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WARRANT LIABILITY (Tables)
12 Months Ended
Dec. 31, 2021
WARRANT LIABILITY [Abstract]  
Fair Value of Warrant Liability Assumptions

The fair value of the Company’s warrant liability was calculated using the Black-Scholes model and the following assumptions:


   
As of December 31, 2021
 
Fair value of company's common stock
 
$
9.02
 
Dividend yield
    0 %
Expected volatility
   
118% - 149
%
Risk Free interest rate
   
0.06% - 0.97
%
Expected life (years)
   
1.82
 
Exercise price
 
$
8.00 - $28.00
 
Fair value of financial instruments - warrants
 
$
369,234
 
Change in Fair Value of Financial Instruments

The change in fair value of the financial instruments – warrants is as follows:


   
Amount
 
Balance at January 1, 2021
 
$
 
         
Fair value of warrant liability assumed in connection with Helix Merger
   
1,247,715
 
         
Change in fair value of warrant liability
   
(878,481
)
         
Balance at December 31, 2021
 
$
369,234