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Warrants | 9 Months Ended
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Sep. 30, 2022
Warrants |
Warrants | Note 14 – Warrants Outstanding Warrants Warrants to purchase an aggregate total of 1,528,750 shares of common stock at a weighted average strike price of $2.47, exercisable over a weighted average life of 9.42 years were outstanding as of September 30, 2022. Warrants Granted On September 29, 2022, warrants to purchase an aggregate 187,500 shares of common stock were issued to directors pursuant to a private placement debt offering in which aggregate proceeds of $750,000 were received in exchange for promissory notes and warrants to purchase an aggregate 187,500 shares of common stock, representing 25,000 warrant shares per $100,000 of promissory notes. The warrants are fully vested and exercisable over a period of 10 years at a price of $2.60 per share. The Company may redeem outstanding warrants prior to their expiration, at a price of $0.01 per share, provided that the volume weighted average sale price per share of Common Stock equals or exceeds $9.00 per share for thirty (30) consecutive trading days ending on the third business day prior to the mailing of notice of such redemption. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 140% and a weighted average call option value of $1.9441, was $364,512. The warrants are being expensed over the life of the loans, resulting in $688 of stock-based compensation expense during the nine months ended September 30, 2022. As of September 30, 2022, a total of $363,824 of unamortized expenses are expected to be expensed over the lives of outstanding debts. On April 8, 2022, warrants to purchase an aggregate 925,000 shares of common stock were issued pursuant to a private placement debt offering in which aggregate proceeds of $3,700,000 were received in exchange for promissory notes and warrants to purchase an aggregate 925,000 shares of common stock, representing 25,000 warrant shares per $100,000 of promissory notes. The warrants are fully vested and exercisable over a period of 10 years at a price of $2.35 per share. The Company may redeem outstanding warrants prior to their expiration, at a price of $0.01 per share, provided that the volume weighted average sale price per share of Common Stock equals or exceeds $9.00 per share for thirty (30) consecutive trading days ending on the third business day prior to the mailing of notice of such redemption. A total of 780,000 of the warrants were issued to officers or directors. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 154% and a weighted average call option value of $2.9443, was $2,694,014. The warrants are being expensed over the life of the loans, resulting in $430,160 of stock-based compensation expense during the nine months ended September 30, 2022. As of September 30, 2022, a total of $2,786,595 of unamortized expenses are expected to be expensed over the lives of outstanding debts, including $522,741 of unamortized debt discounts on warrants issued during December of 2021. No warrants were granted during the nine months ended September 30, 2021. Warrants Expired A total of 1,300 warrants with a weighted average exercise price of $3.00 were forfeited during the nine months ended September 30, 2022. No warrants were exercised during the nine months ended September 30, 2021. Warrants Exercised No warrants were exercised during the nine months ended September 30, 2022 and 2021.

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