The following table summarizes warrant activity for the years ended December 31, 2020 and 2019:

	Shares			Weighted- Average Exercise Price

Warrants Outstanding as of January 1, 2019		1,053,252		$	4.28
Warrants Granted		454,237		$	0.69
Warrants Expired		(194,029	)	$	2.08
Warrants Outstanding as of December 31, 2019		1,313,459		$	2.67
Warrants Expired		(236,904	)	$	5.73
Warrants Outstanding as of December 31, 2020		1,076,555		$	1.99

The weighted-average exercise price and weighted-average fair value of the warrants granted by the Company in 2019 were as follows (note- no warrants granted in 2020):

	For the Year Ended
	December 31, 2019
	Weighted- Average Exercise Price		Weighted- Average Fair Value

Warrants Granted Whose Exercise Price Exceeded Fair Value at the Date of Grant	$	0.69	$	0.41
Warrants Granted Whose Exercise Price Was Equal or Lower Than Fair Value at the Date of Grant	$	-	$	-

The Company estimated the fair value of the warrants issued in 2019 utilizing the Black-Scholes option-pricing model with the following weighted-average inputs (note- no warrants granted in 2020):

	Year Ended December 31,
	2019
Stock Price on Date of Grant	$	0.69
Exercise Price	$	0.72
Volatility		96.9	%
Term		5Years
Risk-Free Interest Rate		2.0	%
Expected Dividend Rate		0.0	%

For the years ended December 31, 2020 and 2019, zero and $0.18 million of warrants were issued in connection with debt and recorded as a debt discount.