Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2021 |
Dec. 31, 2020 |
| Schedule of Potentially Dilutive Securities |
Potentially dilutive securities outlined in the table
below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
| |
|
For the three months ended March 31, 2021 |
|
|
For the three months ended March 31, 2020 |
|
| Warrants to purchase shares of common stock |
|
|
5,979,611 |
|
|
|
1,504,593 |
|
| Convertible notes |
|
|
- |
|
|
|
380,920 |
|
| Restricted stock units |
|
|
3,279,284 |
|
|
|
- |
|
| Restricted stock awards |
|
|
70,986 |
|
|
|
- |
|
| Options to purchase shares of common stock |
|
|
369,361 |
|
|
|
3,604,348 |
|
| Total potentially dilutive securities |
|
|
9,699,242 |
|
|
|
5,489,861 |
|
|
Potentially dilutive securities outlined in
the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would
have been anti-dilutive.
| |
|
For the year ended December 31, 2020 |
|
|
For the year ended December 31, 2019 |
|
| Warrants to purchase shares of common stock |
|
|
3,251,406 |
|
|
|
303,891 |
|
| Convertible notes |
|
|
- |
|
|
|
55,306 |
|
| Series B Preferred Stock |
|
|
3,275,407 |
|
|
|
262,500 |
|
| Options to purchase shares of common stock |
|
|
929,765 |
|
|
|
797,373 |
|
| Total potentially dilutive securities |
|
|
7,456,578 |
|
|
|
1,419,070 |
|
|
| Schedule of Fair Value Hierarchy of Valuation Inputs on Recurring Basis |
The following table provides the financial liabilities
measured on a recurring basis and reported at fair value on the balance sheet as of March 31, 2021 and indicates the fair value hierarchy
of the valuation inputs the Company utilized to determine such fair value:
| |
|
Level |
|
|
March 31, 2021 |
|
| Warrant liabilities – January Warrants |
|
|
3 |
|
|
$ |
3,164,000 |
|
| Warrant liabilities – February Warrants |
|
|
3 |
|
|
|
3,004,000 |
|
| Fair value as of March 31, 2021 |
|
|
|
|
|
$ |
6,168,000 |
|
|
|
| Schedule of Fair Value of Warrant Liabilities |
The following table presents the changes in fair value
of the warrant liabilities:
| |
|
January Warrants |
|
|
February Warrants |
|
|
Total Warrant Liability |
|
| Fair value as of December 31, 2020 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Initial value of warrant liability |
|
|
4,846,000 |
|
|
|
5,135,000 |
|
|
|
9,981,000 |
|
| Change in fair value |
|
|
(1,682,000 |
) |
|
|
(2,131,000 |
) |
|
|
(3,813,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value as of March 31, 2021 |
|
$ |
3,164,000 |
|
|
$ |
3,004,000 |
|
|
$ |
6,168,000 |
|
|
|
| Initial Measurement [Member] |
|
|
| Schedule of Black Scholes Valuation Models of Warrant Liabilities |
The key inputs into the Black Scholes valuation model
for the initial valuations are below:
| |
|
January Warrants |
|
|
February Warrants |
|
| |
|
January 13, 2021 |
|
|
February 12, 2021 |
|
| Term (years) |
|
|
5.0 |
|
|
|
5.0 |
|
| Stock price |
|
$ |
4.21 |
|
|
$ |
4.62 |
|
| Exercise price |
|
$ |
4.95 |
|
|
$ |
4.95 |
|
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Expected volatility |
|
|
84.7 |
% |
|
|
84.7 |
% |
| Risk free interest rate |
|
|
0.5 |
% |
|
|
0.5 |
% |
| |
|
|
|
|
|
|
|
|
| Number of shares |
|
|
1,821,514 |
|
|
|
1,714,005 |
|
| Value (per share) |
|
$ |
2.66 |
|
|
$ |
3.00 |
|
|
|
| Subsequent Measurement [Member] |
|
|
| Schedule of Black Scholes Valuation Models of Warrant Liabilities |
The key inputs into the Black Scholes valuation model
for the Level 3 valuations as of March 31, 2021 are below:
| |
|
January Warrants |
|
|
February Warrants |
|
| Term (years) |
|
|
4.8 |
|
|
|
4.9 |
|
| Stock price |
|
$ |
3.07 |
|
|
$ |
3.07 |
|
| Exercise price |
|
$ |
4.95 |
|
|
$ |
4.95 |
|
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Expected volatility |
|
|
84.7 |
% |
|
|
84.7 |
% |
| Risk free interest rate |
|
|
0.9 |
% |
|
|
0.9 |
% |
| |
|
|
|
|
|
|
|
|
| Number of shares |
|
|
1,821,514 |
|
|
|
1,714,005 |
|
| Value (per share) |
|
$ |
1.74 |
|
|
$ |
1.75 |
|
|
|