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Warrants and Options (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Fair Value of Warrants Using Black Scholes Method

 Schedule of Fair Value of Warrants Using Black Scholes Method

														Market
Reporting		Number of				Term				Exercise				Price on Grant				Volatility		Fair
Date		Options				(Years)				Price				Date				Percentage		Value
2/25/20 – 11/18/20			211,330				3			$	0.25 - 4.49			$	1.00 – 4.49			169% - 209%		$	251,526
1/01/21 – 6/30/21			253,400				3			$	0.25 - 5.59			$	3.78 - 5.59			148% - 209%		$	1,244,179

Summary of Warrant Outstanding

The following tables summarize all warrants outstanding as of June 30, 2021 and December 31, 2020, and the related changes during the period.

 Summary of Warrant Outstanding

		Number of				Exercise
		Warrants				Price
Stock Warrants
Balance at December 31, 2019			1,158,000			$	0.50
Warrants issued in connection with the IPO			1,073,333				8.50
Exercised			(1,158,000	)			0.50
Warrants issued in Endorsement Agreement			50,000				3.90
Balance at December 31, 2020			1,123,333			$	8.30
Warrants issued in connection with Convertible Notes (see note 7)			525,000				—
Balance at June 30, 2021			1,648,333			$	8.30
Warrants Exercisable at June 30, 2021			1,648,333			$	8.50

Convertible Note Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Fair Value of Warrants Using Black Scholes Method

Schedule of Fair Value of Warrants Using Black Scholes Method

Market

Price

Reporting

Relative

Term

Exercise

on Grant

Volatility

Risk-free

Date

Fair Value

(Years)

Price

Date

Percentage

Rate

11/10/2020

$

159,489

5

$

3.90

$

3.94

261

%

0.0041

Endorsement Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Fair Value of Warrants Using Black Scholes Method

Schedule of Fair Value of Warrants Using Black Scholes Method

Market

Price

Reporting

Relative

Term

Exercise

on Grant

Volatility

Risk-free

Date

Fair Value

(Years)

Price

Date

Percentage

Rate

11/03/2020

$

3,905,739

5

$

8.50

$

4.90

256

%

0.039

IPO [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Fair Value of Warrants Using Black Scholes Method

 Schedule of Fair Value of Warrants Using Black Scholes Method

														Market
														Price
Reporting		Relative				Term				Exercise				on Grant				Volatility				Risk-free
Date		Fair Value				(Years)				Price				Date				Percentage				Rate
11/26/2018		$	108,163				2			$	0.50			$	0.25				717	%			0.0286
2/18/2019		$	30,000				2			$	0.50			$	0.25				717	%			0.0227
4/3/2019		$	20,000				2			$	0.50			$	0.25				717	%			0.0233

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, 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

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-Publisher FASB
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-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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
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-Publisher FASB
-Name Accounting Standards Codification
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