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Warrants
 9 Months Ended
Sep. 30, 2020
Warrant Disclosure [Abstract]  
Warrants

(13) Warrants


Pursuant to the 2020 Purchase Agreement, the Company agreed to sell to such investors an aggregate of 4,400,000 shares of common stock and warrants to purchase up to 4,400,000 shares of the Common Stock in a concurrent private placement. The exercise price of the warrant is $0.7425 per share. These warrants are exercisable on November 4, 2020 and have a term of exercise equal to five years and six months from the date of issuance till November 4, 2025. The Company classified warrant as liabilities and accounted for the issuance of the Warrants as a derivative.


A summary of stock warrant activities is as below:


   Nine months Ended 
   September 30, 2020 
       Weight 
       average 
       exercise 
   Number   price 
Outstanding and exercisable at beginning of the period        
Issued during the period   4,400,000   $0.7425 
Exercised during the period   -    - 
Cancelled or expired during the period   -    - 
Outstanding and exercisable at end of the period   4,400,000   $0.7425 

The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2020.


Warrants Outstanding   Warrants Exercisable 
    Weighted Average             
    Remaining             
Number of   Contractual life   Weighted Average   Number of   Weighted Average 
Shares   (in years)   Exercise Price   Shares   Exercise Price 
 4,400,000    5.34   $0.7425    4,400,000   $0.7425 

Aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the warrants at September 30, 2020 for those warrants for which the quoted market price was in excess of the exercise price (“in-the-money” warrants). There is no intrinsic value of the warrants as of September 30, 2020.