Warrants (Tables)

3 Months Ended

Mar. 31, 2022

Warrants

Summary of Warrant Activity

The following table summarizes warrant activity for the three months ended March 31, 2022 and 2021:

	Number of Warrants			Weighted Average Exercise Price Per Share
Outstanding and exercisable at December 31, 2020		1,528,380		$	0.65
Issued in connection with issuance of Series A convertible preferred stock (See Note 3)		5,256,410			0.39
Issued in connection with issuance of 3% convertible promissory notes (see Note 3 and 13)		5,732,994			0.50
Forfeited/expired		(18,500	)		(5.28	)
Outstanding and exercisable at March 31, 2021		12,499,284		$	0.46
Outstanding and exercisable at December 31, 2021		17,580,784		$	0.47
Forfeited/expired		—			—
Outstanding and exercisable at March 31, 2022		17,580,784		$	0.47

Summary of Warrant Range of Exercise Prices and Weighted Average Remaining Contractual Life

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable warrants to purchase common shares as of March 31, 2022:

		Outstanding and exercisable warrants
	Exercise price per share	Number of warrants	Weighted average remaining contractual life
$	0.39	5,256,410	4.5 years
$	0.50	12,324,374	4.2 years
	Total	17,580,784	4.3 years

Schedule of Warrants Valuation Assumption

The following is the assumptions used in calculating the estimated grant-date fair value of the warrants issued pursuant to the USNG Letter Agreement granted on November 9, 2021:

	As of November 9, 2021 (issuance date)
Volatility – range		359.3	%
Risk-free rate		1.08	%
Expected term		5.0 years
Exercise price	$	0.50
Number of warrants in aggregate		3,260,000