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WARRANTS

3 Months Ended

Mar. 31, 2021

15. WARRANTS

During the three months ended March 31, 2021, the Company did not issue any warrants. The following table summarizes information about common stock warrants outstanding at March 31, 2021:

Outstanding					Exercisable
		Weighted
		Average	Weighted			Weighted
		Remaining	Average			Average
Exercise	Number	Contractual	Exercise		Number	Exercise
Price	Outstanding	Life (Years)	Price		Exercisable	Price
$ —	6,500	3.00	$	—	6,500	$	—
$0.88 - $1.91	3,237,016	4.05	$	1.43	3,237,016		$0.88 - $1.91
$8.00 - $19.80	53,452	3.13	$	12.74	53,452		$8.00 - $19.80
$440 - $920	16,225	1.95	$	733.40	16,225		$440 - $920
$1,040 - $2,000	2,367	1.93	$	1,404.85	2,367		$1,040 - $2,000
$0.88 - $2,000	3,315,560	4.02	$	6.19	3,315,560	$	6.19

Warrant issuances during 2020 requiring shareholder approval

Rule 713 of the NYSE American, the national securities exchange on which the Common Stock is listed, requires stockholder approval of a transaction, other than a public offering, involving the sale, issuance or potential issuance by an issuer of Common Stock (or securities convertible into or exercisable for Common Stock) at a price less than the greater of book or market value which together with sales by officers, directors or principal stockholders of the issuer equals 20% or more of presently outstanding Common Stock, or equal to 20% or more of presently outstanding stock for less than the greater of book or market value of the stock, or when the issuance or potential issuance of additional shares will result in a change of control of the issuer. Accordingly, absent shareholder approval, the holders of warrants issued between October 22, 2020 and November 19, 2020 to purchase an aggregate of 2,627,394 shares of Common Stock are prohibited from exercising the warrants and receiving shares of Common Stock unless stockholder approval is obtained for the warrants. The Company anticipates seeking stockholder approval for the exercise of all the warrants during July 2021.

The Company utilized the Black-Scholes option pricing model and the assumptions used during the three months ended March 31, 2020:

Exercise price	$0.88 - $1.91
Remaining contractual term (in years)	5.0
Volatility	86.3%
Weighted average risk free interest rate	0.46% — 1.38%
Expected dividend yield	0%