Warrants

3 Months Ended

Mar. 31, 2022

Warrants

Warrants

5. Warrants

During the three months ended March 31, 2021, the Company issued an additional 2,472,573 shares of common stock as a result of the exercise of certain outstanding warrants as follows: (i) warrants to acquire 360,000 shares of Common Stock at an exercise price of $1.00 per share were exercised and (ii) warrants to acquire 2,112,573 shares of Common Stock at an exercise price of $0.90 per share were exercised. The warrant exercises provided aggregate gross proceeds to the Company of $2,261,336.

A summary of warrant activity for the year ended December 31, 2021 and the three months ended March 31, 2022 is as follows:

	Warrants			Weighted Average Price
Balance - December 31, 2020		20,513,145		$	1.36
Granted		—			—
Exercised		(2,472,573	)		0.91
Expired		—			—
Balance - December 31, 2021		18,040,572			1.42
Granted		—			—
Exercised		—			—
Expired		—			—
Balance - March 31, 2022		18,040,572		$	1.42

The warrants outstanding as of March 31, 2022 are as follows:

Exercise Price		Warrants Outstanding		Expiration Date
$	3.10		48,387	9/19/2022
$	2.00		900,000	4/10/2023
$	3.10		462,106	5/10/2024
$	3.10		602,414	7/25/2024
$	3.10		1,064,518	11/8/2024
$	1.00		3,174,500	7/17/2025
$	0.90		2,588,647	3/25/2024
$	1.25		9,200,000	5/1/2025
			18,040,572

All outstanding warrants are classified as equity on the Company’s Consolidated Balance Sheets.