Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
SCHEDULE OF ESTIMATED FAIR VALUE OF WARRANTS
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 Nine Months
 
 
 
Ended September 30,
2021
 
Risk-free interest rate
 
 
0.80% - 0.98%
 
Contractual term
 
 
4.75 – 5 years
 
Expected volatility
 
 
56.27
%
 
- 57.67%
 
SCHEDULE OF RECONCILIATION OF BALANCES FOR WARRANT LIABILITY
The table below provides a reconciliation of the 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
 
 
(2,902,342
)
Balance, September 30, 2021
 
$
4,560,663
 
 
 
SCHEDULE OF EARNING PER SHARE
 
The Company computes net earnings (loss) per share in accordance with ASC 260, “
Earnings per Share”
. ASC 260 requires presentation of both basic and diluted net earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of warrants, convertible preferred stock and convertible debentures. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
 
 
 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
 
2021
 
 
2020
 
 
2021
 
 
2020
 
Net income (loss) computation of basic and diluted net income (loss) per common share:        
 
                      
Net income (loss)   $ (9,094,707 )
 
 $ 120,835     $ (22,570,791 )   $ (6,152,982 )
Less: Redemption of Series D Preferred Stock deemed dividend     -  
 
   -       -       (1,295,294 )
Net income (loss) attributable to common stockholders   $ (9,094,707 )
 
 $ 120,835     $ (22,570,791 )   $ (7,448,276 )
         
 
                      
Basic and diluted net income (loss) per share:
        
 
                      
Basic and diluted net income (loss) per common share
   $ (0.07 )
 
  
0.00.
       (0.25 )     (0.32 )
Basic and diluted weighted average common shares outstanding     122,060,087  
 
   38,414,631       90,619,171       23,154,481  
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 as of September 30, (in common equivalent shares):
 
 
 
2021
 
 
2020
 
Warrants     42,289,317       21,925,102  
Series A & B Notes     -       213,105  
Options and restricted stock units     203,135       197,193  
Total anti-dilutive weighted average shares     42,492,452       22,335,400