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Note 1 – Business Organization and Nature of Operations enVVeno Medical Corporation is a med-tech company focused on improving the standard of care in the treatment of venous disease. We are developing tissue-based solutions that are designed to be life sustaining or life enhancing for patients with deep venous Chronic Venous Insufficiency (CVI). CVI occurs when valves inside of the veins of the leg fail, resulting in insufficient blood being returned to the heart. Our products are being developed to address large unmet medical needs by either offering treatments where none currently exist or by substantially increasing the current standards of care. Our lead product is a porcine based device to be surgically implanted in our deep venous system of the leg, and is called the VenoValve®. The VenoValve is currently being evaluated in the SAVVE U.S. pivotal trial for the purpose of obtaining approval to market and sell the device from the U.S. Food and Drug Administration (“FDA”). Our team of officers and directors has been affiliated with numerous medical devices that have received FDA approval or CE marking and have been commercially successful. We currently lease a 14,507 sq. ft. manufacturing facility in Irvine, California, where we manufacture medical devices for our clinical trials, and which has capacity for commercial manufacturing. On September 21, 2021, we announced that we were changing our name from Hancock Jaffe to enVVeno Medical Corporation and that our development strategy is to focus on the treatment of venous disease. In addition to the VenoValve, we announced that we have begun development of a second device for the treatment of venous disease which we are calling enVVe. In connection with this change in strategy, we indicated that we are not pursuing further development of the CoreoGraft, which is now outside of our primary focus area.

Note 2 – Management’s Liquidity Plan As of December 31, 2021, the Company had a cash balance of $54.7 million and working capital of $53.5 million. Although the Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to sustain its operations, pursue its product development initiatives and penetrate markets for the sale of its products, Management believes that our capital resources at December 31, 2021, are sufficient to meet our obligations as they become due within one year after the date of this Annual Report, and sustain operations.

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Note 3 – Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Significant estimates and assumptions include the valuation allowance related to the Company’s deferred tax assets, and the valuation of warrants and derivative liabilities. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation using the straight-line method over their estimated useful lives, which range from 5 to 7 years. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures, which extend the economic life are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. Impairment of Long-lived Assets The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices available in active markets for identical assets or liabilities trading in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than quoted prices included in Level 1, such as quotable prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs.</td></tr> </table> Financial instruments, including accounts payable are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. Derivative liabilities are accounted for at fair value on a recurring basis. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Derivative Liabilities Derivative financial instruments are recorded as a liability at fair value and are marked-to-market as of each balance sheet date. The change in fair value at each balance sheet date is recorded as a change in the fair value of derivative liabilities on the statement of operations for each reporting period. The fair value of the derivative liabilities was determined using a Monte Carlo simulation, incorporating observable market data and requiring judgment and estimates. The Company reassesses the classification of the financial instruments at each balance sheet date. If the classification changes as a result of events during the period, the financial instrument is marked to market and reclassified as of the date of the event that caused the reclassification. Net Loss per Share The Company computes basic and diluted loss per share by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period including warrants exercisable for little or no cash consideration. Net loss attributable to common stockholders in 2020 consists of net loss adjusted for the convertible preferred stock deemed dividend resulting from the 8% cumulative dividend on the Preferred Stock (see Note 10 - Stockholders Equity Series C Convertible Preferred Stock). Basic and diluted net loss per common share are the same since the inclusion of common stock issuable pursuant to the exercise of warrants and options, would have been anti-dilutive. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Stock-Based Compensation The Company has an Equity Incentive Plan under which the Board of Directors may grant restricted stock or stock options to employees and nonemployees. The accounting treatment for share-based payments to employees and non-employees is substantially equivalent. Share-based compensation cost is recorded for all option grants and awards of non-vested stock based on the grant date fair value of the award, and is recognized over the service period required for the award. The fair value of the Company’s stock options is estimated at the date of grant using the Black-Scholes based option valuation model. For the expected term, the Company uses SEC Staff Accounting Bulletin No. 107 simplified method for “plain vanilla” options with following characteristics: (i) the share options are granted at the market price on the grant date; (ii) exercisability is conditional on performing service through the vesting date on most options; (iii) if an employee terminates service prior to vesting, the employee would forfeit the share options; (iv) if an employee terminates service after vesting, the employee would have 30 to 90 days to exercise the share options; and (v) the share options are nontransferable and nonhedgeable. The volatility assumption is based on the historical volatility of the Company’s common stock with an equivalent remaining expected term. The dividend yield assumption is based on the Company’s history and expectation of future dividend payouts on the common stock. The risk-free interest rate is based on the implied yield available on U.S. treasury zero-coupon issues with an equivalent remaining expected term. For option grants without performance conditions, the Company recognizes compensation expense over the requisite service period ratably, recognizing expense for each tranche of each grant starting on the grant date. For grants that have both service and performance conditions, the Company recognizes compensation expense using the graded attribution method. Compensation expense for grants with performance conditions is recognized only for those awards expected to vest. Forfeitures of unvested stock options are recorded when they occur. Concentrations The Company maintains cash with major financial institutions. Cash held in United States bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $54.5 million and $9.1 million as of December 31, 2021 and 2020, respectively. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. The adoption of this standard did not have a material impact on our financial statements. Recent Accounting Standards In January 2020, the FASB issued Accounting Standards Update 2020-01 (“ASU 2020-01”) Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The amendments in this update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard will not have a material impact on our financial statements and related disclosures. In August 2020, the FASB issued Accounting Standards Update 2020-06 (“ASU 2020-06”), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in ASU 2020-06 include guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, ASU 2020-06 will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our financial statements and related disclosures. In May 2021, the FASB issued Accounting Standards Update 2021-04 (“ASU No. 2021-04”), Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The guidance in ASU 2021-04 requires the issuer to treat a modification of an equity-classified written call option (the “option”) that does not cause the option to become liability-classified as an exchange of the original option for a new option. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the option or as termination of the original option and issuance of a new option. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our financial statements and related disclosures. In October 2021, the FASB issued Accounting Standards Update 2021-08 (“ASU No. 2021-08”), Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in this update should be applied prospectively and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our financial statements and related disclosures. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Significant estimates and assumptions include the valuation allowance related to the Company’s deferred tax assets, and the valuation of warrants and derivative liabilities.

Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation using the straight-line method over their estimated useful lives, which range from 5 to 7 years. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures, which extend the economic life are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized.

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P7Y

Impairment of Long-lived Assets The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices available in active markets for identical assets or liabilities trading in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than quoted prices included in Level 1, such as quotable prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs.</td></tr> </table> Financial instruments, including accounts payable are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. Derivative liabilities are accounted for at fair value on a recurring basis. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

Derivative Liabilities Derivative financial instruments are recorded as a liability at fair value and are marked-to-market as of each balance sheet date. The change in fair value at each balance sheet date is recorded as a change in the fair value of derivative liabilities on the statement of operations for each reporting period. The fair value of the derivative liabilities was determined using a Monte Carlo simulation, incorporating observable market data and requiring judgment and estimates. The Company reassesses the classification of the financial instruments at each balance sheet date. If the classification changes as a result of events during the period, the financial instrument is marked to market and reclassified as of the date of the event that caused the reclassification.

Net Loss per Share The Company computes basic and diluted loss per share by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period including warrants exercisable for little or no cash consideration. Net loss attributable to common stockholders in 2020 consists of net loss adjusted for the convertible preferred stock deemed dividend resulting from the 8% cumulative dividend on the Preferred Stock (see Note 10 - Stockholders Equity Series C Convertible Preferred Stock). Basic and diluted net loss per common share are the same since the inclusion of common stock issuable pursuant to the exercise of warrants and options, would have been anti-dilutive. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

Stock-Based Compensation The Company has an Equity Incentive Plan under which the Board of Directors may grant restricted stock or stock options to employees and nonemployees. The accounting treatment for share-based payments to employees and non-employees is substantially equivalent. Share-based compensation cost is recorded for all option grants and awards of non-vested stock based on the grant date fair value of the award, and is recognized over the service period required for the award. The fair value of the Company’s stock options is estimated at the date of grant using the Black-Scholes based option valuation model. For the expected term, the Company uses SEC Staff Accounting Bulletin No. 107 simplified method for “plain vanilla” options with following characteristics: (i) the share options are granted at the market price on the grant date; (ii) exercisability is conditional on performing service through the vesting date on most options; (iii) if an employee terminates service prior to vesting, the employee would forfeit the share options; (iv) if an employee terminates service after vesting, the employee would have 30 to 90 days to exercise the share options; and (v) the share options are nontransferable and nonhedgeable. The volatility assumption is based on the historical volatility of the Company’s common stock with an equivalent remaining expected term. The dividend yield assumption is based on the Company’s history and expectation of future dividend payouts on the common stock. The risk-free interest rate is based on the implied yield available on U.S. treasury zero-coupon issues with an equivalent remaining expected term. For option grants without performance conditions, the Company recognizes compensation expense over the requisite service period ratably, recognizing expense for each tranche of each grant starting on the grant date. For grants that have both service and performance conditions, the Company recognizes compensation expense using the graded attribution method. Compensation expense for grants with performance conditions is recognized only for those awards expected to vest. Forfeitures of unvested stock options are recorded when they occur.

Concentrations The Company maintains cash with major financial institutions. Cash held in United States bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $54.5 million and $9.1 million as of December 31, 2021 and 2020, respectively.

250000

54500000

9100000

Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. The adoption of this standard did not have a material impact on our financial statements.

Recent Accounting Standards In January 2020, the FASB issued Accounting Standards Update 2020-01 (“ASU 2020-01”) Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The amendments in this update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard will not have a material impact on our financial statements and related disclosures. In August 2020, the FASB issued Accounting Standards Update 2020-06 (“ASU 2020-06”), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in ASU 2020-06 include guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, ASU 2020-06 will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our financial statements and related disclosures. In May 2021, the FASB issued Accounting Standards Update 2021-04 (“ASU No. 2021-04”), Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The guidance in ASU 2021-04 requires the issuer to treat a modification of an equity-classified written call option (the “option”) that does not cause the option to become liability-classified as an exchange of the original option for a new option. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the option or as termination of the original option and issuance of a new option. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our financial statements and related disclosures. In October 2021, the FASB issued Accounting Standards Update 2021-08 (“ASU No. 2021-08”), Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in this update should be applied prospectively and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our financial statements and related disclosures. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

Note 4 – Property and Equipment As of December 31, 2021, and 2020, property and equipment consist of the following: Schedule of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20211231_zBwGO74O4Mzb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20201231_zsw4QQTAxUmh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zw86HbmAA8Ol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Laboratory equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">522,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">320,830</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zWs6ZsBdgBBl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,093</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,392</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z1ppKDa5yzh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">164,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,078</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zszGcyqJxo3g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,092</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zdtyAtp2GCfh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Software</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">251,163</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">244,479</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENz7Bp_zDbliBlhXEej" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,254,761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886,871</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz7Bp_z25XoFX6GVNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(636,906</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(487,904</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz7Bp_zJNqtlo773Q1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">617,855</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">398,967</td><td style="text-align: left"> </td></tr> </table> Depreciation expense was $0.1 million for the years ended December 31, 2021 and 2020. Depreciation expense is reflected in general and administrative expenses in the accompanying statements of operations.

As of December 31, 2021, and 2020, property and equipment consist of the following: Schedule of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20211231_zBwGO74O4Mzb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20201231_zsw4QQTAxUmh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zw86HbmAA8Ol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Laboratory equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">522,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">320,830</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zWs6ZsBdgBBl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,093</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,392</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z1ppKDa5yzh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">164,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,078</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zszGcyqJxo3g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,092</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zdtyAtp2GCfh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Software</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">251,163</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">244,479</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENz7Bp_zDbliBlhXEej" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,254,761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886,871</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz7Bp_z25XoFX6GVNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(636,906</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(487,904</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz7Bp_zJNqtlo773Q1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">617,855</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">398,967</td><td style="text-align: left"> </td></tr> </table>

522539

320830

124093

98392

164298

65078

192668

158092

251163

244479

1254761

886871

636906

487904

617855

398967

100000

Note 5 – Right-of-Use Assets and Lease Liabilities On November 17, 2021, the Company amended its operating lease for its manufacturing facility in Irvine, California, to extend the term an additional 60 months from its September 30, 2022 expiration date to a new expiration date of September 30, 2027. The initial lease rate at the date of the amendment was $30,206 per month with escalating payments. In connection with the lease, the Company is obligated to pay $7,254 monthly for operating expenses for building repairs and maintenance. The Company has no other operating or financing leases with terms greater than 12 months. The Company determined the lease liabilities using the Company’s estimated incremental borrowing rate of 3.95% to estimate the present value of the remaining monthly lease payments. Our operating lease cost is as follows: Schedule of Operating Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_490_20210101__20211231_zWsH2f38MCVi" style="border-bottom: Black 1.5pt solid; text-align: center">For the Year Ended December 31, 2021</td><td> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseCost_zclg50IrHdYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">345,857</td><td style="width: 1%; text-align: left"> </td></tr> </table> Supplemental cash flow information related to our operating lease is as follows: Schedule of Supplemental Cash Flow Information Related to Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_490_20210101__20211231_zka52op6KZN8" style="border-bottom: Black 1.5pt solid; text-align: center">For the Year Ended December 31, 2021</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_zNNY871US1tf" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">354,561</td><td style="width: 1%; text-align: left"> </td></tr> </table> Remaining lease term and discount rate for our operating lease is as follows: Schedule of Operating Remaining Lease Term and Discount Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.7 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: left">Discount rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">3.95</td><td style="width: 1%; text-align: left">%</td></tr> </table> Maturity of our lease liabilities by fiscal year for our operating lease is as follows: Schedule of Maturity of Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20211231_zoVFD6zNUz5h" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_z5JmA5yuzAGl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Year ended December 31, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">365,190</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_zveJqee37qMb" style="vertical-align: bottom; background-color: White"> <td>Year ended December 31, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,146</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_zUolaklLFpA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">387,435</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_zW35DyOAiLqa" style="vertical-align: bottom; background-color: White"> <td>Year ended December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,054</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_zL5ruhBTiFR8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended December 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411,024</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0p0_zBB4swzja3s6" style="vertical-align: bottom; background-color: White"> <td>Year ended December 31, 2027</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">315,153</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_zNvF6WhWPrwg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,254,002</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zbC2tk6YRq78" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Imputed interest</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(248,027</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_zk8WP4bRLTh5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Present value of our lease liability</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,005,975</td><td style="text-align: left"> </td></tr> </table> ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

P60M

30206

7254

The Company has no other operating or financing leases with terms greater than 12 months

0.0395

Our operating lease cost is as follows: Schedule of Operating Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_490_20210101__20211231_zWsH2f38MCVi" style="border-bottom: Black 1.5pt solid; text-align: center">For the Year Ended December 31, 2021</td><td> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseCost_zclg50IrHdYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">345,857</td><td style="width: 1%; text-align: left"> </td></tr> </table>

345857

Supplemental cash flow information related to our operating lease is as follows: Schedule of Supplemental Cash Flow Information Related to Operating Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_490_20210101__20211231_zka52op6KZN8" style="border-bottom: Black 1.5pt solid; text-align: center">For the Year Ended December 31, 2021</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_zNNY871US1tf" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">354,561</td><td style="width: 1%; text-align: left"> </td></tr> </table>

354561

Remaining lease term and discount rate for our operating lease is as follows: Schedule of Operating Remaining Lease Term and Discount Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.7 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: left">Discount rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">3.95</td><td style="width: 1%; text-align: left">%</td></tr> </table>

P5Y8M12D

0.0395

Maturity of our lease liabilities by fiscal year for our operating lease is as follows: Schedule of Maturity of Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20211231_zoVFD6zNUz5h" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_z5JmA5yuzAGl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Year ended December 31, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">365,190</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_zveJqee37qMb" style="vertical-align: bottom; background-color: White"> <td>Year ended December 31, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,146</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_zUolaklLFpA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">387,435</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_zW35DyOAiLqa" style="vertical-align: bottom; background-color: White"> <td>Year ended December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,054</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_zL5ruhBTiFR8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended December 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411,024</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0p0_zBB4swzja3s6" style="vertical-align: bottom; background-color: White"> <td>Year ended December 31, 2027</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">315,153</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_zNvF6WhWPrwg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,254,002</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zbC2tk6YRq78" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Imputed interest</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(248,027</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_zk8WP4bRLTh5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Present value of our lease liability</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,005,975</td><td style="text-align: left"> </td></tr> </table>

365190

376146

387435

399054

411024

315153

2254002

248027

2005975

Note 6 – Accrued Expenses As of December 31, 2021 and 2020, accrued expenses consist of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20211231_zE7Q5ZcA2Xp8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20201231_zMx3kkrbAkF5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--WorkersCompensationLiabilityCurrent_iI_pp0p0_maALAOLzCZ3_zrwrNOPh4728" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued compensation costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">524,529</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">473,799</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALAOLzCZ3_zRZmri9rAVtk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,375</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,650</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--AccruedResearchAndDevelopment_iI_pp0p0_maALAOLzCZ3_zBDvyiv1Zpgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,922</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">368,809</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedWarrants_iI_pp0p0_maALAOLzCZ3_zzmNzEtxgnA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">188,104</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maALAOLzCZ3_ziYwGSjnTE7b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,050</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,607</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzCZ3_zdR8PqLaGLN6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">728,876</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,168,969</td><td style="text-align: left"> </td></tr> </table>

As of December 31, 2021 and 2020, accrued expenses consist of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20211231_zE7Q5ZcA2Xp8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20201231_zMx3kkrbAkF5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--WorkersCompensationLiabilityCurrent_iI_pp0p0_maALAOLzCZ3_zrwrNOPh4728" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued compensation costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">524,529</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">473,799</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALAOLzCZ3_zRZmri9rAVtk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,375</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,650</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--AccruedResearchAndDevelopment_iI_pp0p0_maALAOLzCZ3_zBDvyiv1Zpgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,922</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">368,809</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedWarrants_iI_pp0p0_maALAOLzCZ3_zzmNzEtxgnA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">188,104</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maALAOLzCZ3_ziYwGSjnTE7b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,050</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,607</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzCZ3_zdR8PqLaGLN6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">728,876</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,168,969</td><td style="text-align: left"> </td></tr> </table>

524529

473799

84375

79650

59922 368809 188104

60050

58607

728876

1168969

Note 7 – Note Payable On April 12, 2020, the Company obtained a loan (the “Loan”) in the amount of $312,700, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a Note dated April 12, 2020, was to mature on April 12, 2022, and bore interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPercentage_c20200412__us-gaap--TypeOfArrangementAxis__custom--PaycheckProtectionProgramMember_zpSEvkSsviqf" title="Interest rate">1% per annum, payable monthly commencing on November 12, 2020. On September 8, 2021, the Company was notified the Loan and any accrued interest had been forgiven. In connection with this, the Company recorded a gain on extinguishment of debt of $312,700.

312700

2022-04-12

0.01

312700

Note 8 – Income Taxes The following summarizes the Company’s income tax provision (benefit): Schedule of Income Tax Provision (Benefit) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Federal:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--CurrentFederalTaxExpenseBenefit_c20210101__20211231_zwgoGhNdJ824" style="text-align: right" title="Fedral: Current">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--CurrentFederalTaxExpenseBenefit_c20200101__20201231_zlxho0a4qBR7" style="text-align: right" title="Fedral: Current">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Deferred</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_c20210101__20211231_zzwbUFKbmd8l" style="width: 16%; text-align: right" title="Fedral: Deferred">(2,700,372</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_c20200101__20201231_z4XnEoGtdGSe" style="width: 16%; text-align: right" title="Fedral: Deferred">(1,828,584</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">State and local:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_c20200101__20201231_zzU7Whjk4Lbb" style="text-align: right" title="State and local: Current">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deferred</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_c20210101__20211231_zqYxJWtXNrN3" style="border-bottom: Black 1.5pt solid; text-align: right" title="State and local: Deferred">(900,124</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_c20200101__20201231_zWtUxgAffSP9" style="border-bottom: Black 1.5pt solid; text-align: right" title="State and local: Deferred">(609,528</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current and Deferred Federal, State and Local, Tax Expense (Benefit)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CurrentAndDeferredFederalStateAndLocalTaxExpenseBenefit_c20210101__20211231_zQ51GhMO8U6g" style="text-align: right" title="Current and Deferred Federal, State and Local, Tax Expense (Benefit)">(3,600,496</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CurrentAndDeferredFederalStateAndLocalTaxExpenseBenefit_c20200101__20201231_z7Zafy0dOxBk" style="text-align: right">(2,438,112</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_c20210101__20211231_zUeRyJCPdXqd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in valuation allowance">3,600,496</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_c20200101__20201231_zWgI4CQq34W2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in valuation allowance">2,438,112</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax provision (benefit)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_c20210101__20211231_zwW10XX4IMah" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax provision (benefit)">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--IncomeTaxExpenseBenefit_c20200101__20201231_zYNupf1vkh49" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax provision (benefit)">-</td><td style="text-align: left"> </td></tr> </table> The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective tax rate for the year’s ended December 31, 2021 and 2020 is as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">For the Years Ended December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Tax benefit at federal statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(21.0)</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(21.0)</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.0)</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.0)</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Nondeductible compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.5</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">True up adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.7)</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21.8</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26.7</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effective income tax rate</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table> ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Significant components of the Company’s deferred tax assets at December 31, 2021 and 2020 are as follows: Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20211231_zLwKOrivVaFb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20201231_zdoztAuPQUfe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,881,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9,811,086</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Research and development credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">185,680</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">185,680</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,027</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DeferredTaxAssetsOperatingLeaseLiability_iI_pp0p0_zcYviUp6cmJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,025</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">923,540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">311,304</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Impairment loss</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136,612</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsGross_iTIC_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Total gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,481,939</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,908,734</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsOperatingLeaseAsset_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating lease asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(151,193</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsPropertyPlantAndEquipmentOne_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Property and equipment</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(102,107</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,199</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsNet_iTIC_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total net deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,308,838</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,708,342</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zIDx7G5VPC39" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,308,838</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,708,342</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pp0p0_zY2ygQ8aTaNg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table> ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s history of operating losses, management believes that recognition of the deferred tax assets arising from the above listed future tax benefits is currently not more likely than not to be realized and, accordingly, has provided a full valuation allowance. The valuation allowance increased by $3.6 million and $2.4 million during the years ended December 31, 2021 and 2020, respectively. Under Section 382 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change” (generally defined as a greater than 50% change (by value) in its equity ownership over a three-year period), the corporation’s ability to use its pre-change net operating loss, or NOL, carryforwards and other pre-change tax attributes to offset its post-change income taxes may be limited. In accordance with Section 382 of the Internal Revenue Code, the usage of the Company’s NOL carry forwards are subject to annual limitations due to a greater than 50% ownership change in 2021. At December 31, 2021 and 2020, the Company had post-ownership change net operating loss carryforwards for federal income tax purposes of approximately $45.7 million and $35.0 million, respectively. Pre-2018 federal NOLs of approximately $12.0 million may be carried forward for twenty years and begin to expire in 2029. Based on the 2021 ownership change, the Company expects $7.6 million of its pre-2018 federal NOLs to expire unused. Under the Tax Act, post-2017 federal NOLs in the aggregate amount of $33.0 million can be carried forward indefinitely and the annual limit of deduction equals 80% of taxable income. However, to the extent the Company utilizes its NOL carryforwards in the future, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service or state tax authorities of the future period tax return in which the attribute is utilized. The Company also has federal research and development tax credit carryforwards of approximately $0.2 million which begin to expire in 2027. As of December 31, 2021 and 2020, the Company had net operating loss carryforwards for state income tax purposes of approximately $45.7 million and $35.0 million, respectively, which can be carried forward for twenty years and begin to expire in 2028. The Company files income tax returns in the U.S. federal jurisdiction as well as California and local jurisdictions and is subject to examination by those taxing authorities. The Company’s federal income taxes for the years beginning in 2018 remain subject to examination. The Company’s state and local income tax returns for the years beginning in 2017 remain subject to examination. No tax audits were initiated during 2021 or 2020. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of December 31, 2021 and 2020. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the statements of operations. On March 27, 2020, the CARES Act was enacted in response to COVID-19 pandemic. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The CARES Act made various tax law changes including among other things (i) increasing the limitation under Section 163(j) of the Internal Revenue Code of 1986, as amended (the “IRC”) for 2019 and 2020 to permit additional expensing of interest (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k), (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid income taxes and (iv) enhancing the recoverability of alternative minimum tax credits. The Company has evaluated the impact CARES Act on its provision for income taxes and determined there is not a significant impact to income taxes because of the CARES Act. On June 29, 2020, California’s Governor Newsom signed AB85 suspending California net operating loss (“NOL”) utilization and imposing a cap on the amount of business incentives tax credits (R&D credit) for tax years 2020-2022. Given the tax loss in 2020 and an expected tax loss for 2021, the suspension will not have an impact on the Company’s NOL in California. On February 9, 2022, Mr. Newsom signed SB113 which removes the restrictions in AB85 effective for the 2022 tax year. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS

The following summarizes the Company’s income tax provision (benefit): Schedule of Income Tax Provision (Benefit) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Federal:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--CurrentFederalTaxExpenseBenefit_c20210101__20211231_zwgoGhNdJ824" style="text-align: right" title="Fedral: Current">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--CurrentFederalTaxExpenseBenefit_c20200101__20201231_zlxho0a4qBR7" style="text-align: right" title="Fedral: Current">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Deferred</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_c20210101__20211231_zzwbUFKbmd8l" style="width: 16%; text-align: right" title="Fedral: Deferred">(2,700,372</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_c20200101__20201231_z4XnEoGtdGSe" style="width: 16%; text-align: right" title="Fedral: Deferred">(1,828,584</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">State and local:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_c20200101__20201231_zzU7Whjk4Lbb" style="text-align: right" title="State and local: Current">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deferred</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_c20210101__20211231_zqYxJWtXNrN3" style="border-bottom: Black 1.5pt solid; text-align: right" title="State and local: Deferred">(900,124</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_c20200101__20201231_zWtUxgAffSP9" style="border-bottom: Black 1.5pt solid; text-align: right" title="State and local: Deferred">(609,528</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current and Deferred Federal, State and Local, Tax Expense (Benefit)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CurrentAndDeferredFederalStateAndLocalTaxExpenseBenefit_c20210101__20211231_zQ51GhMO8U6g" style="text-align: right" title="Current and Deferred Federal, State and Local, Tax Expense (Benefit)">(3,600,496</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CurrentAndDeferredFederalStateAndLocalTaxExpenseBenefit_c20200101__20201231_z7Zafy0dOxBk" style="text-align: right">(2,438,112</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_c20210101__20211231_zUeRyJCPdXqd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in valuation allowance">3,600,496</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_c20200101__20201231_zWgI4CQq34W2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in valuation allowance">2,438,112</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax provision (benefit)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_c20210101__20211231_zwW10XX4IMah" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax provision (benefit)">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--IncomeTaxExpenseBenefit_c20200101__20201231_zYNupf1vkh49" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax provision (benefit)">-</td><td style="text-align: left"> </td></tr> </table>

-2700372

-1828584

-900124

-609528

-3600496 -2438112

3600496

2438112

The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective tax rate for the year’s ended December 31, 2021 and 2020 is as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">For the Years Ended December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Tax benefit at federal statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(21.0)</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(21.0)</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.0)</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.0)</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Nondeductible compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.5</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">True up adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.7)</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21.8</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26.7</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effective income tax rate</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table>

0.210

-0.070

0.062

-0.005

0.020

0.005

-0.007

0.218

0.267

0.000

Significant components of the Company’s deferred tax assets at December 31, 2021 and 2020 are as follows: Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20211231_zLwKOrivVaFb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20201231_zdoztAuPQUfe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,881,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9,811,086</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Research and development credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">185,680</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">185,680</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,027</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DeferredTaxAssetsOperatingLeaseLiability_iI_pp0p0_zcYviUp6cmJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,025</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">923,540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">311,304</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Impairment loss</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136,612</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsGross_iTIC_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Total gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,481,939</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,908,734</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsOperatingLeaseAsset_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating lease asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(151,193</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsPropertyPlantAndEquipmentOne_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Property and equipment</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(102,107</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,199</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsNet_iTIC_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total net deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,308,838</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,708,342</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zIDx7G5VPC39" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,308,838</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,708,342</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pp0p0_zY2ygQ8aTaNg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

12881729

9811086

185680

276184

305027

78194 159025

923540

311304

136612

14481939

10908734

-70994 -151193 -102107 -49199

14308838

10708342

14308838

10708342

3600000

2400000

0.50

45700000

35000000.0

12000000.0

7600000

33000000.0

0.80

200000

45700000

35000000.0

Note 9 – Commitments and Contingencies Litigation Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Robert Rankin Complaints On July 9, 2020, the Company was served with a civil complaint filed in the Superior Court for the State of California, County of Orange by a former employee, Robert Rankin, who resigned his employment on or about March 30, 2020. The case is entitled Rankin v. Hancock Jaffe Laboratories, Inc. et al., Case No. 30-2020-01146555-CU-WR-CJC and was filed on May 27, 2020. On September 3, 2020 the Company and its Chief Executive Officer were served with a second complaint filed in the Superior Court for the State of California, County of Orange by Mr. Rankin. The case is entitled Rankin v. Hancock Jaffe Laboratories, Inc. et al., Case No. 30-2020-01157857 and was filed on August 31, 2020. The complaints assert several causes of action including a cause of action for failure to timely pay Mr. Rankin’s accrued and unused vacation and three months’ severance under his July 16, 2018 employment agreement, defamation, unlawful labor code violations, sex-based discrimination, and unfair competition, and seeks damages for lost wages, emotional and mental distress, consequential damages, punitive damages and attorney’s fees and costs. The Company has denied all claims in both matters (which have now been consolidated) and has filed a counterclaim asserting that Rankin has breached his employment agreement with the Company to the Company’s damage. The Company continues to believe it has meritorious defenses to both matters. As of the date of these financial statements, the amount of loss associated with these complaints, if any, cannot be reasonably estimated. Accordingly, no amounts related to these complaints are accrued as of December 31, 2021.

Note 10 –Stockholders’ Equity On November 30, 2020, the Company”) effected a one-for-twenty-five (1:25) reverse stock split (the “Reverse Stock Split”) of the shares of the Company’s common stock, par value $0.00001 per share (the “Common Stock”). As a result of the Reverse Stock Split, every twenty-five shares of issued and outstanding Common Stock was automatically combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split and any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. Equity Issuances 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. Schedule of Equity Transactions to Raise Capital Through the Placement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Date</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Description</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Type</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Number of shares</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Net Proceeds</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">2020</td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 18%; text-align: left">February 25, 2020</td><td style="width: 2%"> </td> <td style="width: 24%; text-align: justify">Private placement</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: justify">Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right"><span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200224__20200225__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zalKdHiOplb8" title="Number of shares issued during the period">52,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right"><span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200224__20200225__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zfUdSJviNgCk" title="Net Proceeds issued during the period">570,341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">April 28, 2020</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200426__20200428__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z130BIRuY1m2" title="Number of shares issued during the period">75,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200426__20200428__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDrGdaeIQbLk" title="Net Proceeds issued during the period">811,641</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">June 3, 2020</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200601__20200603__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmD5kWXtGgG4" title="Number of shares issued during the period">117,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200601__20200603__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwmcsVKqfQE6" title="Net Proceeds issued during the period">1,161,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">July 17, 2020</td><td> </td> <td style="text-align: justify">Public Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200715__20200717__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zYFnIWSxb4b5" title="Number of shares issued during the period">575,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200715__20200717__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zWY08gxi5JMd" title="Net Proceeds issued during the period">3,881,907</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">July 17, 2020</td><td> </td> <td style="text-align: justify">Private Placement</td><td> </td> <td style="text-align: justify">Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201115__20201117__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zLyDEO4aOD04" title="Number of shares issued during the period">4,205,406</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20201115__20201117__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z4CB73I4juT2" title="Net Proceeds issued during the period">1,358,099</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">October 9, 2020</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201008__20201009__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zFIsJmzocDrc" title="Number of shares issued during the period">381,308</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20201008__20201009__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOSev3ORentb" title="Net Proceeds issued during the period">4,450,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,233,822</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">2021</td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">February 11, 2021</td><td> </td> <td style="text-align: justify">Public Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200210__20200211__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcnzzL7kLVg7" title="Number of shares issued during the period">5,914,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200210__20200211__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zY0jSMMFBMg4" title="Net Proceeds issued during the period">38,127,776</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">August 2021</td><td> </td> <td style="text-align: left">At-the-Market Equity Program</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210801__20210831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zY2yYwHFc0B5" title="Number of shares issued during the period">170,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210801__20210831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsI4uv3Ls8gj" title="Net Proceeds issued during the period">970,575</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">September 9, 2021</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210907__20210909__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPD4JNesiQi3" title="Number of shares issued during the period">781,615</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210907__20210909__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQ0fENLMi2K3" title="Net Proceeds issued during the period">18,273,591</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total</td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,371,942</td><td style="text-align: left"> </td></tr> </table> ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS Series C Convertible Preferred Stock On July 17, 2020, the Company issued <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200715__20200717__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember_pdd" title="Number of shares issued during the period">4,205,406 shares of Preferred Stock in a private placement. On November 17, 2020, the holders of the Preferred Stock purchased in the July 17, 2020 private placement entered exchange agreements with the Company whereby the holders agreed to exchange all of their <span id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_c20201116__20201117__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zHm7TCx1Gyck" title="Conversion of stock">4,205,406 shares of Preferred Stock for <span id="xdx_90C_eus-gaap--ConversionOfStockSharesConverted1_c20201116__20201117__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zpiqZktrB2Ra" title="Conversion of stock">243,125 shares of common stock. This was the original conversion rate of the Preferred Stock after giving effect to the 25:1 reverse split of the Company’s common stock. While the Preferred Stock was outstanding, the holders of the Company’s Preferred Stock could vote with holders of the Common Stock, and with any other shares of preferred stock that vote with the Common Stock, with each holder of Preferred Stock being entitled to one vote per share of Preferred Stock, and were entitled to receive 8% non-compounding cumulative dividends, payable when, as and if declared by the Board of Directors. The Series C Preferred Stock ranked senior to the common stock as to dividends and the distribution of assets in the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, or any sale of the Company. In the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, or any sale of the Company, the holders of Preferred Stock were entitled to receive, before and in preference to any distribution of any of the assets to the holders of the common stock, or any other series of the Company’s preferred stock that would then be junior to the Preferred Stock, an amount per share equal to $0.37 for each outstanding share of Preferred Stock (the “Original Series C Issue Price”), plus all accrued but unpaid dividends thereon through the date of such event. In certain circumstances, the holders of Preferred Stock were entitled to receive a liquidation preference payment of $<span id="xdx_900_eus-gaap--PreferredStockLiquidationPreference_c20200930__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pdd" title="Preferred stock, liquidation preference per share">0.37 per share of Preferred Stock, plus accrued and unpaid dividends. Those accrued and unpaid dividends were $<span id="xdx_90C_ecustom--DeemedDividend_pp0p0_c20200101__20200930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember_zI12RELJq2Gk" title="Deemed dividend">23,859 in the aggregate as of September 30, 2020 and were reflected as a deemed dividend in determining net loss available to common stockholders during that period. As a result of the exchange of the Preferred Stock for common stock, it is no longer outstanding (see below). The liquidation preference of the Preferred Stock was subordinate and ranks junior to all indebtedness of the Company. <span id="xdx_906_eus-gaap--ConversionOfStockDescription_c20200101__20201231__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember" title="Conversion of stock, description">The Company had the ability to elect to convert the Preferred Stock to common stock in the event the Company either (i) consummated a merger, or (ii) raised an aggregate of at least $8,000,000 in gross proceeds in a transaction or series of transactions within any twelve (12) month period. In the event the Company elected to affect such a conversion, each share of Series C Preferred Stock would have been convertible into 0.05781 shares of common stock. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS The Company determined that the Preferred Stock represented permanent equity due to the absence of a redemption feature and that the embedded conversion option was clearly and closely related to the equity host and did not require bifurcation. The $2,431,250 fair value of the warrants was calculated using the Black-Scholes option pricing model, using the $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z0y2zsb8vvD2" title="Warrants and rights outstanding measurement input">11.00 stock price, an expected term of 7.0 years, volatility of <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPercentage_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zzvefcK8u2X2" title="Warrants and rights outstanding measurement input">118.7%, a risk-free rate of <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPercentage_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z8ICERwsvWl8" title="Warrants and rights outstanding measurement input">0.47% and expected dividends of <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPercentage_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zO55ZsdgnPUg" title="Warrants and rights outstanding measurement input">0.00%. The $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfWarrants_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember_zF83oGP4JdOl" title="Net proceeds from warrant exercises after deducting underwrites and placement agents fees and expenses">1,556,000 of gross proceeds were allocated on a relative fair value basis of $607,220 to the Preferred Stock and $948,781 to the warrants. The Preferred Stock includes a contingent beneficial conversion feature (“BCF”) which was valued at its $<span id="xdx_90D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_pp0p0_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantsMember_zAdD2RuihdN8" title="Warrants intrinstic">2,067,155 intrinsic value using the commitment date stock price of $<span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uShares_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z5zOv2lOXIeb" title="Warrants and rights outstanding measurement input">11.00 per share and the effective conversion price of $2.50 per share, but was limited to the $607,220 of proceeds that were allocated to the Preferred Stock. The November 17, 2020 exchange agreements resolved the contingency related to the BCF and, accordingly, the contingent BCF was recognized as a deemed dividend for the purposes of determining the net loss attributable to common stockholders for calculating net loss per share. In addition, since the Company does not have retained earnings, the dividend has been recorded against additional paid-in capital. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Warrants A summary of warrant activity during the years ended December 31, 2021 and 2020 is presented below: Schedule of Stock Warrant Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Common Stock</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Warrants</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life in Years</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Intrinsic Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Outstanding, January 1, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20200101__20201231_zKW2Nk3iIha9" style="width: 14%; text-align: right" title="Number of Warrants, Outstanding">174,681</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iS_c20200101__20201231_z6nRnQwxCVp8" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Outstanding">127.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20200101__20201231_zfqZLnadeDr9" style="text-align: right" title="Number of Warrants, Issued">1,702,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedInPeriodWeightedAverageExercisePrice_c20200101__20201231_zqz6kcFBw0y3" style="text-align: right" title="Weighted Average Exercise Price, Issued">9.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20200101__20201231_zcJug6Nq9eU5" style="text-align: right" title="Number of Warrants, Exercised">(367,660</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedInPeriodWeightedAverageExercisePrice_c20200101__20201231_z79EOxELzaW4" style="text-align: right" title="Weighted Average Exercise Price, Exercised">8.13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cancelled</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20200101__20201231_z3D0pYRCVKQ2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants, Cancelled">(2,029</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresInPeriodWeightedAverageExercisePrice_c20200101__20201231_zxL9vASY3ZPc" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">107.50</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, January 1, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_zHLqyuoFd0l4" style="text-align: right" title="Number of Warrants, Outstanding">1,507,802</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iS_c20210101__20211231_zUoruiPcm0C3" style="text-align: right" title="Weighted Average Exercise Price, Outstanding">20.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsEquityOutstandingWeightedAverageRemainingContractualTerms_dtY_c20210101__20211231_zRjPD2x2UVnj" title="Weighted average remaining life in years, Outstanding">5.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsNonOptionsEquityAggregateIntrinsicValueOutstanding_iS_c20210101__20211231_zrvx0Dd9Rca5" style="text-align: right" title="Intrinsic value, Outstanding">448,140</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210101__20211231_zHtEhKyn0jz3" style="text-align: right" title="Number of Warrants, Issued">4,895,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedInPeriodWeightedAverageExercisePrice_c20210101__20211231_zt7HSeFG9ww2" style="text-align: right" title="Weighted Average Exercise Price, Issued">4.59</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20210101__20211231_z8nK3Tu8GVsg" style="text-align: right" title="Number of Warrants, Exercised">(52,827</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedInPeriodWeightedAverageExercisePrice_c20210101__20211231_zGApnB5yuC19" style="text-align: right" title="Weighted Average Exercise Price, Exercised">5.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cancelled</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20210101__20211231_zXrWTRhMX41" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants, Cancelled">(38,286</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresInPeriodWeightedAverageExercisePrice_c20210101__20211231_zTrixKpk7bth" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">16.10</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding and exercisable, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210101__20211231_zdQN6kuKSRRj" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants, Outstanding and exercisable">6,311,705</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iE_c20210101__20211231_zhhpzcSq3zXj" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Outstanding and exercisable">8.80</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsEquityOutstandingWeightedAverageRemainingContractualTerm_dtY_c20210101__20211231_z5lMI0QqLu95" title="Weighted average remaining life in years, Outstanding and exercisable">4.2</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsNonOptionsEquityAggregateIntrinsicValueOutstanding_iE_c20210101__20211231_zwRF2qMlSFfa" style="border-bottom: Black 2.5pt double; text-align: right" title="Intrinsic value, Outstanding and exercisable">474,464</td><td style="text-align: left"> </td></tr> </table> In November 2020 as part of resolving a dispute, the Company agreed to issue warrants to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20201110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMQALdWcV4di">17,618 shares of common stock at a purchase price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20201110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zuSDOfgGKHvc">8.00 per share, and warrants to purchase <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20201110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zKHWoeyvwTE7">18,056 shares of common stock at a purchase price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20201110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zl0p937GhBI2">10.25 per share. These amounts were in dispute and were paid pursuant to an investment banking agreement dated February 12, 2020 in connection with financings which occurred in July and October 2020. The fair value of these warrants on the settlement date was $<span id="xdx_90E_eus-gaap--FairValueAdjustmentOfWarrants_pn5n6_c20200701__20200731__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zg9er4dexL3d">0.1 million and $<span id="xdx_903_eus-gaap--FairValueAdjustmentOfWarrants_pn5n6_c20201001__20201031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zqyr1kInFvK2">0.1 million, respectively. The total amount of the payment to settle the dispute was $<span id="xdx_90D_eus-gaap--LitigationSettlementAmountAwardedToOtherParty_pn5n6_c20201109__20201110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember_zfsijVzwQMO5" title="Payment of dispute settlements">0.5 million, including the value of the warrants. and was included in the cost of the July and October financings. The fair value of the warrants was determined using the Black-Scholes method with the following assumptions: stock price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20201110__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MinimumMember_zo9957i7oF7j">8.00 and $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20201110__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MaximumMember_z4FnBd5co0w8">10.35, risk-free interest rate of 0.46%, volatility of 112.7%, annual rate of quarterly dividends of 0%, and an expected term of 2.5 years. The investment banking agreement has now been terminated with no further obligations. In November 2020 the Company’s Board of Directors approved the issuance of warrants to purchase <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20201110__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z6RcC0jLGIM2">6,400 shares of common stock to an advisor and warrants to purchase <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20201110__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpartanCapitalSecuritiesLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zNVNECSzZEei">20,000 shares of common stock to certain participants in the preferred share exchange (see Note 10, Stockholders Equity – Series C Convertible Preferred Stock). Separately the Company agreed to re-price warrants issued to the placement agent for the Company’s February 25, 2020 private placement. These warrants and the re-priced warrant were issued in February 2021. The value of these warrants at December 31, 2020 was $188,804 and is included in accrued expenses. The Company determined their value using the Black-Scholes method with the following assumptions: stock price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20201130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MinimumMember_zZ9ZrvxYZ9V6">8.65, risk-free interest rate of 0.36%, volatility of 114.3%, annual rate of quarterly dividends of 0%, and an expected term of <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20201130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MinimumMember_z4kcqJfvAhlk">2.5 to <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20201130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MaximumMember_zwTSE4gAB8k7">3.5 years. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Warrants – Derivative Liabilities The warrants issued in connection with our February 25, 2020 Bridge Offering were determined to be derivative financial instruments when issued because the Company did not have control of the obligation to obtain shareholder approval by May 25, 2020 to increase the number of authorized shares or to approve a reverse stock split. The accounting treatment of derivative financial instruments required that the Company record the warrants as a liability at fair value and marked-to-market the instruments at fair values as of each subsequent balance sheet date. Any change in fair value is recorded as a change in the fair value of derivative liabilities for each reporting period at each balance sheet date. The warrant derivatives were valued as of the February 25, 2020 issuance date, as of the quarter ended March 31, 2020, as of June 30, 2020, and as of September 15, 2020 when the Company’s stockholders approved an increase in authorized shares in an amount sufficient to allow full exercise of these warrants. The value at issuance was $546,036 and was recorded as a derivative liability. The value of the derivative liability was $199,907 at March 31, 2020, $281,183 at June 30, 2020, and $334,229 at September 15, 2020. The derivative liability increased $53,046 and decreased $211,807 during the three and nine months ended September 30, 2020, respectively. The changes in derivative liability is reflected in Other Income on the accompanying Statement of Operations. The Company reassessed the classification at each balance sheet date to determine if it should be changed as a result of events during the period. On September 15, 2020, the fair value of derivative liabilities was reclassified to equity when the Company’s stockholders approved items comprising a Capital Event. Accordingly, there is no fair value of derivative liabilities as of December 31, 2020. 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: Schedule of Assumption Used for Valuation of Derivative Liability <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20200225_z6DlPUt6uNl7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">February 25, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20200331_zAA5NTlIX4X3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20200630_z0rZXl8LWpme" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20200915_ziOHdnOWjtwc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 15, 2020</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--DerivativeLiabilityMeasurementInput_iI_dc_uPercentage_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z3ibimddceA6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: left">Projected Volatility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">97.1</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">102.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">102.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 17%; text-align: right">110.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPercentage_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zQSxaU7hsO3c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-Free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.36</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.38</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.29</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contractual Term (Years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200224__20220225__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zvHik0V8ktA2" title="Contractual Term (Years)">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200330__20200331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zuc5OLLTgxq2" title="Contractual Term (Years)">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200629__20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zyxaEQkhr2b6" title="Contractual Term (Years)">4.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200914__20200915__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zqBNSoh3CFag" title="Contractual Term (Years)">4.5</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">It was assumed the stock price would fluctuate with the Company’s projected volatility.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The projected volatility was based on the historical volatility of the Company. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If the Company was required to pay the fair value of the warrant in cash as of May 25, 2020, the obligation was discounted at the Company’s estimated cost of debt based on short-term C-CCC bond ratings of 19.5% and 28.5%.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The likelihood of the Company calling a shareholder meeting and achieving shareholder approval was 90% as of February 25, 2020.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As June 30, 2020, the Company projected shareholder approval would not be obtained until approximately 8/31/20. No mandatory exercise was allowed prior to that date.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Until the Company obtained shareholder approval to increase the authorized shares on September 15, 2020, we assumed the warrant holders have an option to require the Company to pay the fair value of the warrants. The derivative value at that date was $334,229.</td></tr> </table> ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS <p id="xdx_891_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z8rHRdGM2zSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table sets forth a summary of the changes in the fair value of Level 3 derivative liabilities that are measured at fair value on a recurring basis: Schedule of Fair Value of Level 3 Derivative Liabilities on Fair Value of Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20200101__20201231_zbSTMTO1Ocva" style="font-weight: bold; text-align: center">Derivative</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_zvf2xw8K8nml" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance – January 1, 2020</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues_zapz9jBYFWZj" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: left">Derivative liabilities associated with the issuance of common stock warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">513,534</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssuesOne_zAideFef4GV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Derivative liabilities associated with the issuance of placement agent warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,502</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet_zN8nGJJQNH69" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value of derivative liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(211,807</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationReclassificationOfWarrantDerivativesToEquity_zqQ2nQWuJPV6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassification of warrant derivatives to equity</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(334,229</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_zOvpd5NO5wR9" style="vertical-align: bottom; background-color: White"> <td>Balance – December 31, 2020</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

0.00001

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. Schedule of Equity Transactions to Raise Capital Through the Placement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Date</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Description</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Type</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Number of shares</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Net Proceeds</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">2020</td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 18%; text-align: left">February 25, 2020</td><td style="width: 2%"> </td> <td style="width: 24%; text-align: justify">Private placement</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: justify">Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right"><span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200224__20200225__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zalKdHiOplb8" title="Number of shares issued during the period">52,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right"><span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200224__20200225__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zfUdSJviNgCk" title="Net Proceeds issued during the period">570,341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">April 28, 2020</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200426__20200428__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z130BIRuY1m2" title="Number of shares issued during the period">75,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200426__20200428__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDrGdaeIQbLk" title="Net Proceeds issued during the period">811,641</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">June 3, 2020</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200601__20200603__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmD5kWXtGgG4" title="Number of shares issued during the period">117,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200601__20200603__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwmcsVKqfQE6" title="Net Proceeds issued during the period">1,161,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">July 17, 2020</td><td> </td> <td style="text-align: justify">Public Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200715__20200717__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zYFnIWSxb4b5" title="Number of shares issued during the period">575,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200715__20200717__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zWY08gxi5JMd" title="Net Proceeds issued during the period">3,881,907</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">July 17, 2020</td><td> </td> <td style="text-align: justify">Private Placement</td><td> </td> <td style="text-align: justify">Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201115__20201117__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zLyDEO4aOD04" title="Number of shares issued during the period">4,205,406</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20201115__20201117__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z4CB73I4juT2" title="Net Proceeds issued during the period">1,358,099</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">October 9, 2020</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201008__20201009__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zFIsJmzocDrc" title="Number of shares issued during the period">381,308</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20201008__20201009__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOSev3ORentb" title="Net Proceeds issued during the period">4,450,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,233,822</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">2021</td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">February 11, 2021</td><td> </td> <td style="text-align: justify">Public Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200210__20200211__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcnzzL7kLVg7" title="Number of shares issued during the period">5,914,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200210__20200211__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zY0jSMMFBMg4" title="Net Proceeds issued during the period">38,127,776</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">August 2021</td><td> </td> <td style="text-align: left">At-the-Market Equity Program</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210801__20210831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zY2yYwHFc0B5" title="Number of shares issued during the period">170,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210801__20210831__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsI4uv3Ls8gj" title="Net Proceeds issued during the period">970,575</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">September 9, 2021</td><td> </td> <td style="text-align: justify">Registered Direct Offering</td><td> </td> <td style="text-align: justify">Common Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210907__20210909__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPD4JNesiQi3" title="Number of shares issued during the period">781,615</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210907__20210909__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQ0fENLMi2K3" title="Net Proceeds issued during the period">18,273,591</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total</td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,371,942</td><td style="text-align: left"> </td></tr> </table>

52000

570341

75472

811641

117216

1161334

575000

3881907

4205406

1358099

381308

4450500

12233822

5914284

38127776

170963

970575

781615

18273591

57371942

4205406

243125

0.08

0.37

23859

The Company had the ability to elect to convert the Preferred Stock to common stock in the event the Company either (i) consummated a merger, or (ii) raised an aggregate of at least $8,000,000 in gross proceeds in a transaction or series of transactions within any twelve (12) month period. In the event the Company elected to affect such a conversion, each share of Series C Preferred Stock would have been convertible into 0.05781 shares of common stock.

2431250

11.00

P7Y

118.7

0.47

0.00

1556000

607220

948781

The Preferred Stock includes a contingent beneficial conversion feature (“BCF”) which was valued at its $2,067,155 intrinsic value using the commitment date stock price of $11.00 per share and the effective conversion price of $2.50 per share, but was limited to the $607,220 of proceeds that were allocated to the Preferred Stock 2067155

11.00

A summary of warrant activity during the years ended December 31, 2021 and 2020 is presented below: Schedule of Stock Warrant Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Common Stock</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Warrants</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life in Years</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Intrinsic Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Outstanding, January 1, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20200101__20201231_zKW2Nk3iIha9" style="width: 14%; text-align: right" title="Number of Warrants, Outstanding">174,681</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iS_c20200101__20201231_z6nRnQwxCVp8" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Outstanding">127.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20200101__20201231_zfqZLnadeDr9" style="text-align: right" title="Number of Warrants, Issued">1,702,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedInPeriodWeightedAverageExercisePrice_c20200101__20201231_zqz6kcFBw0y3" style="text-align: right" title="Weighted Average Exercise Price, Issued">9.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20200101__20201231_zcJug6Nq9eU5" style="text-align: right" title="Number of Warrants, Exercised">(367,660</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedInPeriodWeightedAverageExercisePrice_c20200101__20201231_z79EOxELzaW4" style="text-align: right" title="Weighted Average Exercise Price, Exercised">8.13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cancelled</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20200101__20201231_z3D0pYRCVKQ2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants, Cancelled">(2,029</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresInPeriodWeightedAverageExercisePrice_c20200101__20201231_zxL9vASY3ZPc" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">107.50</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, January 1, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_zHLqyuoFd0l4" style="text-align: right" title="Number of Warrants, Outstanding">1,507,802</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iS_c20210101__20211231_zUoruiPcm0C3" style="text-align: right" title="Weighted Average Exercise Price, Outstanding">20.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsEquityOutstandingWeightedAverageRemainingContractualTerms_dtY_c20210101__20211231_zRjPD2x2UVnj" title="Weighted average remaining life in years, Outstanding">5.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsNonOptionsEquityAggregateIntrinsicValueOutstanding_iS_c20210101__20211231_zrvx0Dd9Rca5" style="text-align: right" title="Intrinsic value, Outstanding">448,140</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210101__20211231_zHtEhKyn0jz3" style="text-align: right" title="Number of Warrants, Issued">4,895,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedInPeriodWeightedAverageExercisePrice_c20210101__20211231_zt7HSeFG9ww2" style="text-align: right" title="Weighted Average Exercise Price, Issued">4.59</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20210101__20211231_z8nK3Tu8GVsg" style="text-align: right" title="Number of Warrants, Exercised">(52,827</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedInPeriodWeightedAverageExercisePrice_c20210101__20211231_zGApnB5yuC19" style="text-align: right" title="Weighted Average Exercise Price, Exercised">5.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cancelled</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20210101__20211231_zXrWTRhMX41" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants, Cancelled">(38,286</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresInPeriodWeightedAverageExercisePrice_c20210101__20211231_zTrixKpk7bth" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">16.10</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding and exercisable, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210101__20211231_zdQN6kuKSRRj" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants, Outstanding and exercisable">6,311,705</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iE_c20210101__20211231_zhhpzcSq3zXj" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Outstanding and exercisable">8.80</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsEquityOutstandingWeightedAverageRemainingContractualTerm_dtY_c20210101__20211231_z5lMI0QqLu95" title="Weighted average remaining life in years, Outstanding and exercisable">4.2</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsNonOptionsEquityAggregateIntrinsicValueOutstanding_iE_c20210101__20211231_zwRF2qMlSFfa" style="border-bottom: Black 2.5pt double; text-align: right" title="Intrinsic value, Outstanding and exercisable">474,464</td><td style="text-align: left"> </td></tr> </table>

174681

127.50

1702810

9.26

367660

8.13

2029

107.50

1507802

20.10 P5Y3M18D 448140

4895016

4.59

52827

5.03

38286

16.10

6311705

8.80 P4Y2M12D 474464

17618

8.00

18056

10.25

100000

8.00

10.35

0.46

112.7

P2Y6M

6400

20000

188804

8.65

0.36

114.3

P2Y6M

P3Y6M

546036

199907

281183

334229

53046

211807

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: Schedule of Assumption Used for Valuation of Derivative Liability <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20200225_z6DlPUt6uNl7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">February 25, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20200331_zAA5NTlIX4X3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20200630_z0rZXl8LWpme" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20200915_ziOHdnOWjtwc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 15, 2020</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--DerivativeLiabilityMeasurementInput_iI_dc_uPercentage_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z3ibimddceA6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: left">Projected Volatility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">97.1</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">102.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">102.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 17%; text-align: right">110.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPercentage_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zQSxaU7hsO3c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-Free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.36</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.38</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.29</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contractual Term (Years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200224__20220225__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zvHik0V8ktA2" title="Contractual Term (Years)">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200330__20200331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zuc5OLLTgxq2" title="Contractual Term (Years)">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200629__20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zyxaEQkhr2b6" title="Contractual Term (Years)">4.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200914__20200915__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zqBNSoh3CFag" title="Contractual Term (Years)">4.5</td><td style="text-align: left"> </td></tr> </table>

97.1

102.7

110.7

1.36

0.38

0.29

0.31

P5Y P5Y P4Y9M P4Y6M

If the Company was required to pay the fair value of the warrant in cash as of May 25, 2020, the obligation was discounted at the Company’s estimated cost of debt based on short-term C-CCC bond ratings of 19.5% and 28.5%

The likelihood of the Company calling a shareholder meeting and achieving shareholder approval was 90% as of February 25, 2020

334229

<p id="xdx_891_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z8rHRdGM2zSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">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: Schedule of Fair Value of Level 3 Derivative Liabilities on Fair Value of Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20200101__20201231_zbSTMTO1Ocva" style="font-weight: bold; text-align: center">Derivative</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_zvf2xw8K8nml" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance – January 1, 2020</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues_zapz9jBYFWZj" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: left">Derivative liabilities associated with the issuance of common stock warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">513,534</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssuesOne_zAideFef4GV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Derivative liabilities associated with the issuance of placement agent warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,502</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet_zN8nGJJQNH69" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value of derivative liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(211,807</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationReclassificationOfWarrantDerivativesToEquity_zqQ2nQWuJPV6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassification of warrant derivatives to equity</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(334,229</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_zOvpd5NO5wR9" style="vertical-align: bottom; background-color: White"> <td>Balance – December 31, 2020</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

513534

32502

-211807

-334229

Note 11 – Share Based Compensation Omnibus Incentive Plan The Company issues share-based awards under its Company’s 2016 Omnibus Incentive Plan, which enables the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, other share based awards and cash awards to associates, directors, consultants, and advisors of the Company and its affiliates, and to improve the ability of the Company to attract, retain, and motivate individuals upon whom the Company’s sustained growth and financial success depend, by providing such persons with an opportunity to acquire or increase their proprietary interest in the Company. Stock options granted under the 2016 Plan may be non-qualified stock options or incentive stock options, within the meaning of Section 422(b) of the Internal Revenue Code of 1986, except that stock options granted to outside directors and any consultants or advisers providing services to the Company or an affiliate shall in all cases be non-qualified stock options. The option price must be at least 100% of the fair market value on the date of grant and if issued to a 10% or greater shareholder must be 110% of the fair market value on the date of the grant. The 2016 Plan is to be administered by the Board, which has discretion over the awards and grants thereunder. No awards may be issued after November 21, 2026. The Plan was adopted in 2016 and amended in 2018, 2020 and 2021 to increase the number of shares authorized to be awarded under the Plan. As of December 31, 2021 there are 4,500,000 shares authorized under the Plan as a result of the increase authorized by our shareholders in 2021. The number of shares subject to the Plan is automatically adjusted from time to time such that shares authorized under the plan shall at all times be equal to at least 20% of the issued and outstanding shares of the Company on a fully diluted basis. The current number of shares authorized is greater than the <span id="xdx_90B_ecustom--PercentageOfAuthorizedNumberOfShares_iI_pid_dp_uPercentage_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenOmnibusIncentivePlanMember_zjFGTlWgJAH7" title="Number of shares authorized greater than minimum percentage">20% minimum. Stock Options <p id="xdx_894_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zQsVQ8rmpQi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The fair value of each option grant is estimated at the grant date using the Black Scholes method. The following assumptions were used in estimating fair value: Schedule of Stock Options Assumptions in Estimated Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zIxganGKnAla" title="Expected term">5.44 – <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zioclBFmGBW6" title="Expected term">6.5 years</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200101__20201231__srt--RangeAxis__srt--MinimumMember_zJ4WKjyLTXo2" title="Expected term">5.16 – <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200101__20201231__srt--RangeAxis__srt--MaximumMember_zQgMGAeQREff" title="Expected term">5.76 years</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%">Volatility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPercentage_c20210101__20211231_zq4wHFNqZ7Vk" title="Volatility, minimum">112.94 – <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPercentage_c20210101__20211231_zHUKUc6TFa7d" title="Volatility, maximum">103.6</td><td style="width: 1%; text-align: left">%</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">107.5</td><td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPercentage_c20210101__20211231_zR38WKHhel9f" title="Risk free interest rate, minimum">0.08 – <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPercentage_c20210101__20211231_zJC8pq0jKBOe" title="Risk free interest rate, maximum">1.20</td><td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPercentage_c20200101__20201231_zKyzZ0Dbo1Rk" title="Risk free interest rate, minimum">0..30 – <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPercentage_c20200101__20201231_zlpBfeubZs48" title="Risk free interest rate, maximum">0.36</td><td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPercentage_c20210101__20211231_ziOQnDMmn8z3" style="text-align: right" title="Dividend yield">0.00</td><td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPercentage_c20200101__20201231_z9G0ZxYFMdz7" style="text-align: right" title="Dividend yield">0.00</td><td style="text-align: left">%</td> </tr> </table> The Company estimated the expected term of the options using the simplified method. The Company uses its stock’s historical market information to calculate volatility used in estimating fair value of options granted. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS A summary of the option activity during the years ended December 31, 2021 and 2020 is presented below: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">In Years</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Outstanding, January 1, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20200101__20201231_z7FFPCAnLfB4" style="width: 14%; text-align: right" title="Number of options beginning">99,689</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20200101__20201231_zqTcBHCBCLE4" style="width: 14%; text-align: right" title="Weighted Average Exercise Price Outstanding beginning">111.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200101__20201231_zjea9ssvQ3oa" style="text-align: right" title="Number of options granted">122,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20200101__20201231_zscmo4ctb4xa" style="text-align: right" title="Weighted Average Exercise Price, Granted">10.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forfeited</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20200101__20201231_zdmjwO6tYHH3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of options forfeited">(11,000</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20200101__20201231_zs8XeBo5eqJa" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Forfeited">63.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Outstanding, December 31, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231_zDuxH5XoVsha" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of options beginning">210,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_zqDHOcMls9t4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price Outstanding beginning">31.48</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200101__20201231_zUbtKpDlik7g" title="Weighted Average Remaining life in years">8.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"> -</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231_zgARAyJDJ7Sa" style="text-align: right" title="Number of options granted">3,246,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231_zl4OL2NiH9x5" style="text-align: right" title="Weighted Average Exercise Price, Granted">7.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeited</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20210101__20211231_zObVhAiXgtJ3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of options forfeited">(15,333</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20210101__20211231_z4igxiCvrqQc" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Forfeited">8.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210101__20211231_zhQV7RW4YW3j" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options ending">3,441,907</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20210101__20211231_ziWrltfxnCZj" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price Outstanding Ending">9.16</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_z7WqvgfX0fEe" title="Weighted Average Remaining life in years">9.3</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercisable, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20210101__20211231_z0qA7ORaFkjl" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options exercisable">982,921</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20210101__20211231_zMBTWNqRBtjc" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price Outstanding, Exercisable">12.94</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20210101__20211231_zOFjqMPYJKBg" title="Weighted Average Remaining life in years, exercisable">8.9</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table> The Company includes share-based compensation expense in selling, general and administrative expenses, and recognized $6.0 million and $<span id="xdx_907_eus-gaap--ShareBasedCompensation_pn5n6_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingGeneralAndAdministrativeExpensesMember_z75WDumVp0mb" title="Share-based compensation">0.7 million during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $15.2 million of unrecognized share-based compensation expense related to outstanding stock options and restricted stock units that will be recognized over the weighted average remaining vesting period of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z1A17WQ4kjv" title="Vesting period">2 years. ENVVENO MEDICAL CORPORATION f/k/a HANCOCK JAFFE LABORATORIES, INC. NOTES TO FINANCIAL STATEMENTS Restricted Stock Units <p id="xdx_89C_ecustom--ScheduleOfShareBasedCompensationStockOptionsActivityRestrictedSharesTableTextBlock_zGr1K4nM9wSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company also issues restricted shares and restricted stock units under the 2016 Plan. A summary of the restricted share and restricted stock units activity during the years ended December 31, 2021 and 2020 is presented below: Schedule of Stock Option Activity Restricted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Restricted Shares</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Outstanding, January 1, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20200101__20201231_zGOFLggmEWJ6" style="width: 30%; text-align: right" title="Outstanding shares, beginning">7,806</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20200101__20201231_zLwxioBIOS57" style="text-align: right" title="Granted">10,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shares vested</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20200101__20201231_zfmPOnm01eA6" style="border-bottom: Black 1.5pt solid; text-align: right" title="Shares Vested">(12,864</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outstanding, December 31, 2020</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20210101__20211231_z3ghLPgnf7T7" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding shares, beginning">4,942</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210101__20211231_zOmFzhSUzCV3" style="text-align: right" title="Granted">400,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shares Vested</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20210101__20211231_zirgwdtdazic" style="border-bottom: Black 1.5pt solid; text-align: right" title="Shares Vested">(2,860</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20210101__20211231_zzYx5VBdteki" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding shares, ending">402,082</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_893_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zMBhER9oLg9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of outstanding restricted stock units as of December 31, 2021 is presented below: Schedule of Outstanding and Exercisable Restricted Stock Units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Restricted Stock Units</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Restricted Stock Unit for</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Outstanding Number of Units</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life In Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: center">9/13/2019</td><td style="width: 2%"> </td> <td style="width: 25%; text-align: center">Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20190913_zwUKhFG7Itr3" style="width: 20%; text-align: right" title="Outsatnding number of units">2,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOtherThanOptionsWeightedAverageRemainingContractualTerm2_dtY_c20190912__20190913_zmTCnxitYFXa" title="Weighted Average Remaining Life In Years">0.9</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">11/30/2021</td><td> </td> <td style="text-align: center">Common Stock</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20211130_zxrqKefAPLvl" style="text-align: right" title="Outsatnding number of units">400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOtherThanOptionsWeightedAverageRemainingContractualTerm2_dtY_c20211129__20211130_zWCjYYBhXozf" title="Weighted Average Remaining Life In Years">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td> </td> <td style="text-align: center">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20211231_zUuTdoIbcJ1k" style="border-bottom: Black 2.5pt double; text-align: right" title="Outsatnding number of units, restricted stock">402,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

The option price must be at least 100% of the fair market value on the date of grant and if issued to a 10% or greater shareholder must be 110% of the fair market value on the date of the grant

4500000

0.20

<p id="xdx_894_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zQsVQ8rmpQi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The fair value of each option grant is estimated at the grant date using the Black Scholes method. The following assumptions were used in estimating fair value: Schedule of Stock Options Assumptions in Estimated Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zIxganGKnAla" title="Expected term">5.44 – <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zioclBFmGBW6" title="Expected term">6.5 years</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200101__20201231__srt--RangeAxis__srt--MinimumMember_zJ4WKjyLTXo2" title="Expected term">5.16 – <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200101__20201231__srt--RangeAxis__srt--MaximumMember_zQgMGAeQREff" title="Expected term">5.76 years</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%">Volatility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPercentage_c20210101__20211231_zq4wHFNqZ7Vk" title="Volatility, minimum">112.94 – <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPercentage_c20210101__20211231_zHUKUc6TFa7d" title="Volatility, maximum">103.6</td><td style="width: 1%; text-align: left">%</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">107.5</td><td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPercentage_c20210101__20211231_zR38WKHhel9f" title="Risk free interest rate, minimum">0.08 – <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPercentage_c20210101__20211231_zJC8pq0jKBOe" title="Risk free interest rate, maximum">1.20</td><td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPercentage_c20200101__20201231_zKyzZ0Dbo1Rk" title="Risk free interest rate, minimum">0..30 – <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPercentage_c20200101__20201231_zlpBfeubZs48" title="Risk free interest rate, maximum">0.36</td><td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPercentage_c20210101__20211231_ziOQnDMmn8z3" style="text-align: right" title="Dividend yield">0.00</td><td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPercentage_c20200101__20201231_z9G0ZxYFMdz7" style="text-align: right" title="Dividend yield">0.00</td><td style="text-align: left">%</td> </tr> </table>

P5Y5M8D

P6Y6M

P5Y1M28D

P5Y9M3D

1.1294

1.036

1.075

0.0008

0.0120

0.0030

0.0036

0.0000

A summary of the option activity during the years ended December 31, 2021 and 2020 is presented below: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">In Years</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Outstanding, January 1, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20200101__20201231_z7FFPCAnLfB4" style="width: 14%; text-align: right" title="Number of options beginning">99,689</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20200101__20201231_zqTcBHCBCLE4" style="width: 14%; text-align: right" title="Weighted Average Exercise Price Outstanding beginning">111.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200101__20201231_zjea9ssvQ3oa" style="text-align: right" title="Number of options granted">122,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20200101__20201231_zscmo4ctb4xa" style="text-align: right" title="Weighted Average Exercise Price, Granted">10.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forfeited</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20200101__20201231_zdmjwO6tYHH3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of options forfeited">(11,000</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20200101__20201231_zs8XeBo5eqJa" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Forfeited">63.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Outstanding, December 31, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231_zDuxH5XoVsha" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of options beginning">210,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_zqDHOcMls9t4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price Outstanding beginning">31.48</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200101__20201231_zUbtKpDlik7g" title="Weighted Average Remaining life in years">8.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"> -</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231_zgARAyJDJ7Sa" style="text-align: right" title="Number of options granted">3,246,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231_zl4OL2NiH9x5" style="text-align: right" title="Weighted Average Exercise Price, Granted">7.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeited</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20210101__20211231_zObVhAiXgtJ3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of options forfeited">(15,333</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20210101__20211231_z4igxiCvrqQc" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Forfeited">8.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210101__20211231_zhQV7RW4YW3j" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options ending">3,441,907</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20210101__20211231_ziWrltfxnCZj" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price Outstanding Ending">9.16</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_z7WqvgfX0fEe" title="Weighted Average Remaining life in years">9.3</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercisable, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20210101__20211231_z0qA7ORaFkjl" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options exercisable">982,921</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20210101__20211231_zMBTWNqRBtjc" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price Outstanding, Exercisable">12.94</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20210101__20211231_zOFjqMPYJKBg" title="Weighted Average Remaining life in years, exercisable">8.9</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

99689

111.00

122000

10.00

11000

63.88

210689

31.48

P8Y8M12D

3246551

7.70

15333

8.36

3441907

9.16

P9Y3M18D

982921

12.94

P8Y10M24D

6000000.0

700000

15200000

P2Y

<p id="xdx_89C_ecustom--ScheduleOfShareBasedCompensationStockOptionsActivityRestrictedSharesTableTextBlock_zGr1K4nM9wSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company also issues restricted shares and restricted stock units under the 2016 Plan. A summary of the restricted share and restricted stock units activity during the years ended December 31, 2021 and 2020 is presented below: Schedule of Stock Option Activity Restricted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Restricted Shares</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Outstanding, January 1, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20200101__20201231_zGOFLggmEWJ6" style="width: 30%; text-align: right" title="Outstanding shares, beginning">7,806</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20200101__20201231_zLwxioBIOS57" style="text-align: right" title="Granted">10,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shares vested</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20200101__20201231_zfmPOnm01eA6" style="border-bottom: Black 1.5pt solid; text-align: right" title="Shares Vested">(12,864</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outstanding, December 31, 2020</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20210101__20211231_z3ghLPgnf7T7" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding shares, beginning">4,942</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210101__20211231_zOmFzhSUzCV3" style="text-align: right" title="Granted">400,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shares Vested</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20210101__20211231_zirgwdtdazic" style="border-bottom: Black 1.5pt solid; text-align: right" title="Shares Vested">(2,860</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, December 31, 2021</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20210101__20211231_zzYx5VBdteki" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding shares, ending">402,082</td><td style="text-align: left"> </td></tr> </table>

7806

10000

12864

4942

400000

2860

402082

<p id="xdx_893_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zMBhER9oLg9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of outstanding restricted stock units as of December 31, 2021 is presented below: Schedule of Outstanding and Exercisable Restricted Stock Units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Restricted Stock Units</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Restricted Stock Unit for</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Outstanding Number of Units</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Life In Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: center">9/13/2019</td><td style="width: 2%"> </td> <td style="width: 25%; text-align: center">Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20190913_zwUKhFG7Itr3" style="width: 20%; text-align: right" title="Outsatnding number of units">2,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOtherThanOptionsWeightedAverageRemainingContractualTerm2_dtY_c20190912__20190913_zmTCnxitYFXa" title="Weighted Average Remaining Life In Years">0.9</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">11/30/2021</td><td> </td> <td style="text-align: center">Common Stock</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20211130_zxrqKefAPLvl" style="text-align: right" title="Outsatnding number of units">400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOtherThanOptionsWeightedAverageRemainingContractualTerm2_dtY_c20211129__20211130_zWCjYYBhXozf" title="Weighted Average Remaining Life In Years">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td> </td> <td style="text-align: center">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20211231_zUuTdoIbcJ1k" style="border-bottom: Black 2.5pt double; text-align: right" title="Outsatnding number of units, restricted stock">402,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

Common Stock

2082

P0Y10M24D Common Stock

400000

402082

Note 12 – Net Loss Per Share <p id="xdx_89A_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z9eBI5JL55J5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share as of December 31, 2021 and 2020: Schedule of Dilutive Net Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20210101__20211231_zWVjyweBvhQ5" style="font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20200101__20201231_zMGA1ijeAosj" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zxnc7zdC1Bs9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Shares of common stock issuable upon exercise of warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,552,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,507,802</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z028gx9W3YXl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Shares of common stock issuable upon exercise of options and restricted stock units</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,843,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">215,631</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zyrTmRJkqDDg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Potentially dilutive common stock equivalents excluded from diluted net loss per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">8,396,659</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,723,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_89A_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z9eBI5JL55J5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share as of December 31, 2021 and 2020: Schedule of Dilutive Net Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20210101__20211231_zWVjyweBvhQ5" style="font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20200101__20201231_zMGA1ijeAosj" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zxnc7zdC1Bs9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Shares of common stock issuable upon exercise of warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,552,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,507,802</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z028gx9W3YXl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Shares of common stock issuable upon exercise of options and restricted stock units</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,843,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">215,631</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zyrTmRJkqDDg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Potentially dilutive common stock equivalents excluded from diluted net loss per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">8,396,659</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,723,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4552670

1507802

3843989

215631

8396659

1723433

net of offering costs of $0.1 million. net of offering costs of $2.2 million. net of offering costs of $0.2 million.