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Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2022

Common Stock Warrants

Schedule of Stock Warrants Activity

The following table summarizes common stock warrant activity during the three months ended March 31, 2022:

Schedule of Stock Warrants Activity

		Common Stock Warrants				Weighted Average Exercise Price
Outstanding at December 31, 2021			22,460,926			$	0.82
Granted			1,500,000				1.88
Exercised			(600,000	)			1.50
Forfeited/Cancelled			—				—
Outstanding at March 31, 2022			22,360,926			$	0.71	⁽¹⁾

Exercisable at December 31, 2021			21,690,926			$	0.80
Exercisable at March 31, 2022			22,670,926			$	0.68

⁽¹⁾

On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $1.50 per common share, in exchange for any warrants exercised at this time at the exercise price of $1.50 per common share. The issuance of replacement warrants has the effect of resetting the conversion price of all outstanding shares of Series C preferred stock to $1.50 per common share and resetting the exercise price of all outstanding warrants to $1.50 per common shares in instances where those conversion and exercise prices are above $1.50.

Schedule of Assumptions Used to Estimate Fair Value of Warrants

The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes calculation for the common stock warrants granted during the three months ended March 31, 2022:

		Assumptions
Expected dividend yield			0	%
Risk-free interest rate			2.09	%
Expected life (in years)			3
Expected volatility			297	%

Schedule of Stock Warrants Outstanding and Exercisable

Additional information regarding common stock warrants outstanding and exercisable as of March 31, 2022 is as follows:

Warrant								Remaining
Exercise				Warrants				Contractual				Warrants
Price				Outstanding				Life (in years)				Exercisable
$	0.18				14,285,714				2.7				14,285,714
	0.50				50,000				3.9				50,000
	1.00				300,000				2.0				300,000
	1.50				8,045,212				4.3				7,355,212
	1.53				180,000				2.4				180,000
	2.50				250,000				4.8				250,000
	2.75				250,000				4.8				250,000
	Total				23,360,926								22,670,926