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WARRANTS
 9 Months Ended
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.