11.	Warrant Liabilities

A summary of the warrant liability activity for the three months ended March 31, 2021 is as follows:

	Warrants Outstanding			Fair Value per Share		Fair Value
Balance December 31, 2020		48,091,160		$	0.18	$	8,855,379
Cashless exercise of LGH Warrants		(11,400,000	)		0.18		(2,030,025	)
Gain on remeasurement of warrant liability							(634,672	)
Balance March 31, 2021		36,691,160		$	0.17	$	6,190,682

NH Expansion Warrants -- Significant Black Scholes valuation model inputs related to the NH Expansion Warrants at March 31, 2021 and December 31, 2020 are as follows:

Black Scholes option pricing model	March 31,2021			December 31, 2020
Exercise Price⁽¹⁾	$	0.01		$	0.01
Warrant Expiration Date ⁽¹⁾	August 6, 2030			August 6, 2030
Interest Rate (annual) ⁽²⁾		0.70	%		0.65	%
Volatility (annual) ⁽³⁾		145.04	%		143.94	%
Time to Maturity (Years)		9.4			9.6
Calculated fair value per share	$	0.1700		$	0.1891

₍₁₎_{Based on the terms provided in the warrant agreement to purchase common stock of the Company dated August 6, 2020.}

₍₂₎_{Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve.}

₍₃₎_{Based on the historical daily volatility of the Company as of each presented period ending date.}

LGH Warrants – On June 5, 2020, the Company entered into a securities purchase agreement with investor LGH Investments LLC ("LGH") for warrants entitling LGH to acquire 1,075,000 shares of common stock (the “LGH Warrants”), among other things. The LGH Warrants contain certain ratchet provisions with respect to subsequent issuances of securities by the Company at a price below the exercise price of such warrants. As a result of certain dilutive issuances of securities by the Company on August 6, 2020, the exercise price of the LGH Warrants decreased to $0.01 per share and the number of shares subject to the LGH Warrants increased to 35,000,000 shares. As a result, the Company determined that these warrants meet the definition of a derivative liability. The fair value of the LGH Warrant liabilities was determined using the Black-Scholes option pricing model which approximates the binomial pricing model. Significant inputs into the model at March 31, 2021 and December 31, 2020 are as follows:

Black Scholes option pricing model	March 31, 2021			December 31, 2020
Exercise Price⁽¹⁾	$	0.01		$	0.01
Warrant Expiration Date ⁽¹⁾	June 5, 2025			June 5, 2025
Interest Rate (annual) ⁽²⁾		0.37	%		0.36	%
Volatility (annual) ⁽³⁾		100.16	%		99	%
Time to Maturity (Years)		4.2			4.4
Calculated fair value per share	$	0.1680		$	0.1823

(1)

Based on the terms provided in the warrant agreement to purchase common stock of the Company dated August 6, 2020.

(2)

Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve.

(3)

Based on the historical daily volatility of the Company as of each presented period ending date.