v3.22.2.2
Stockholders’ Equity (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Stockholders’ Equity

Schedule of Stockholders’ Equity 

                                    
  

Series B

Preferred Stock

   Common Stock   Paid-in   Accumulated  

Total

Stockholders’

 
(Shares and dollars in thousands)  Shares   Amount   Shares   Amount   Capital   Deficit   Equity 
Balance, December 31, 2021   2,500   $          -    14,791   $      1   $72,003   $(58,605)  $        13,399 
                                    
Stock-based compensation   -    -    -    -    3    -    3 
Issuance of common stock for services by third parties   -    -    286    -    230    -    230 
Issuance of common stock for services by employees   -    -    170    -    206    -    206 
Issuance of detachable warrants on notes payable   -    -    -    -    1,590    -    1,590 
Shares issued for cash   -    -    200    1    196    -    197 
Preferred stock dividends   -    -    -    -    -    (113)   (113)
Net loss   -    -    -    -    -    (6,557)   (6,557)
Balance, September 30, 2022   2,500   $-    15,447   $2   $74,228   $(65,275)  $8,955 
Summary of Stock Option Activity

A summary of all stock option activity as of and for the nine months ended September 30, 2022 is presented below:

 

   # of Options   Weighted-
Average
Exercise Price
 
Outstanding as of December 31, 2021   57,586   $3.29 
           
Options canceled   (5,834)   4.43 
Outstanding as of September 30, 2022   51,752   $3.16 
           
Exercisable as of September 30, 2022   51,585   $3.16 
Schedule of Weighted-average Assumptions for New Warrant

The estimated fair value of the new warrants issued was based on a combination of closing market trading price on the date of issuance for the public offering warrants, and the Black-Scholes option-pricing model, using the assumptions below:

 

Volatility   75%
Risk-free interest rate   2.6%
Expected term (in years)   5.0 
Expected dividend yield   - 
Fair value of common stock  $0.71 
Summary of Warrant Activity

A summary of all warrant activity as of and for the nine months ended September 30, 2022 is presented below:

 

   Warrants   Weighted-
Average
Remaining
Life (Years)
   Weighted-
Average
Exercise
Price
   Aggregate
Intrinsic
Value
 
Outstanding as of December 31, 2021   1,256,944    4.0   $3.42   $         - 
                     
Granted   2,916,667    4.3    1.20    - 
Outstanding as of September 30, 2022   4,173,611    4.0   $1.79   $-