174,194 | |
A reconciliation of the beginning and ending balances
for the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows
at September 30, 2022 and December 31, 2021:
| |
Bridge Shares | | |
Warrants | | |
Convertible
Notes
Payable | | |
Total | |
Derivative liabilities - December 31, 2021 | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Fair value - commitment date | |
| 823,687 | | |
| 565,007 | | |
| 95,194 | | |
| 1,483,888 | |
Fair value - mark to market adjustment | |
| 664 | | |
| 2,932 | | |
| (2,595 | ) | |
| 1,001 | |
Derivative liabilities - June 30, 2022 | |
$ | 824,351 | | |
$ | 567,939 | | |
$ | 92,599 | | |
$ | 1,484,889 | |
Fair value - mark to market adjustment | |
| 1,352 | | |
| 25,869 | | |
| (4,726 | ) | |
| 22,495 | |
Derivative liabilities - September 30, 2022 | |
$ | 825,703 | | |
$ | 593,808 | | |
$ | 87,873 | | |
$ | 1,507,384 | |
|