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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTIONS

   Number of
Shares
   Weighted
Average
Exercise
Price
   Weighted
Average
Fair Value
   Weighted
Average
Remaining
Contractual
Term (years)
   Aggregate
Intrinsic
Value
(USD)
 
                     
Outstanding – January 1, 2021   929,765   $1.53   $2.50           
Granted   

80,000

   $

3.50

   $2.81           

Options assumed pursuant to acquisition of MagicMed

   973,840   $1.34   $1.83           
Exercised   (143,796)  $0.23   $5.69           
Expired forfeited, or cancelled   (692,475)  $1.69   $1.98           
Outstanding – September 30, 2021   1,147,334   $1.57   $2.09    5.7   $730,438 
                          
Exercisable at September 30, 2021   931,810   $1.52   $2.00    4.9   $550,191 
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY

Options granted during the three months ended September 30, 2021 were valued using the Black Scholes model and the following assumptions:

 

Term (years)   7.0 
Stock price  $3.50 
Exercise price  $3.50 
Dividend yield   0%
Expected volatility   79%
Risk free interest rate   1.3%

 

The Company’s stock based compensation expense related to stock options for the three months ended September 30, 2021 and 2020 was $4,683 and $0, respectively. The Company’s stock based compensation expense related to stock options for the nine months ended September 30, 2021 and 2020 was $4,683 and $0, respectively. As of September 30, 2021, the Company had $504,903 in unamortized stock option expense with a weighted average amortization period equal to 2.9 years

 

During the first quarter 2021, the Company exchanged options to purchase 560,404 shares of common stock for 325,410 restricted stock units and 42,125 restricted stock awards. In connection with this exchange, the Company recognized $298,714 in inducement expense related to the increase in fair value of the new awards over the old awards, which is included in other expenses on the Company’s unaudited condensed consolidated statement of operations and comprehensive loss.

 

Restricted Stock Awards

 

The Company’s activity in restricted common stock was as follows for the nine months ended September 30, 2021:

   Number of
shares
   Weighted
average
fair value
 
Non–vested at January 1, 2021   -   $- 
Granted   70,986   $   3.84 
Vested   (64,334)  $4.24 
Non–vested at September 30, 2021   6,652   $2.50 
SCHEDULE OF WARRANTS

The following table summarizes information about shares issuable under warrants outstanding at September 30, 2021:

   Warrant
shares
outstanding
   Weighted
average
exercise price (USD)
   Weighted average remaining life   Intrinsic value 
Outstanding at January 1, 2021   3,770,550   $2.13    5.0   $8,040,836 
Issued   4,146,146   $4.90          
Assumed pursuant to acquisition of MagicMed   

5,913,672

   $1.31      

 
Exercised   (3,253,714)  $1.10           
Outstanding at September 30, 2021   10,576,654   $2.76    3.6   $5,115,080 
                     
Exercisable at September 30, 2021   10,576,654   $2.76    3.6   $5,115,080 

Restricted Stock [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY

The Company’s activity in restricted common stock was as follows for the nine months ended September 30, 2021:

   Number of
shares
   Weighted
average
fair value
 
Non–vested at January 1, 2021   -   $- 
Granted   70,986   $   3.84 
Vested   (64,334)  $4.24 
Non–vested at September 30, 2021   6,652   $2.50 
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY

The Company’s activity in restricted stock units was as follows for the nine months ended September 30, 2021:

   Number of
shares
   Weighted
average
fair value
 
Non–vested at January 1, 2021   -   $- 
Granted   5,775,171   $    3.65 
Vested   (1,207,825)  $4.46 
Non–vested at September 30, 2021   4,567,346   $3.43