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WARRANT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2021

Warrant Liabilities

SCHEDULE OF WARRANTS ACTIVITY

The following table summarizes the activity in the warrants received in exchange for the Series C Warrants for the six months ended June 30, 2021:

SCHEDULE OF WARRANTS ACTIVITY 

		Common Stock Warrants (received in exchange for the Series C Warrants)
		Shares				Weighted– Average Exercise Price				Range of Exercise Price				Weighted– Average Remaining Life (Years)
Total outstanding – December 31, 2020			3,378,596			$	0.72
Common stock warrants received in exchange for Series C preferred stock warrants upon reverse recapitalization			-				-
Exercised			(542,737	)			0.72
Forfeited			(36,097	)			0.72
Expired			—				—
Granted			—				—
Total outstanding – June 30, 2021			2,799,762			$	0.72
Exercisable			2,799,762			$	0.72			$	0.72				2.5

		Common Stock Warrants (received in exchange for the Series C Warrants)
		Shares				Weighted– Average Exercise Price				Range of Exercise Price				Weighted– Average Remaining Life (Years)
Total outstanding – December 31, 2019			—			$	—
Common stock warrants received in exchange for Series C preferred stock warrants upon reverse recapitalization			4,713,490				0.72
Forfeited			—				—
Expired			—				—
Granted			—				—
Total outstanding – June 30, 2020			4,713,490			$	0.72
Exercisable			4,713,490			$	0.72			$	0.72				3.82

 

SCHEDULE OF FAIR VALUE HIERARCHY FOR WARRANT LIABILITIES

The following table presents the Company’s fair value hierarchy for its warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants) measured at fair value on a recurring basis using Level 3 inputs as of June 30, 2021:

SCHEDULE OF FAIR VALUE HIERARCHY FOR WARRANT LIABILITIES

		Quoted
		Market				Significant
		Prices for				Other				Significant
		Identical				Observable				Unobservable
		Assets				Inputs				Inputs
Warrant liabilities		(Level 1)				(Level 2)				(Level 3)				Total
Balance as of December 31. 2020		$	—			$	—			$	8,310,100			$	8,310,100
Balance as of June 30, 2021			—				—			$	4,112,100			$	4,112,100

SCHEDULE OF ASSUMPTIONS OF WARRANT LIABILITIES

The following table shows the range of assumptions used in estimating the fair value of warrant liabilities as of June 30, 2021 and December 31, 2020:

SCHEDULE OF ASSUMPTIONS OF WARRANT LIABILITIES 

		June 30, 2021				December 31, 2020
		Range
Risk-free interest rate			0.34% — 0.46	%			0.17% — 0.22	%
Expected volatility (peer group)			82.00 — 83.00	%			82.00	%
Term of warrants (in years)			2.41 — 2.99				2.90 — 3.49
Expected dividend yield			0.00	%			0.00	%

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- References

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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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