Warrants Issued

On March 31, 2020, the Company issued a warrant to purchase up to 26,225 shares of its stock to one of its consultants in exchange for services. The warrant contains a strike price of $5.67 per share and has a seven-year contractual term. The warrant is classified within stockholders’ equity at its fair value and was treated as a standalone instrument. The fair value of the warrant was determined to be $101,478 utilizing the Black-Scholes-Merton option-pricing model at the time of issuance and is included in selling, general and administrative expenses for the three months ended March 31, 2020.  There were no warrants issued during the three months ended March 31, 2021.  The company recognized $237,768 in warrant expense for the three months ended March 31, 2021 included in selling, general and administration expense.

Warrants Exercised

No warrants were exercised for the three months ended March 31, 2021 and 2020.