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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 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 Grant Date
Fair Value
   Weighted
Average
Remaining
Contractual
Term (years)
  Aggregate
Intrinsic
Value
 
                     
Outstanding – January 1, 2020   

797,373

   $

1.99 

   $

0.72 

    

5.0

  $

 
Granted   

378,800

   $

0.94

    

5.22

           
Expired forfeited, or cancelled   

(246,408

  $

1.94

    

0.88

           
Outstanding – December 31, 2020   929,765   $1.53   $2.50    6.1   $2,537,245 
Granted   124,100   $2.98   $2.32           
Options assumed pursuant to acquisition of MagicMed   973,840   $1.34   $1.84           
Exercised   (143,796)  $0.23   $5.69           
Expired forfeited, or cancelled   (692,475)  $1.69   $1.62           
Outstanding – December 31, 2021   1,191,434   $1.58   $2.07    5.3   $34,333 
                          
Exercisable at December 31, 2021   958,915   $1.50   $2.01    4.5   $13,733 
SCHEDULE OF STOCK OPTION ASSUMPTION

Options granted during the years ended December 31, 2021 and 2020 were valued using the Black Scholes model with the following assumptions:

 

    December 31, 2021     December 31, 2020  
Term (years)   $ 2.5 to 7.0     $ 1.5 to 4.2  
Stock price   $ 2.04 to 3.50     $ 5.92  
Exercise price   $ 2.04 to 3.50     $ 0.23 to 2.71  
Dividend yield     0 %     0 %
Expected volatility     76% to 79 %     84.7 %
Risk free interest rate     1.1% to 1.6% %     0.37 %

SCHEDULE OF WARRANTS

The following table summarizes information about shares issuable under warrants outstanding at December 31, 2021:

   Warrant
shares
outstanding
   Weighted
average
exercise price
   Weighted average remaining life   Intrinsic value 
Outstanding at January 1, 2021   3,730,805   $2.05    5.2   $8,923,797 
Granted   4,146,146   $4.20           
Assumed pursuant to acquisition of MagicMed   5,913,672   $1.31           
Exercised   (3,253,714)  $1.01           
Exchanged for common stock   (768,143)  $

4.65

           
Outstanding at December 31, 2021   9,768,766   $2.62    3.4   $801,024 

 

The warrants assumed pursuant to the acquisition of MagicMed contain certain down round features, which were not triggered by the February 2022 public offering, that would require adjustment to the exercise price upon certain events when the offering price is less than the stated exercise price.

 

All outstanding warrants are exercisable.

 

Warrants exchanged for Common Stock consist of an aggregate of 221,653 shares of Common Stock being issued in exchange for an aggregate of 109,372 warrants issued by Ameri and containing put rights that were exercised by the Holder and an aggregate of 973,190 shares of Common Stock being issued in exchange for an aggregate of 658,771 warrants containing certain terms wherein management determined it to be beneficial to the Company to exchange Common Shares for these warrants.

 

The aggregate of 221,653 Common Shares issued in exchange for the aggregate of 109,372 warrants issued by Ameri and containing put rights were issued in lieu of cash payments, in accordance with the terms of the put rights contained in the warrants.

 

The aggregate of 973,190 shares of common stock issued in exchange for certain outstanding warrants to purchase an aggregate of 658,771 shares of the Company’s common stock at an exercise price of $4.66 were issued pursuant to exchange agreements with the holders of such warrants. The Company believes that these exchanges are beneficial to the Company because the reacquired warrants contained provisions that required the Company to repurchase the warrants for cash at the holder’s option and/or “full ratchet” anti-dilution adjustments that may result in a reduction in the exercise price of such warrants and an increase in the number of shares issuable upon exercise thereof under certain circumstances. The Company has cancelled all of the warrants reacquired in such exchanges and they will not be reissued. In connection with this exchange, the Company recognized $826,577 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 consolidated statement of operations and comprehensive loss.

 

The following table summarizes information about shares issuable under warrants outstanding at December 31, 2020:

 

   Number of Shares   Weighted Average Exercise Price (USD)    Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value (USD) 
Outstanding – January 1, 2020   303,891   $1.99     1.06     
Granted   3,701,730   $0.94            
Expired forfeited, or cancelled   (274,816)  $1.94            
Outstanding – December 31, 2020   3,730,805   $2.05     5.2   $8,923,797 
                      
Exercisable at December 31, 2020   3,730,805   $2.05     5.2   $8,923,797 

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 year ended December 31, 2021 (there was no restricted common stock issued for the year ended December 31, 2020):

   Number of
shares
   Weighted
average
fair value
 
Non–vested at January 1, 2021      $

 
Granted   125,733   $3.57 
Vested   (74,224)  $4.09 
Non–vested at December 31, 2021   51,509   $2.83 
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 year ended December 31, 2021 (there were no restricted stock units issued for the year ended December 31, 2020):

   Number of
shares
   Weighted
average
fair value
 
Non–vested at January 1, 2021   

   $

 
Granted   6,258,377   $3.44 
Forfeited   

(371,944

) 

$

3.04 
Vested   (2,785,820)  $4.52 
Non–vested at December 31, 2021   3,100,613   $2.52