The Company has the following warrants as of December 31, 2021 and 2020 are presented below:

 SCHEDULE OF WARRANTS OUTSTANDING

The following were stock warrant transactions during the year ended December 31, 2021:

During the year ended December 31, 2021, the Company granted 138,889 warrants to an officer. The warrants are fully vested upon grant, have an exercise price of $2.61 per share, expire in 3 years with an estimated fair value of $363,000.

During the year ended December 31, 2021, a total of 2,285,389 warrants were exercised into 2,254,411 shares of common stock at a weighted average exercise price of $1.25. The Company received cash of $2,784,000 upon exercise of the warrants.

The following were stock warrant transactions during the year ended December 31, 2020:

During the year ended December 31, 2020, the Company granted 416,199 warrants to a consultant as part of a private placement offering and 2,303,861 warrants to Series A stockholders. In addition, the Company also granted warrants to certain shareholders to purchase 1,910,594 shares of common stock as part of settlement with regards to the Company’s public offering that occurred in July 2020. The warrants were fully vested upon grant, have an average exercise price of $1.17 per share, expire between 0.01 and 5 years with an estimated fair value of $248,000 using the Black-Scholes option pricing model. The Company accounted for the estimated fair value of $248,000 as a financing cost.

During the year ended December 31, 2020, a total of 1,965,594 warrants were exercised into 1,965,594 shares of common stock at a weighted average exercise price of $1.10. The Company received cash of $2,165,000 upon exercise of the warrants.