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Common Stock and Warrants (Tables) | 9 Months Ended
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Sep. 30, 2021
Summary of Warrant Activity | The following is a summary of the Company’s warrant activity during the nine months ended September 30, 2021:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |
|  | CAD |  |  | US |  |  | CAD$ |  |  | USD$ |
Outstanding as of December 31, 2020 |  |  | 68,351 |  |  |  | 273,554 |  |  | $ | 428.75 |  |  | $ | 16.04 |
Granted |  |  | — |  |  |  | 402,265 |  |  |  | — |  |  |  | 16.47 |
Cancelled/Expired |  |  | (68,351 | ) |  |  | — |  |  |  | 428.75 |  |  |  | — |
Exercised |  |  | — |  |  |  | (81,895 | ) |  |  | — |  |  |  | 16.10 |
Outstanding as of September 30, 2021 |  |  | — |  |  |  | 593,924 |  |  | $ | — |  |  | $ | 16.32 |
Warrants Outstanding and Exercisable | The Company’s warrants outstanding and exercisable as of September 30, 2021 were as follows:
Number of Warrants Outstanding |  |  | Exercise Price |  | Expiration Date
| 97,143 |  |  | USD$16.10 |  | March 20, 2025
| 17,431 |  |  | USD$16.1665 |  | October 26, 2023
| 76,386 |  |  | USD$15.82 |  | October 26, 2023
| 961 |  |  | USD$19.775 |  | October 26, 2023
| 372,206 |  |  | USD$16.302 |  | February 1, 2026
| 29,797 |  |  | USD$18.525 |  | February 1, 2026
| 593,924 |  |  |  |  |
March 2020 Offering |
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the March 2020 Offering using the Black-Scholes option pricing model as of the date of the closing of the offering on March 20, 2020.
|  | March 20, 2020 |
Stock price |  | $ | 12.25 |
Exercise price |  | $ | 16.10 |
Warrant term |  | 5.50 years |
Expected volatility |  |  | 82.41 | %
Risk-free interest rate |  |  | 0.52 | %
Dividend rate |  |  | 0.00 | %
October 2020 Private Placement Offering |
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the October 2020 Offering using the Black-Scholes option pricing model as of the date of the closing of the offering on October 26, 2020.
|  | October 26, 2020 |
Stock price |  | $ | 15.92 |
Exercise price |  | $ | 15.92 |
Warrant term |  | 3.00 years |
Expected volatility |  |  | 80.91 | %
Risk-free interest rate |  |  | 0.18 | %
Dividend rate |  |  | 0.00 | %
February 2021 Offering |
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the February 2021 Offering using the Black-Scholes option pricing model as of the date of the closing of the offering on February 1, 2021.
|  | February 1, 2021 |
Stock price |  | $ | 14.82 |
Exercise price |  | $ | 16.47 |
Warrant term |  | 5.00 years |
Expected volatility |  |  | 75.02 | %
Risk-free interest rate |  |  | 0.42 | %
Dividend rate |  |  | 0.00 | %

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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