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Warrants

12 Months Ended

Dec. 31, 2020

Warrants and Rights Note Disclosure [Abstract]

13. WARRANTS

Following is a summary of all warrant activity for the two years ended December 31, 2020:

Warrants	Number of Warrants Issued			Weighted Average Exercise Price
Warrants outstanding at January 1, 2019		1,593,162		$	5.36
Warrants issued during 2019 (see Note 12)		200,000		$	0.01
Warrants expired during 2019		(1,167,064	)	$	6.32
Warrants outstanding at December 31, 2019		626,098		$	1.87
Warrants issued during 2020		3,522,525		$	1.21
Warrants exercised during 2020 (see Note 12)		(200,000	)	$	0.01
Warrants cancelled during 2020		(95,057	)	$	2.63
Warrants outstanding and exercisable at December 31, 2020		3,853,566		$	1.35

Aggregate intrinsic value of outstanding warrants at December 31, 2020	$	-0-

Weighted average remaining contractual terms (years)		4.8

In connection with the February 2020 Registered Direct financing (Note 10), the Company issued warrants to purchase 3.2 million shares of common stock in February 2020. In connection with the Horizon Credit Agreement Amendment, the Company cancelled warrants to purchase 95,057 shares of common stock and issued warrants to purchase 247,525 shares of common stock in August 2020. Pursuant to a consulting agreement dated September 21, 2020, the Company issued warrants to purchase 75,000 shares of common stock vesting immediately and having a 4-year term. The shares underlying these warrants are unregistered and have a strike price of $0.79 per share. The Company fair valued these warrants $0.60 per share, recognizing $45,000 as professional fee expense. Warrants to purchase 1,167,064 shares of common stock expired during 2019.