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COMMON STOCK PURCHASE WARRANTS (Tables)

12 Months Ended

Dec. 31, 2021

Common Stock Purchase Warrants

SCHEDULE OF WARRANT MODIFICATION

 SCHEDULE OF WARRANT MODIFICATION

		Original terms at August 19, 2021				Modified terms at August 19, 2021
Volatility - range			109.3	%			104.7	%
Risk-free rate			0.78	%			0.78	%
Dividend			0	%			0	%
Remaining contractual term			4.5 years				5.1 years
Exercise price		$	3.25			$	3.25
Common stock issuable under the warrants			14,300,000				14,300,000

SCHEDULE OF FAIR VALUE OF THE WARRANT DERIVATIVE LIABILITIES

The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated fair value of the warrant derivative liabilities as of their date of issuance and as of December 31, 2021:

 SCHEDULE OF FAIR VALUE OF THE WARRANT DERIVATIVE LIABILITIES

		Issuance date assumptions				December 31, 2021 assumptions
Volatility - range			106.6 – 166.6	%			104.9	%
Risk-free rate			0.08 - 0.49	%			1.26	%
Dividend			0	%			0	%
Remaining contractual term			0.01 - 5 years				4.0 – 4.7 years
Exercise price		$	2.80 - 3.25			$	3.25
Common stock issuable under the warrants			42,550,000				24,300,000

SUMMARY OF WARRANT ACTIVITY

The following table summarizes information about shares issuable under warrants outstanding during the years ended December 31, 2021 and 2020:

 SUMMARY OF WARRANT ACTIVITY

		Warrants				Weighted average exercise price
Vested Balance, January 1, 2020			4,824,573			$	5.15
Granted			1,273,374				1.31
Exercised			(2,704,583	)			(1.95	)
Cancelled			(5,000	)			(16.50	)
Vested Balance, December 31, 2020			3,388,364			$	6.24

		Warrants				Weighted average exercise price
Vested Balance, January 1, 2021			3,388,364			$	6.24
Granted			42,550,000				3.11
Exercised			(18,250,000	)			(2.92	)
Cancelled			(1,679,766	)			(9.42	)
Vested Balance, December 31, 2021			26,008,598			$	3.24

SUMMARY OF RANGE OF EXERCISE PRICES AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF WARRANTS

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable warrants to purchase common shares as of December 31, 2021:

 SUMMARY OF RANGE OF EXERCISE PRICES AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF WARRANTS

				Outstanding and exercisable warrants
Exercise price				Number of warrants				Weighted average remaining contractual life
$	2.60				465,712				1.6 years
$	3.00				316,800				1.3 years
$	3.25				24,300,000				4.4 years
$	3.36				733,333				0.9 years
$	3.65				167,000				0.5 years
$	3.75				25,753				0.6 years
					26,008,598				4.2 years

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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.

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