| Fair Value of Financial Instruments |
Note
3 – Fair Value of Financial Instruments
The
estimated fair values of financial instruments outstanding were as follow:
Schedule
of Estimated Fair Value of Financial Instrument
| |
|
June 30, 2023 (Unaudited) |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term investments |
|
$ |
15,168 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
15,206 |
|
| Total |
|
$ |
15,168 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
15,206 |
|
| |
|
December 31, 2022 |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term investments |
|
$ |
10,866 |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
10,836 |
|
| Total |
|
$ |
10,866 |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
10,836 |
|
The
following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments):
Schedule of Fair Value Hierarchy Financial Assets
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
June 30, 2023 (Unaudited) |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Money market funds |
|
$ |
2,364 |
|
|
$ |
2,364 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and commercial paper |
|
|
15,206 |
|
|
|
15,206 |
|
|
|
— |
|
|
|
— |
|
| Total financial assets |
|
$ |
17,570 |
|
|
$ |
17,570 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
December 31, 2022 |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Money market funds |
|
$ |
5,505 |
|
|
$ |
5,505 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and commercial paper |
|
|
10,836 |
|
|
|
10,836 |
|
|
|
— |
|
|
|
— |
|
| Total financial assets |
|
$ |
16,341 |
|
|
$ |
16,341 |
|
|
$ |
— |
|
|
$ |
— |
|
As
of June 30, 2023, the fair value of the warrant liability amounted to $1,492. The details of warrant liability transactions for the
three and six months ended June 30, 2023 and 2022, are as follows:
Schedule of Derivative Liability Transactions
| |
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
| |
|
Three Months Ending |
|
|
Six Months Ending |
|
| |
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Beginning balance |
|
$ |
2,925 |
|
|
$ |
120 |
|
|
$ |
19 |
|
|
$ |
138 |
|
| Fair value upon issuance of warrants |
|
|
— |
|
|
|
— |
|
|
|
5,830 |
|
|
|
— |
|
| Change in fair value |
|
$ |
(1,433 |
) |
|
$ |
(5 |
) |
|
$ |
(4,357 |
) |
|
$ |
(23 |
) |
| Ending balance |
|
$ |
1,492 |
|
|
$ |
115 |
|
|
$ |
1,492 |
|
|
$ |
115 |
|
|