Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Estimated Fair Value of Financial Instrument

The estimated fair values of financial instruments outstanding were (in thousands):

	March 31, 2022 (Unaudited)
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Cash and cash equivalents	$	7,286	$	—	$	—		$	7,286
Short-term investments		19,496		—		(42	)		19,454
Total	$	26,782	$	—	$	(42	)	$	26,740

	December 31, 2021
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Cash and cash equivalents	$	8,968	$	—	$	—		$	8,968
Short-term investments		23,040		—		(29	)		23,011
Total	$	32,008	$	—	$	(29	)	$	31,979

Schedule of Fair Value Hierarchy Financial Assets

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands):

	Fair Value		Level 1		Level 2		Level 3
	March 31, 2022 (Unaudited)
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	6,299	$	6,299	$	—	$	—
Corporate notes and commercial paper		19,454		—		19,454		—
Total financial assets	$	25,753	$	6,299	$	19,454	$	—

	Fair Value		Level 1		Level 2		Level 3
	December 31, 2021
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	5,484	$	5,484	$	—	$	—
Corporate notes and commercial paper		23,011		—		23,011		—
Total financial assets	$	28,495	$	5,484	$	23,011	$	—

Schedule of Derivative Liability Transactions

As of March 31, 2022, the fair value of the derivative liability amounted to $120,000. The details of derivative liability transactions for the three months ended March 31, 2022 and 2021, are as follows:

	March 31, 2022			March 31, 2021
		(Unaudited)			(Unaudited)
Beginning balance	$	138,000		$	383,000
Fair value upon issuance of warrants		-			-
Change in fair value		(18,000	)		(21,000	)
Extinguishment		-			-
Ending balance	$	120,000		$	362,000

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details