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Warrants (Tables)

3 Months Ended

Mar. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Schedule of warrant activity

The following table summarizes the activity in the Company's outstanding warrants during the three months ended March 31, 2023:

			Warrants Outstanding Number of Shares						Weighted Average Remaining Contractual Life						Weighted Average Exercise Price Per Share
Balance at December 31, 2022			4,433,593						3.37						$	22.50
Granted			–						–						$	–
Exercised			–						–						$	–
Expired			(4,000)						–						$	30.00
Forfeitures			(50,000)						7.69						$	13.90
Balance at March 31, 2023			4,379,593						3.08						$	22.59
Exercisable March 31, 2023			4,379,593						3.08						$	22.59
Exercisable December 31, 2022			4,433,593						3.37						$	22.50

Schedule of assumptions for warrant activity

The fair value of the outstanding derivative warrants was determined by using the Black-Scholes option pricing model ("BSM") based on the following assumptions:

Exercise Price			$	2.10
Dividend Yield			0		%
Volatility			127		%
Risk-free interest rate			4.03		%
Expected life of options			2.0 years

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- Definition

Schedule of assumptions for warrant activity

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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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