COMMON STOCK WARRANTS

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

COMMON STOCK WARRANTS

STOCKHOLDERS’ EQUITY

Activity in equity during the three-month periods ended March 31, 2023 and 2022 was as follows (dollars in thousands):

	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total
	Shares	Amount
2023
Balances as of December 31, 2022	809,648	$	1	$	127,481	$	(122,203)	$	5,279
Stock-based compensation	—	—		166		—		166
Issuance of common stock upon exercise of warrants	1,230,000	1		(1)		—		—
Issuance of common stock for service	54,466	—		100		—		100
Issuance of shares pursuant to the vesting of restricted stock units, net of shares withheld for taxes	13,225	—		(11)		—		(11)
Net loss	—	—		—		(2,037)		(2,037)
Balances as of March 31, 2023	2,107,339	$	2	$	127,735	$	(124,240)	$	3,497
2022
Balances as of December 31, 2021	610,364	$	1	$	122,542	$	(112,508)	$	10,035
Stock-based compensation	—	—		221		—		221
Issuance of common stock for service	250	—		3		—		3
Net loss	—	—		—		(2,332)		(2,332)
Balances as of March 31, 2022	610,614	$	1	$	122,766	$	(114,840)	$	7,927

During the three months ended March 31, 2023, the following shares of common stock were issued:

•1,230,000 shares pursuant to the exercise of previously outstanding prefunded warrants, which were issued in November 2022 with an exercise price of $3.50 per share;

•54,466 restricted shares in exchange for marketing services to be performed through September 2023, with the total value of services to be recognized based on the stock price on date of issuance; and

•13,225 shares pursuant to the vesting of restricted stock units.

COMMON STOCK WARRANTS

The following table summarizes the common stock warrant activity for the three months ended March 31, 2023:

	Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)
Outstanding as of December 31, 2022	4,414,810	$	6.58	3.0
Issued	—	—		—
Exercised	(1,230,000)	3.50		—
Expired	—	—		—
Outstanding as of March 31, 2023	3,184,810	7.78		2.8

During the three months ended March 31, 2023, prefunded warrants representing 1,230,000 shares of common stock were exercised. Such prefunded warrants were issued in November 2022 with an exercise price of $3.50 per share.