Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of Warrant Liability Measured on Recurring Basis

The fair value of the warrant liability measured on a recurring basis is as follows:

 

    March 31, 2021     Date of Issuance March 26, 2021  
    Fair Value     Input Level     Fair Value     Input Level  
                                 
Derivative liability - Warrants   $ 4,905,927       Level 3     $ 5,708,212       Level 3  
Schedule of Derivative Liability Measured on a Recurring Basis Using Significant Unobservable Input (Level 3)

The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable input (Level 3):

 

    Warrants  
Fair Value on Issuance Date   $ 5,708,212  
Change in fair value     (802,285 )
Fair value on March 31, 2021   $ 4,905,927  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

At March 31, 2021 and 2020, the Company had the following common shares underlying these instruments:

 

    Three Months Ended March 31,  
    2021     2020  
Warrants     1,797,931       1,244,712  
Preferred Stock Warrants     -       2,996,713  
Stock Options     856,082       159,637  
Preferred Stock     124,483       624,412  
Total Underlying Common Shares     2,778,496       5,025,474  
Schedule of Earnings Per Share, Basic and Diluted

The following data shows the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended March 31, 2021 and 2020:

 

    Three Months Ended March 31  
    2021     2020  
             
Net Loss per Common Share - Basic and Diluted   $ (0.09   $ (1.30 )
Loss from continuing                
Operations available to                
Common stockholders (numerator)   $ (711,567   $ (1,898,832 )
                 
Weighted average number of common shares Outstanding used in loss per share during the Period (denominator)     7,790,121       1,463,627