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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
SCHEDULE OF STOCK OPTIONS | SCHEDULE OF STOCK OPTIONS
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Fair Value |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (USD) |
Outstanding – January 1, 2021 |  |  | 929,765 |  |  | $ | 1.53 |  |  | $ | 2.50 |  |  |  |  |  |  |  |  |
Granted |  |  | 80,000 |  |  | $ | 3.50 |  |  | $ | 2.81 |  |  |  |  |  |  |  |  |
Options assumed pursuant to acquisition of MagicMed |  |  | 973,840 |  |  | $ | 1.34 |  |  | $ | 1.83 |  |  |  |  |  |  |  |  |
Exercised |  |  | (143,796 | ) |  | $ | 0.23 |  |  | $ | 5.69 |  |  |  |  |  |  |  |  |
Expired forfeited, or cancelled |  |  | (692,475 | ) |  | $ | 1.69 |  |  | $ | 1.98 |  |  |  |  |  |  |  |  |
Outstanding – September 30, 2021 |  |  | 1,147,334 |  |  | $ | 1.57 |  |  | $ | 2.09 |  |  |  | 5.7 |  |  | $ | 730,438 |
Exercisable at September 30, 2021 |  |  | 931,810 |  |  | $ | 1.52 |  |  | $ | 2.00 |  |  |  | 4.9 |  |  | $ | 550,191 |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | Options granted during the three months ended September 30, 2021 were valued using the Black Scholes model and the following assumptions: SCHEDULE OF STOCK OPTION ASSUMPTION
Term (years) |  |  | 7.0 |
Stock price |  | $ | 3.50 |
Exercise price |  | $ | 3.50 |
Dividend yield |  |  | 0 | %
Expected volatility |  |  | 79 | %
Risk free interest rate |  |  | 1.3 | %
The Company’s stock based compensation expense related to stock options for the three months ended September 30, 2021 and 2020 was $4,683 and $0, respectively. The Company’s stock based compensation expense related to stock options for the nine months ended September 30, 2021 and 2020 was $4,683 and $0, respectively. As of September 30, 2021, the Company had $504,903 in unamortized stock option expense with a weighted average amortization period equal to 2.9 years During the first quarter 2021, the Company exchanged options to purchase 560,404 shares of common stock for 325,410 restricted stock units and 42,125 restricted stock awards. In connection with this exchange, the Company recognized $298,714 in inducement expense related to the increase in fair value of the new awards over the old awards, which is included in other expenses on the Company’s unaudited condensed consolidated statement of operations and comprehensive loss. Restricted Stock Awards The Company’s activity in restricted common stock was as follows for the nine months ended September 30, 2021: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non–vested at January 1, 2021 |  |  | - |  |  | $ | - |
Granted |  |  | 70,986 |  |  | $ | 3.84 |
Vested |  |  | (64,334 | ) |  | $ | 4.24 |
Non–vested at September 30, 2021 |  |  | 6,652 |  |  | $ | 2.50 |
SCHEDULE OF WARRANTS | The following table summarizes information about shares issuable under warrants outstanding at September 30, 2021: SCHEDULE OF WARRANTS
|  | Warrant shares outstanding |  |  | Weighted average exercise price (USD) |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at January 1, 2021 |  |  | 3,770,550 |  |  | $ | 2.13 |  |  |  | 5.0 |  |  | $ | 8,040,836 |
Issued |  |  | 4,146,146 |  |  | $ | 4.90 |  |  |  |  |  |  |  |  |
Assumed pursuant to acquisition of MagicMed |  |  | 5,913,672 |  |  | $ | 1.31 |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,253,714 | ) |  | $ | 1.10 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 10,576,654 |  |  | $ | 2.76 |  |  |  | 3.6 |  |  | $ | 5,115,080 |
Exercisable at September 30, 2021 |  |  | 10,576,654 |  |  | $ | 2.76 |  |  |  | 3.6 |  |  | $ | 5,115,080 |
Restricted Stock [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | The Company’s activity in restricted common stock was as follows for the nine months ended September 30, 2021: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non–vested at January 1, 2021 |  |  | - |  |  | $ | - |
Granted |  |  | 70,986 |  |  | $ | 3.84 |
Vested |  |  | (64,334 | ) |  | $ | 4.24 |
Non–vested at September 30, 2021 |  |  | 6,652 |  |  | $ | 2.50 |
Restricted Stock Units (RSUs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | The Company’s activity in restricted stock units was as follows for the nine months ended September 30, 2021: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non–vested at January 1, 2021 |  |  | - |  |  | $ | - |
Granted |  |  | 5,775,171 |  |  | $ | 3.65 |
Vested |  |  | (1,207,825 | ) |  | $ | 4.46 |
Non–vested at September 30, 2021 |  |  | 4,567,346 |  |  | $ | 3.43 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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