WARRANT DERIVATIVE LIABILITY (Tables)

12 Months Ended

Dec. 31, 2021

WARRANT DERIVATIVE LIABILITY.

Summary of key assumptions used to determine fair value of warrants

The following are the key assumptions that were used to determine the fair value of the 2019 Warrants:

	December 31,			December 31,
	2020			2021
Number of shares underlying the warrants		1,645,807			322,807
Fair market value of stock	$	0.48		$	0.22
Exercise price	$	0.40		$	0.40
Volatility		108	%		94	%
Risk-free interest rate		0.36	%		1.26	%
Warrant life (years)		3.41			2.41

Summary of the changes in the fair value of the warrant derivative liability

The following table sets forth a summary of the changes in the fair value of the warrant derivative liability, our Level 3 financial liabilities that are measured at fair value on a recurring basis:

	December 31,
	2021		2020
Beginning balance	$	561,368	$	4,620,593
Warrant exercise		(1,523,117)		(3,323,429)
Change in fair value of warrants derivative liability		990,066		(735,796)
Ending balance	$	28,317	$	561,368