WARRANTS

9 Months Ended

Sep. 30, 2021

WARRANTS

NOTE 15. WARRANTS

NOTE 15 – WARRANTS

The following table summarizes warrant activity for the nine months ended September 30, 2021:

	Warrants		Weighted-Average Exercise Price
Warrants Outstanding as of January 1, 2021		1,076,555	$	1.99
Warrants Granted		85,336,515	$	0.08
Warrants Outstanding as of September 30, 2021		86,413,070	$	0.10

The Company estimated the fair value of the warrants issued in 2021 utilizing the Black-Scholes option-pricing model with the following weighted-average inputs:

	September 30,
	2021
Expected term (years)		3.8
Volatility		112.6	%
Risk-free interest rate		0.17	%
Dividend yield		0	%