Quarterly report pursuant to Section 13 or 15(d)

Warrant Liability

v3.22.2.2
Warrant Liability
 6 Months Ended
Jun. 30, 2022
Warrant Liability  
Warrant Liability

Note 9. Warrant Liability

 

The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented as a Warrant liability in the accompanying balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within the statement of operations and comprehensive income (loss). (See Note 6 and 7)

 

The Warrant liability at June 30, 2022 was as follows:

 

         
Note Warrants (b)   $ 65,482  
Trading and Overallotment Warrants (a)     2,400,338  
Total   $ 2,465,820  

 

The following table presents the changes in the Warrant liability of the Level 1 warrants issued on April 14, 2022, the effective date of the IPO measured at fair value:

 

    Total  
       
FMV of Note Warrants   $ 157,647  
         
FMV of Trading and Overallotment Warrants     5,778,750  
         
Change in fair value of warrant liability     (3,470,577 )
         
Fair Value at June 30. 2022   $ 2,465,820  

 

 

SHARPS TECHNOLOGY, INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited)