| 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
| |
|
September
30, 2023 (Unaudited) |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term
investments |
|
$ |
13,323 |
|
|
$ |
43 |
|
|
$ |
— |
|
|
$ |
13,366 |
|
| Total |
|
$ |
13,323 |
|
|
$ |
43 |
|
|
$ |
— |
|
|
$ |
13,366 |
|
| |
|
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 |
|
| |
|
September
30, 2023 (Unaudited) |
|
| |
|
Fair
Value |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| Money market funds |
|
$ |
2,474 |
|
|
$ |
2,474 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and
commercial paper |
|
|
13,366 |
|
|
|
13,366 |
|
|
|
— |
|
|
|
— |
|
| Total financial assets |
|
$ |
15,840 |
|
|
$ |
15,840 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
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 September 30, 2023, the fair value of the warrant liability amounted to $1,053. The details of warrant liability transactions for
the three and six months ended September 30, 2023 and 2022, are as follows:
Schedule
of Derivative Liability Transactions
| |
|
September
30, 2023 |
|
|
September
30, 2022 |
|
|
September
30, 2023 |
|
|
September
30, 2022 |
|
| |
|
Three
Months Ending |
|
|
Nine
Months Ending |
|
| |
|
September
30, 2023 |
|
|
September
30, 2022 |
|
|
September
30, 2023 |
|
|
September
30, 2022 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Beginning balance |
|
$ |
1,538 |
|
|
$ |
115 |
|
|
$ |
19 |
|
|
$ |
138 |
|
| Fair value upon issuance of warrants |
|
|
— |
|
|
|
— |
|
|
|
5,830 |
|
|
|
— |
|
| Change in fair value |
|
|
(485 |
) |
|
|
(58 |
) |
|
|
(4,796 |
) |
|
|
(81 |
) |
| Ending balance |
|
$ |
1,053 |
|
|
$ |
57 |
|
|
$ |
1,053 |
|
|
$ |
57 |
|
|