XML 29 R20.htm IDEA: XBRL DOCUMENT v3.23.3
Note 14 - Warrant Liabilities
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Warrants Disclosure [Text Block]
 

14.

The Financing and warrant liabilities

 

The Company issued warrants to certain institutional investors and the Company’s placement agent in the registered direct offerings consummated in  February 2021 (the “2021 Financing”), December 2020 (the “2020 Financing”), and January 2018 (the “2018 Financing”), which warrants were accounted for as derivative liabilities and measured at fair value with changes in fair value be recorded in earnings in each reporting period.

 

Warrants issued in the 2021 Financing:

 

  

2021 Investors Warrants

  

2021 Placement Agent Warrants

 
  

September 30,

2023

  

June 30,

2023

  

December 31,

2022

  

September 30,

2023

  

June 30,

2023

  

December 31,

2022

 
                         

Stock price

 $0.91  $1.27  

$ 0.46#

  $0.91  $1.27  

$ 0.46#

 

Years to maturity

  0.88   1.13   1.63   0.88   1.13   1.63 

Risk-free interest rate

  5.49%  5.34%  4.625%  5.49%  5.34%  4.625%

Dividend yield

  -   -   -   -   -   - 

Expected volatility

  89%  112%  99.74%  89%  112%  99.74%

Exercise Price

 $17.95  $17.95  

$ 3.59#

  $22.4375  $22.4375  

$ 4.4875#

 
                         

Fair value of the warrant

 $0.0002  $0.0232  $0.0329  $0.0001  $0.0157  $0.0256 
                         

Warrant Liabilities (US$’000)

 $0  $12  $86  $0  $1  $9 

 

 

  

2021 Investors Warrants

  

2021 Placement Agent Warrants

 
  

September 30,

2022

  

June 30,

2022

  

December 31,

2021

  

September 30,

2022

  

June 30,

2022

  

December 31,

2021

 
                         

Stock price

 $0.92  $0.34  $1.00  $0.92  $0.34  $1.00 

Years to maturity

  1.88   2.13   2.63   1.88   2.13   2.63 

Risk-free interest rate

  4.16%  2.97%  0.87%  4.16%  2.97%  0.87%

Dividend yield

  -   -   -   -   -   - 

Expected volatility

  127%  124%  115%  127%  124%  115%

Exercise Price

 $3.59  $3.59  $3.59  $4.4875  $4.4875  $4.4875 
                         

Fair value of the warrant

 $0.297  $0.064  $0.37  $0.287  $0.061  $0.36 
                         

Warrant Liabilities (US$’000)

 $782  $167  $964  $106  $22  $132 

 

Warrants issued in the 2020 Financing:

 

  

2020 Investors Warrants

  

2020 Placement Agent Warrants

 
  

September 30,

2023

  

June 30,

2023

  

December 31,

2022

  

September 30,

2023

  

June 30,

2023

  

December 31,

2022

 
                         

Stock price

 $0.91  $1.27  

$ 0.46#

  $0.91  $1.27  

$ 0.46#

 

Years to maturity

  0.20   0.45   0.95   0.20   0.45   0.95 

Risk-free interest rate

  5.44%  5.46%  4.716%  5.44%  5.46%  4.716%

Dividend yield

  -   -   -   -   -   - 

Expected volatility

  65%  94%  115.61%  65%  94%  115.61%

Exercise Price

 $10.15  $10.15  

$ 2.03#

  $10.15  $10.15  

$ 2.03#

 
                         

Fair value of the warrant

 $0.000  $0.000  $0.0439  $0.000  $0.000  $0.0456 
                         

Warrant Liabilities (US$’000)

 $0  $0  $76  $0  $0  $14 

 

  

2020 Investors Warrants

  

2020 Placement Agent Warrants

 
  

September 30,

2022

  

June 30,

2022

  

December 31,

2021

  

September 30,

2022

  

June 30,

2022

  

December 31,

2021

 
                         

Stock price

 $0.92  $0.34  $1.00  $0.92  $0.34  $1.00 

Years to maturity

  1.20   1.45   1.95   1.20   1.45   1.95 

Risk-free interest rate

  3.90%  2.79%  0.72%  3.90%  2.79%  0.72%

Dividend yield

  -   -   -   -   -   - 

Expected volatility

  103%  107%  128%  103%  107%  128%

Exercise Price

 $2.03  $2.03  $2.03  $2.03  $2.03  $2.03 
                         

Fair value of the warrant

 $0.195  $0.033  $0.46  $0.211  $0.036  $0.49 
                         

Warrant Liabilities (US$’000)

 $328  $57  $795  $64  $11  $148 

 

# To reflect the actual inputs used for the determination of fair value of the Warrants, the stock prices and exercise prices presented were not retrospectively restated for effect of the 1-for-5 reverse stock split effective on  January 18, 2023, see Note 4(g).

 

Changes in fair value of warrant liabilities

 

Nine and Three Months Ended September 30, 2023 (Unaudited)

 

  

 

  

 

  

 

  

Change in Fair Value

(gain)/loss

 
    

As of

September 30, 2023

    

As of

June 30, 2023

    

As of

December 31, 2022

  

Nine Months Ended

September 30, 2023

  

Three Months Ended

September 30, 2023

 
  

(US$’000)

  

(US$’000)

  

(US$’000)

  

(US$’000)

  

(US$’000)

 
                     

Warrants issued in the 2021 Financing:

 

--Investor Warrants

  -   12   86   (86)  (12)

--Placement Agent Warrants

  -   1   9   (9)  (1)

Warrants issued in the 2020 Financing:

                 

--Investor Warrants

  -   -   76   (76)  - 

--Placement Agent Warrants

  -   -   14   (14)  - 

Warrant Liabilities

  -   13   185   (185)  (13)

 

Nine and Three Months Ended September 30, 2022 (Unaudited)

 

  

 

  

 

  

 

  

Change in Fair Value

(gain)/loss

 
    

As of

September 30, 2022

    

As of

June 30, 2022

    

As of

December 31, 2021

  

Nine Months Ended

September 30, 2022

  

Three Months Ended

September 30, 2022

 
  

(US$’000)

  

(US$’000)

  

(US$’000)

  

(US$’000)

  

(US$’000)

 
                     

Warrants issued in the 2021 Financing:

 

--Investor Warrants

  782   167   964   (182)  615 

--Placement Agent Warrants

  106   22   132   (26)  84 

Warrants issued in the 2020 Financing:

                 

--Investor Warrants

  328   57   795   (467)  271 

--Placement Agent Warrants

  64   11   148   (84)  53 

Warrant Liabilities

  1,280   257   2,039   (759)  1,023 

 

Warrants issued and outstanding as of September 30, 2023 and their movements during the nine months then ended are as follows:

 

  

Warrant Outstanding

  

Warrant Exercisable

 
  

Number of underlying shares

  

Weighted
Average
Remaining
Contractual
Life (Years)

  

Weighted
Average
Exercise
Price

  

Number of underlying shares

  

Weighted
Average
Remaining
Contractual
Life (Years)

  

Weighted
Average
Exercise
Price

 
                         

Balance, January 1, 2023

  1,000,343   1.36  $15.11   1,000,343   1.36  $15.11 

Granted/Vested

  -           -         

Exercised

  -           -         

Balance, September 30, 2023 (Unaudited)

  1,000,343   0.61  $15.11   1,000,343   0.61  $15.11