Note 10 - Warrants

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

10. Warrants

In connection with previous sales of the Company’s common stock and the issuance of debt instruments, warrants were issued which presently have exercise prices ranging from $0.01 to $5.00. The warrants expire between one and five years from the date of grant, and are subject to the terms applicable in each agreement.  These terms include for certain warrants the right to receive cash settlement upon the occurrence of a fundamental transaction.  The Merger meets the definition of a fundamental transaction per the terms of these warrant agreements. The Company’s management has evaluated all the terms of the warrant agreements and determined that the warrants shall be accounted for as equity instruments as no conditions exist under ASC 480 to account for the warrants as liabilities.

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

	Number of Warrants		Weighted Average Exercise Price
December 31, 2021		2,431,168	$	4.48
Granted		30,777,776		0.46
Exercised		—		—
Forfeited, Canceled		—		—
March 31, 2022		33,208,944	$	0.76

During the three months ended March 31, 2022, 2,000,000 warrants were issued in connection with the registered direct offering in February for the sale of 2,000,000 shares of common stock with an exercise price of $0.51, and 28,777,776 warrants were issued in connection with the confidentially marketed public offering in March of 12,555,555 shares of common stock with a weighted average exercise price of $0.46.