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WARRANTS

12 Months Ended

Dec. 31, 2022

14. WARRANTS

Following is a summary of all warrant activity for the two years ended December 31, 2022:

SUMMARY OF WARRANT ACTIVITY

Warrants	Number of Warrants Issued			Weighted Average Exercise Price
Warrants outstanding at January 1, 2021		256,903		$	20.10
Warrants exercised during 2021 (Note 11)		(81,111	)	$	18.60
Warrants outstanding and exercisable at December 31, 2021		175,792		$	20.96
Warrants expired during 2022		(7,273	)	$	48.30
Warrants outstanding and exercisable at December 31, 2022		168,519	*	$	19.78

Aggregate intrinsic value of outstanding warrants at December 31, 2022	$	-0-

Weighted average remaining contractual terms (years)		3.0

*	Warrants to exercise 4,059 shares of common stock at an exercise price of $31.05 per share expired on January, 11, 2023.

In connection with the February 2020 Registered Direct financing (see Note 11), 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 at $9.00 per share, recognizing $45,000 as professional fee expense.