Annual report pursuant to Section 13 and 15(d)

Fair Value (Tables)

v3.22.1
Fair Value (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Schedule of reconciliation of fair values

Beginning fair value balance on June 30, 2020

 

$

14,131,000

 

Payments on Convertible Notes

(1,827,273 )
Change in fair value reported in the statements of operations

961,273

Change in fair value reported in other comprehensive income

 

 

133,000

Ending fair value balance - December 31, 2020

 

$

13,398,000

 

Payments on Convertible Notes

(15,172,727 )
Change in fair value reported in the statements of operations

2,030,904
Change in fair value reported in other comprehensive income

(70,000 )
Gain on extinguishment of debt reported on the statement of operations

(186,177 )
Ending fair value balance - October 5, 2021
$
Schedule of fair value by using key inputs




Fair Value Assumptions - Convertible Notes


December 31, 2021

 


December 31, 2020

 

Face value principal payable


$ 20,000,000

  


$

15,172,272

  

Original conversion price


$ 4.05

 


$

11.5

 

Value of Common Stock


$ 1.75

 


$

3.24

 

Expected term (years)



2.8

 


 

2.3

 

Volatility



75

%


 

77

%

Market yield (range)



37.1

%


 

27.1 to 27.2

%

Risk free rate



1.0

 %


 

0.1

%

Issue date

October 5, 2021


June 9, 2020
Maturity date

October 5, 2024


June 1, 2023
Private Warrant [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Schedule of reconciliation of fair values

Beginning fair value balance on October 5, 2021

 

$

18,000,000

 

Payments on Convertible Notes

Change in fair value reported in the statements of operations

(665,000 )
Change in fair value reported in other comprehensive income 

(30,000 )
Ending fair value balance - December 31, 2021 
$ 17,305,000

Fair Value Assumptions - Private Warrants

 

December 31, 2021

 

 

December 31, 2020

 

Number of Private Warrants

  


225,635

  

  


225,635

  

Original conversion price

 

$

11.50

 

 

$

11.50

 

Value of Common Stock

 

$

1.75

 

 

$

3.24

 

Expected term (years)

 

 

2.46

 

 

 

3.46

 

Volatility

 

 

85.8

%

 

 

102.3

%

Risk free rate

 

 

0.8

%

 

 

0.2

%

Schedule of fair value by using key inputs

Year Ended December 31,

2021

2020

Fair value balance at beginning of period

$

311,376



$ 688,187

Change in fair value reported in the statements of operations

 

(248,198

)

(376,811 )

Fair value balance at end of period

$

63,178



$ 311,376