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Warrants | 9 Months Ended
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Sep. 30, 2021
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 common stock in a concurrent private placement (the “May 2020 Warrants”). The exercise price of the May 2020 Warrant is $0.7425 per share. These warrants are exercisable on July 23, 2020 and have a term of exercise equal to five years and six months from the date of issuance till July 23, 2025. 880,000 May 2020 Warrants were exercised in February 2021 at the exercise price of $0.7425 per share and 3,520,000 May 2020 Warrants were outstanding as of September 30, 2021. The Company classified warrant as liabilities and accounted for the issuance of the May 2020 Warrants as a derivative. On January 20, 2021, the Company offered and sold to certain institutional investors an aggregate of 26,181,818 shares of common stock and 26,181,818warrants to purchase up to 26,181,818 shares of common stock (the “January 2021 Warrants”). The January 2021 Warrants are exercisable commencing on January 20, 2021 at an exercise price of $0.55 and will expire on January 20, 2026. 14,106,900 January 2021 Warrants were exercised in January and February of 2021 at the exercise price of $0.55 per share. 12,074,918 January 2021 Warrants were outstanding as of September 30, 2021. On March 1, 2021, the Company offered and sold to the public investors an aggregate of 29,277,866 shares of common stock and 14,638,933 warrants to purchase up to 14,638,933 shares of common stock (the “March 2021 Warrants”). The March 2021Warrants are exercisable commencing on March 1, 2021 at an exercise price of $0.75 and will expire on March 1, 2026. 67,500 March 2021 Warrants were exercised in January and March 2021 at the exercise price of $0.75 per share and 14,571,433 March 2021 Warrants were outstanding as of September 30, 2021. The Company classified warrants as liabilities and accounted for the issuance of the warrants as a derivative. A summary of warrant activities is as below:
|  | Nine months Ended September 30, 2021 |
|  | Number |  |  | Weight average exercise price |
Outstanding and exercisable at beginning of the period |  |  | 4,400,000 |  |  | $ | 0.7425 |
Issued during the period |  |  | 40,820,751 |  |  |  | 0.622 |
Exercised during the period |  |  | (15,054,400 | ) |  |  | 0.5621 |
Cancelled or expired during the period |  |  | - |  |  |  | - |
Outstanding and exercisable at end of the period |  |  | 30,166,351 |  |  | $ | 0.6691 |
The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2021.
Warrants Outstanding |  |  | Warrants Exercisable |
|  |  | Weighted Average |  |  |  |  |  | Number of |  |  |  |
|  |  | Remaining |  |  |  |  |  | Shares |  |  |  |
Number of |  |  | Contractual life |  |  | Weighted Average |  |  | Underlying |  |  | Weighted Average |
Shares |  |  | (in years) |  |  | Exercise Price |  |  | the Warrants |  |  | Exercise Price |
| 30,166,351 |  |  |  | 4.34 |  |  | $ | 0.6691 |  |  |  | 30,166,351 |  |  | $ | 0.6691 |
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 December 31, 2020 for those warrants for which the quoted market price was in excess of the exercise price (“in-the-money” warrants). The intrinsic value of the warrants as of September 30, 2021 is $nil.

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