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Unit Purchase Options and Warrants (Tables)
9 Months Ended
Sep. 30, 2022
Unit Purchase Options And Warrants  
Schedule of Fair Value Measurement Inputs and Valuation Techniques

The fair value of the unit purchase options and warrants issued to the convertible debt holders is estimated as of the issue date using a Monte Carlo model with the following assumptions:

 

Risk-free interest rate range     0.33% - 0.39 %
Stock price   $ 3.00 - $3.95  
Expected life of warrants and unit purchase options (years)     5.00  
Expected stock price volatility     108.2% - 112.5 %
Expected dividend yield     0 %

Schedule of Unit Purchase Stock Options Activity

The following table sets forth the activity of unit purchase options:

 

  

Number of

Unit Purchase

Options

  

Weighted

Average

Exercise

Price

  

Aggregate

Intrinsic

Value

 
Outstanding as of December 31, 2021  $92,893   $3.20   $5,647 
Granted   -    -    - 
Exercised   -    -    - 
Canceled   -    -    - 
Balance as of September 30, 2022  $92,893   $3.20   $- 

Schedule of Warrants Activity

The following table sets forth the activity of warrants:

 

  

Number of

Warrants

  

Weighted

Average

Exercise

Price

  

Aggregate

Intrinsic

Value

 
Outstanding as of December 31, 2021   167,272   $3.62   $16,029 
Granted   -    -    - 
Exercised   -    -    - 
Canceled   -    -    - 
Balance as of September 30, 2022   167,272   $3.62   $-