WARRANT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022			As of December 31, 2021
Fair value of company's common stock	$	6.96		$	9.02
Dividend yield		0	%		0	%
Expected volatility		86% - 121	%		118% - 149	%
Risk Free interest rate		1.58% - 2.41	%		0.06% - 0.97	%
Expected life (years)		1.66			1.82
Exercise price	$	8.00 - $28.00		$	8.00 - $28.00
Fair value of financial instruments - warrants	$	149,394		$	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, 2022	$	369,234
Change in fair value of warrant liability		(219,840	)
Balance at March 31, 2022	$	149,394

	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		(623,627	)
Balance as of March 31, 2021	$	624,088