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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Activity in equity during the six month periods ended June 30, 2023 and 2022 was as follows (dollars in thousands):
Common StockAdditional
Paid-In
Capital 		Accumulated
Deficit 		Total
SharesAmount
2023
Balances as of December 31, 2022809,648$1 $127,481 $(122,203)$5,279 
Stock-based compensation—— 166 — 166 
Issuance of common stock upon exercise of warrants1,230,0001 (1)— — 
Issuance of common stock for service54,466— 100 — 100 
Issuance of shares pursuant to the vesting of restricted stock units, net of shares withheld for taxes13,225— (11)— (11)
Net loss—— — (2,037)(2,037)
Balances as of March 31, 20232,107,3392 127,735 (124,240)3,497 
Stock-based compensation—— 113 — 113 
Issuance of common stock, net of issuance costs857,1461 1,209 — 1,210 
Net loss—— — (1,993)(1,993)
Balances as of June 30, 20232,964,485$3 $129,057 $(126,233)$2,827 
2022
Balances as of December 31, 2021610,364$1 $122,542 $(112,508)$10,035 
Stock-based compensation—— 221 — 221 
Issuance of common stock for service250— 3 — 3 
Net loss—— — (2,332)(2,332)
Balances as of March 31, 2022610,6141 122,766 (114,840)7,927 
Stock-based compensation—— 205 — 205 
Issuance of common stock for service34— 1 — 1 
Net loss—— — (2,569)(2,569)
Balances as of June 30, 2022610,648$1 $122,972 $(117,409)$5,564 
During the six months ended June 30, 2023, the following shares of common stock were issued:
•857,146 shares pursuant to a registered direct offering with certain institutional investors for $1.75 per share for gross proceeds of $1.5 million, before deducting issuance costs of $290,000. The shares were offered and sold pursuant to a prospectus, dated May 6, 2022, and a prospectus supplement, dated April 10, 2023, in connection with a takedown from our shelf registration statement on Form S-3 (File No. 333-261227).
•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 the date of issuance; and
•13,225 shares pursuant to the vesting of restricted stock units.
COMMON STOCK WARRANTS
The following table presents the common stock warrant activity:
SharesWeighted
Average
Exercise
Price Per
Share		Weighted
Average
Remaining
Contractual
Term
(years)
Outstanding as of December 31, 20224,414,810 $6.58 3.0
Issued921,432 1.66 5.3
Exercised(1,230,000)3.50 — 
Expired(2,835)728.00 — 
Outstanding as of June 30, 20234,103,407 5.91 3.2
During the six months ended June 30, 2023:
•Series C warrants were issued to the investors in the offering discussed in Note 6 to purchase up to 857,146 shares of our common stock. The Series C warrants are exercisable immediately with an exercise price of $1.62 per share and expire October 12, 2028. We estimated the fair value of these warrants to be $1.1 million using a Black-Scholes model based on the following significant inputs: common stock price of $1.38 per share; volatility of 164%; term of 5.5 years; dividend yield of —%; and risk-free interest rate of 3.4%;
•Placement agent warrants were issued to purchase up to 64,286 shares of our common stock. The placement agent warrants are exercisable immediately upon issuance, with an exercise price per share of $2.1875 per share, and expire April 10, 2028. We estimated the fair value of these warrants to be $82,000 using a Black-Scholes model based on the following significant inputs: common stock price of $1.38 per share; volatility of 165%; term of 5 years; dividend yield of —%;and risk-free interest rate of 3.5%; and
•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.