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Warrants (Tables)

12 Months Ended

Dec. 31, 2020

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrant Activity

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

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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
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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- References

No definition available.

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