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WARRANTS | 9 Months Ended
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Sep. 30, 2021
Warrants |
WARRANTS | NOTE 13 – WARRANTS The following table shows warrant activity for the nine months ended September 30, 2021. SCHEDULE OF WARRANT ACTIVITY
|  | Number of shares |  |  | Weighted Average Exercise Price |
Warrants outstanding as of December 31, 2020 |  |  | 202,752 |  |  | $ | 13.64 |
Exercised |  |  | (22,490 | ) |  | $ | 14.94 |
Issued in connection with equity offering |  |  | 310,500 |  |  | $ | 12.50 |
Expired |  |  | (116,674 | ) |  | $ | 18.00 |
Warrants outstanding as of September 30, 2021 |  |  | 374,088 |  |  | $ | 11.26 |
Warrants exercisable as of September 30, 2021 |  |  | 374,088 |  |  | $ | 11.26 |
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 .57% and expected volatility of the price of the underlying common stock of 100%. The weighted-average life of the warrants is 1.95 years. The aggregate intrinsic value of the warrants outstanding and exercisable as of September 30, 2021 is $0.

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