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Warrants | 6 Months Ended
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Jun. 30, 2023
Warrants |
Warrants | 16. Warrants During the six months ended June 30, 2023, the Company and a stock options holder reached an agreement to cancel all 400,000 stock options in exchange for extending the exercisable period of 300,000 warrants to December 31, 2024. During the year ended December 31, 2022, an aggregate of 250,121 warrants were exercised primarily on a cashless basis for 73,321 shares of common stock, and 1,599,179 Reg-A public offering and private placement warrants expired. During the year ended December 31, 2022, the Company and a warrant holder reached an agreement to extend the exercisable period of 300,000 warrants, convertible to 2 shares of common stock each, for an additional 12 months. During the year ended December 31, 2021, the Company and warrant holder reached an agreement to amend a previous warrant agreement. The Company issued an additional 150,000 warrants for a total of 250,000 warrants valued at $37,000. The exercisable period of the warrants was also amended to a period of five years beginning on January 14, 2021. The warrants are convertible to 1 share of common stock, each exercisable at $2 per share. During the year ended December 31, 2022, the warrants were exercised on a cashless basis for 73,321 shares of common stock. During the year ended December 31, 2021, the Company issued 130,909 representative warrants to the Company’s underwriters. The representative warrants were not exercisable until January 30, 2022. The representative warrants are exercisable for 130,909 shares of common stock at $6.05 per share until August 3, 2024. As of December 31, 2022, the Company recognized a value of $273,993 for the representative warrants to share issuance cost. As of June 30, 2023, the Company has the following warrants outstanding: Schedule of Warrants Exercise Price
Exercise price |  |  | Number outstanding |  |  | Remaining Contractual Life (Years) |  |  | Expiry date
$ | 6.05 |  |  |  | 3,446,515 |  |  | 1.10 |  |  | August 3, 2024
$ | 6.05 |  |  |  | 130,909 |  |  | 1.10 |  |  | August 6, 2024
$ | 4.00 |  |  |  | 300,000 |  |  | 1.51 |  |  | December 31, 2024
$ | 2.40 |  |  |  | 62,500 |  |  | 1.72 |  |  | March 20, 2025
|  |  |  |  | 3,939,924 |  |  | 1.14 |  |  |
Schedule of Warrants Activity
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Number of warrants |  |  | Weighted average price |  |  | Number of warrants |  |  | Weighted average price |
Balance, beginning of year |  |  | 3,939,924 |  |  | $ | 5.84 |  |  |  | 5,652,827 |  |  | $ | 5.14 |
Issuance |  |  | - |  |  | $ | - |  |  |  | 130,909 |  |  | $ | 6.05 |
Expired |  |  | - |  |  | $ | - |  |  |  | (1,593,691 | ) |  | $ | (4.00 | )
Exercise |  |  | - |  |  | $ | - |  |  |  | (250,121 | ) |  | $ | (2.00 | )
Balance, end of period |  |  | 3,939,924 |  |  | $ | 5.84 |  |  |  | 3,939,924 |  |  | $ | 5.84 |

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