FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE CONVERTIBLE PROMISSORY NOTES

Schedule of assumptions

	September 30, 2021			December 31, 2020
Series A subordinated convertible note at fair value	$	3,109		$	7,010
Series B subordinated convertible note at fair value		11,583			11,674
Total convertible promissory notes		14,692			18,684
Less: Investor Note offset – Series B Note		(5,000	)		(5,000	)
Carrying value of convertible promissory notes at fair value		9,692			13,684
Less: current portion of convertible promissory notes at fair value		(6,583	)		(6,674	)
Convertible promissory notes, less current portion	$	3,109		$	7,010

Schedule of promissory notes

Significant assumptions (weighted-average):
Risk-free interest rate at grant date	0.36	%
Expected stock price volatility	81.14	%
Expected dividend payout	-
Expected warrant life (in years)	2
Expected forfeiture rate	0	%