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Warrants

3 Months Ended

Mar. 31, 2021

Warrants and Rights Note Disclosure [Abstract]

NOTE 13 – WARRANTS

Warrants are immediately exercisable upon issuance. The following table shows warrant activity for the three months ended March 31, 2021.

	Number of shares			Weighted Average Exercise Price
Warrants outstanding as of December 31, 2020		202,752		$	13.64
Exercised		(21,747	)		24.00
Issued in connection with equity offering		310,500		$	12.50
Warrants outstanding as of March 31, 2021		491,505		$	12.75
Warrants exercisable as of March 31, 2021		491,505		$	12.75

The fair value of the warrants is calculated using the Black-Scholes pricing model based on the market value of the underlying common stock at the valuation measurement date $10.00, the remaining contractual term of the options of 5 years, risk-free interest rate of 0.57% and expected volatility of the price of the underlying common stock of 100%.

The weighted-average life of the warrants is 2.4 years. The aggregate intrinsic value of the warrants outstanding and exercisable at March 31, 2021 is $0.