Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Earnings Per Share
The Company calculated the estimated fair value of warrants on the date of issuance and at each subsequent reporting date using the following assumptions:
 
   
For the Year
Ended
December 31,
2021
  
Risk-free interest rate
    
0.80% - 1.19%
  
Contractual term
    
4.54 – 5 years
  
Dividend yield
    
0%
  
Expected volatility
   
56.27% - 88.3%
  
Schedule of Warrants Liabilities Measured at Fair Value Using Significant Unobservable Inputs
The table below provides a reconciliation of the beginning and ending balances for the warrant liability which is measured at fair value using significant unobservable inputs (Level 3):
 
Balance, January 1, 2021   $ -  
Fair value of warrant liability at issuance (2021 Offering Warrants as defined and described in Note 6)     7,463,005  
Change in the fair value of warrant liability     (2,661,076 )
Balance, December 31, 2021   $ 4,801,929  
Schedule of Potential Dilutive Securities
Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):
 
    Year Ended  
    December 31, 2021     December 31, 2020  
Warrants     42,274,795       21,925,102  
Options and restricted stock units     203,135       203,135  
Total anti-dilutive weighted average shares     42,477,930       22,128,237