WARRANT LIABILITY (Tables)

6 Months Ended

Jun. 30, 2023

WARRANT LIABILITY [Abstract]

Fair Value of Warrant Liability Assumptions

The fair value of the Company’s warrant liability, measured at Level 3 in the fair value hierarchy,  was calculated using the Black-Scholes model and the following inputs:

	As of June 30, 2023			As of December 31, 2022
Fair value of Company's common stock	$	2.45		$	2.73
Dividend yield		0	%		0	%
Expected volatility		65% - 89	%		76% - 92	%
Risk free interest rate		5.14% - 5.45	%		4.34% - 4.75	%
Expected life (years)		0.76			0.91
Exercise price	$	8.00 - $28.00		$	8.00 - $28.00
Fair value of financial instruments - warrants	$	2,053		$	4,547

Change in Fair Value of Financial Instruments

The change in fair value of the Company’s financial instruments – warrants, measured at Level 3 in the fair value hierarchy, was calculated using the Black-Scholes model and the following inputs:

	Amount
Balance as of January 1, 2023	$	4,547
Change in fair value of warrant liability		(2,494	)
Balance as of June 30, 2023	$	2,053

	Amount
Balance as of January 1, 2022	$	369,234
Change in fair value of warrant liability		(334,616	)
Balance as of June 30, 2022	$	34,618

	Amount
Balance as of April 1, 2023	$	10,106
Change in fair value of warrant liability		(8,053	)
Balance as of June 30, 2023	$	2,053

	Amount
Balance as of April 1, 2022	$	149,394
Change in fair value of warrant liability		(114,776	)
Balance as of June 30, 2022	$	34,618