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WARRANTS | 12 Months Ended
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Dec. 31, 2021
Warrants |
WARRANTS | 13. WARRANTS Following is a summary of all warrant activity for the two years ended December 31, 2021: SUMMARY OF WARRANT ACTIVITY
Warrants |  | Number of Warrants Issued |  |  | Weighted Average Exercise Price |
Warrants outstanding at January 1, 2020 |  |  | 41,739 |  |  | $ | 28.05 |
Warrants issued during 2020 |  |  | 234,834 |  |  | $ | 18.15 |
Warrants exercised during 2020 (see Note 12) |  |  | (13,333 | ) |  | $ | 0.15 |
Warrants cancelled during 2020 |  |  | (6,337 | ) |  | $ | 39.45 |
Warrants outstanding and exercisable at December 31, 2020 |  |  | 256,903 |  |  | $ | 20.10 |
Warrants exercised during 2021 (see Note 10) |  |  | (81,111 | ) |  | $ | 18.60 |
Warrants outstanding and exercisable at December 31, 2021 |  |  | 175,792 | * |  | $ | 21.00 |
Aggregate intrinsic value of outstanding warrants at December 31, 2021 |  | $ | -0- |  |  |  |  |
Weighted average remaining contractual terms (years) |  |  | 3.9 | * |  |  |  |
* | Warrants to exercise 7,273 shares of common stock at an exercise price of $48.30 per share expired on February 21, 2022.
In connection with the February 2020 Registered Direct financing (Note 10), the Company issued warrants to purchase 213,333 shares of common stock in February 2020 of which 81,111 of these were exercised during 2021. In connection with the Horizon Credit Agreement Amendment, the Company cancelled warrants to purchase 6,337 shares of common stock and issued warrants to purchase 16,501 shares of common stock in August 2020. Pursuant to a consulting agreement dated September 21, 2020, the Company issued warrants to purchase 5,000 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 $11.85 per share. The Company fair valued these warrants $9.00 per share, recognizing $45,000 as professional fee expense.

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