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WARRANT LIABILITY (Tables)

9 Months Ended

Sep. 30, 2022

WARRANT LIABILITY [Abstract]

Fair Value of Warrant Liability Assumptions

The fair value of the Company’s warrant liability was calculated using the Black-Scholes model and the following assumptions:

		As of September 30, 2022				As of December 31, 2021
Fair value of company's common stock		$	3.35			$	9.02
Dividend yield			0%				0%
Expected volatility			104% - 134%				118% - 149%
Risk Free interest rate			3.81% - 4.23%				0.06% - 0.97%
Expected life (years)			1.16				1.82
Exercise price		$	8.00 - $28.00			$	8.00 - $28.00
Fair value of financial instruments - warrants		$	26,079			$	369,234

Change in Fair Value of Financial Instruments

The change in fair value of the financial instruments – warrants is as follows:

		Amount
Balance as of January 1, 2022		$	369,234
Change in fair value of warrant liability			(343,155	)
Balance as of September 30, 2022		$	26,079

		Amount
Balance as of January 1, 2021		$	—
Fair value of warrant liability assumed in connection with Helix Merger			1,247,715
Change in fair value of warrant liability			(746,605	)
Balance as of September 30, 2021		$	501,110

		Amount
Balance as of July 1, 2022		$	34,618
Change in fair value of warrant liability			(8,539	)
Balance as of September 30, 2022		$	26,079

		Amount
Balance as of July 1, 2021		$	752,888
Change in fair value of warrant liability			(251,778	)
Balance as of September 30, 2021		$	501,110

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of warrants, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

No definition available.

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- References

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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