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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTION

A summary of activity under the Company’s incentive plan for the nine months ended September 30, 2022 is presented below:

 

   Number of Shares   Weighted Average Exercise Price   Weighted Average Grant Date Fair Value   Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value 
Outstanding at December 31, 2021   23,829   $79.00   $103.50    5.3   $34,333 
Forfeited   (1,000)  $175.00   $140.50    —    — 
Outstanding at September 30, 2022   22,829   $75.00   $101.50    4.3   $— 
                          
Exercisable at September 30, 2022   19,690   $74.93   $101.00    3.8   $— 
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, 2022:

 

   Number of shares   Weighted average fair value 
Non-vested at December 31, 2021   1,031   $141.50 
Forfeited   (700)  $146.50 
Vested   (331)  $130.40 
Non-vested at September 30, 2022   —   $— 
SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS

The following table summarizes the Company’s recognition of stock-based compensation for restricted stock units for the following periods:

 

Stock-based compensation for RSU  2022   2021   2022   2021 
   Three months ended September 30,   Nine months ended September 30, 
Stock-based compensation for RSU  2022   2021   2022   2021 
General and administrative  $357,756   $315,929   $1,138,080   $4,592,748 
Research and development   232,434    118,474    794,473    118,474 
Total  $590,190   $434,403   $1,932,553   $4,711,222 
SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS

The following table summarizes information about shares issuable under warrants outstanding at September 30, 2022:

 

   Warrant shares outstanding   Weighted average exercise price   Weighted average remaining life   Intrinsic value 
Outstanding at December 31, 2021   195,463   $131.00    3.4   $801,024 
Issued   1,227,500   $10.31        $— 
Exercised   (767,500)  $—    —   $— 
Outstanding at September 30, 2022   655,463   $58.36    3.8   $5,514 
                     
Exercisable at September 30, 2022   655,463   $58.36    3.8   $5,514 

 

The warrants assumed pursuant to the acquisition of MagicMed contain certain down round features, which were not triggered by the February 2022 public offering or the July 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.

 

The following table summarizes information about investment options outstanding at September 30, 2022:

 

   Investment options outstanding   Weighted average exercise price   Weighted average remaining life   Intrinsic value 
Outstanding at January 1, 2021   —   $—    —   $— 
Issued   1,070,000   $7.93    5.5    — 
Outstanding at September 30, 2021   1,070,000   $7.93    5.3   $— 
                     
Exercisable at September 30, 2021   1,070,000   $7.93    5.3   $— 
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, 2022:

 

   Number of shares   Weighted average fair value 
Non-vested at December 31, 2021   62,013   $126.00 
Granted   37,445   $33.50 
Forfeited   (26,772)  $79.64 
Vested   (7,569)  $140.60 
Non-vested at September 30, 2022   65,117   $92.02