Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Deficit (Tables)

v3.21.2
Stockholders’ Deficit (Tables)
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Fair Value of The Warrants

Fair value of the warrants was determined using a Black-Scholes option pricing model with the following inputs:

 

Expected term (years)     3 years  
Expected volatility     118 %
Expected dividends     0 %
Risk free interest rate     0.53 %
Schedule of Stock Option Transactions

Stock option transactions under the Company’s Plan for the nine months ended September 30, 2021 and the year ended December 31, 2020 are summarized as follows:

 

                Weighted           Weighted  
                Average           Average  
          Weighted     Remaining     Aggregate     Grant  
    Number of     Average     Contractual     Intrinsic     Date  
Stock Options   Options     Exercise Price     Term (Years)     Value     Fair Value  
Outstanding - December 31, 2019     -     $ -                          0.00     $ -     $ -  
Exercisable - December 31, 2019     -     $ -       0.00     $ -     $ -  
Vested and Exercisable - December 31, 2020     -     $ -       0.00     $ -     $ -  
Unvested and non-exercisable - December 31, 2020     -     $ -       0     $ -     $ -  
Granted     17,004     $ 16.00       7.00     $ -     $ 8.75  
Exercised     -     $ -             $ -          
Cancelled/Forfeited     -     $ -             $ -          
Outstanding - December 31, 2020     17,004     $ 16.00       6.16     $ -     $ -  
Vested and Exercisable - December 31, 2020     -     $ -       0.00     $ -     $ -  
Unvested and non-exercisable - December 31, 2020     17,004     $ 16.00       6.16     $ -     $ -  
                                         
Outstanding - December 31, 2020     17,004     $ 16.00       6.16     $ -     $ -  
Vested and Exercisable - December 31, 2020     -     $ -       0.00     $ -     $ -  
Unvested and non-exercisable - December 31, 2020     17,004     $ 16.00       6.16     $ -     $ -  
Granted     -       -                     $ -  
Exercised     -       -                          
Cancelled/Forfeited     -       -                          
Outstanding - September 30, 2021     17,004     $ 16.00       5.42     $ -     $ -  
Vested and Exercisable - September 30, 2021     3,401     $ 16.00       5.42     $ -     $ -  
Unvested and non-exercisable - September 30, 2021     13,603     $ 16.00       5.42     $ -     $ -  

 

Schedule of Stock-based Compensation

Compensation expense recorded for stock-based compensation is as follows for the nine months ended September 30, 2021 and 2020, respectively:

 

Nine Months Ended  
September 30, 2021     September 30, 2020  
             
$ 27,880     $ 21,685  
Schedule of Unvested Options Not Yet Recognized

As of September 30, 2021, compensation cost related to the unvested options not yet recognized was as follows:

 

Compensation expense   $ 89,837  
         
Weighted average period in which compensation will vest (years)     2.42  
Schedule of Warrants Activity

Warrant activity for the Nine Months Ended September 30, 2021 and the Year Ended December 31, 2020 are summarized as follows:

 

                Weighted        
                Average        
          Weighted     Remaining     Aggregate  
    Number of     Average     Contractual     Intrinsic  
Warrants   Warrants     Exercise Price     Term (Years)     Value  
Outstanding and exercisable - December 31, 2019     136,993     $ 35.50                       1.98     $     -  
Exercisable     -       -       -       -  
Granted     62,325     $ 26.50       -       -  
Exercised     -       -       -       -  
Cancelled/Forfeited     (5,000 )   $ 40.00       -       -  
Outstanding - December 31, 2020     194,317     $ 32.50       1.52     $ -  
Exercisable - December 31, 2020     194,317     $ 32.50       1.52     $ -  
                                 
Outstanding - December 31, 2020     194,317     $ 32.50       1.52     $ -  
Exercisable - December 31, 2020     194,317     $ 32.50       1.52     $ -  
Granted     326,075     $ 8.13       -       -  
Exercised     (2,133 )     12.50       -       -  
Cancelled/Forfeited     (44,650 )   $ 23.49       -       -  
Outstanding - September 30, 2021     473,609     $ 16.68       3.21     $ -  
Exercisable - September 30, 2021     473,609     $ 16.68       3.21     $ -