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EQUITY
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
EQUITY

NOTE 3 - EQUITY:

 

  a. As of September 30, 2022, there were 1,718 shares of Series C Preferred Stock outstanding, convertible into an aggregate of 2,280 shares of the Company’s common stock.

 

As of September 30, 2022, the Company has outstanding warrants to purchase an aggregate of 1,793,815 shares of common stock as follows:

 

   Number of
underlying
Common stock
   Exercise price 
Series E Warrants   198,159   $27.000 
Series F Warrants   433,878   $7.425 
Series G Warrants   1,092,344   $10.230 
Underwriter Warrants    18,277   $7.425 
Other warrants   51,157    225 and above 
Total Warrants    1,793,815   $ 

 

As of September 30, 2022, the Company had 155,000,000 authorized shares of capital stock, par value $0.0001 per share, of which 150,000,000 are shares of common stock and 5,000,000 are shares of “blank check” preferred stock.

 

b. During the nine months ended September 30, 2022, the Company granted to employees and consultants’ options to purchase a total of 154,508 shares of the Company’s common stock. The options have an exercise price ranging from $2.61 - $2.97 per share, which was the fair market value of the Company’s common stock on the date of the grant. 98,838   options are subject to a three-year vesting period, with one-third of such awards vesting each year and 55,670 options with performance conditions, mainly related to clinical activities.

 

In calculating the fair value of the above options, the Company used the following assumptions: dividend yield of 0% and expected term of 5.125-6.5 years; expected volatility ranging from 127.43%-130.93%; and risk-free interest rate ranging from 1.79%-2.88%.

 

The fair value of the above options, using the Black-Scholes option-pricing model, was approximately $360,356.

 

c. During the nine months ended September 30, 2022, the Company granted 13,987 restricted shares of the Company’s common stock to employees. The shares are subject to a three-year vesting period, with one-third of such awards vesting each year.

 

The fair value of the above restricted shares was approximately $25,736.