Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Equity Transactions to Raise Capital Through the Placement

During 2021 and 2020 the Company has completed various equity transactions to raise capital through the placement of its common and preferred stock. The following table provides an overview of these transactions.

Date	Description	Type	Number of shares		Net Proceeds
2020
February 25, 2020	Private placement	Common Stock		52,000	$	570,341
April 28, 2020	Registered Direct Offering	Common Stock		75,472	$	811,641
June 3, 2020	Registered Direct Offering	Common Stock		117,216	$	1,161,334
July 17, 2020	Public Offering	Common Stock		575,000	$	3,881,907
July 17, 2020	Private Placement	Preferred Stock		4,205,406	$	1,358,099
October 9, 2020	Registered Direct Offering	Common Stock		381,308	$	4,450,500
Total					$	12,233,822
2021
February 11, 2021	Public Offering	Common Stock		5,914,284	$	38,127,776
August 2021	At-the-Market Equity Program	Common Stock		170,963	$	970,575
September 9, 2021	Registered Direct Offering	Common Stock		781,615	$	18,273,591
Total					$	57,371,942

Schedule of Stock Warrant Activity

A summary of warrant activity during the years ended December 31, 2021 and 2020 is presented below:

	Common Stock
	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value
Outstanding, January 1, 2020		174,681		$	127.50
Issued		1,702,810			9.26
Exercised		(367,660	)		8.13
Cancelled		(2,029	)		107.50
Outstanding, January 1, 2021		1,507,802		$	20.10		5.3	$	448,140
Issued		4,895,016			4.59
Exercised		(52,827	)		5.03
Cancelled		(38,286	)		16.10
Outstanding and exercisable, December 31, 2021		6,311,705		$	8.80		4.2	$	474,464

Schedule of Assumption Used for Valuation of Derivative Liability

The fair value of the warrants was determined using a Monte Carlo simulation, incorporating observable market data and requiring judgment and estimates. The following inputs and assumptions were used for the valuation of the derivative liability:

	February 25, 2020			March 31, 2020			June 30, 2020			September 15, 2020
Projected Volatility		97.1	%		102.7	%		102.7	%		110.7	%
Risk-Free Rate		1.36	%		0.38	%		0.29	%		0.31	%
Contractual Term (Years)		5			5			4.75			4.5

Schedule of Fair Value of Level 3 Derivative Liabilities on Fair Value of Recurring Basis

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

	Derivative
	Liabilities
Balance – January 1, 2020	$	-
Derivative liabilities associated with the issuance of common stock warrants		513,534
Derivative liabilities associated with the issuance of placement agent warrants		32,502
Change in fair value of derivative liabilities		(211,807	)
Reclassification of warrant derivatives to equity		(334,229	)
Balance – December 31, 2020	$	-