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WARRANTS
 6 Months Ended
Jun. 30, 2021
Warrants  
WARRANTS

NOTE 13 – WARRANTS

 

The following table shows warrant activity for the six months ended June 30, 2021.

 

   Number of shares  

Weighted

Average

Exercise

Price

 
Warrants outstanding as of December 31, 2020   202,752   $13.64 
Exercised   (18,412)  $24.00 
Issued in connection with equity offering   310,500   $12.50 
Expired   (116,674)  $18.00 
Warrants outstanding as of June 30, 2021   377,166   $11.16 
Warrants exercisable as of June 30, 2021   377,166   $11.16 

 

The fair value of the warrants issued in connection with the equity offering were calculated using the Black-Scholes pricing model based on the market value of the underlying common stock at the valuation measurement date of $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 2.20 years. The aggregate intrinsic value of the warrants outstanding and exercisable at June 30, 2021 is $0.