Note 10 - Warrants |
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Note 10 - Warrants |
Note 10 - Warrants
In October 2020, the Company issued five-year warrants to purchase a total of 600,000 of convertible notes. The warrants have an initial exercise price of $1.50 which may be reduced to (i) a 25% discount of the price per share of Common Stock offered in a future qualified offering. The warrants were valued at $267,999 using the multinomial lattice model and are considered derivative liabilities under ASC 815-40. shares in connection with the issuance of $
In January 2021, the Company issued five-year warrants to purchase a total of 500,000 of convertible notes. The warrants have an initial exercise price of $1.50 which may be reduced to (i) a 25% discount of the price per share of Common Stock offered in a future qualified offering and also include a ratchet provision. The warrants were valued at $2,870,666 using the multinomial lattice model and are considered derivative liabilities under ASC 815-40. shares in connection with the issuance of $
In March and April 2021, we received $201,249 in connection with the exercise of warrants which had been issued in October 2020 and January 2021 as part of the convertible note financings described in note 7. Since these exercises resulted in the elimination of the derivative liability in the warrants, the derivative liability was reduced by $694,305 with a corresponding increase in additional paid in capital.
In May 2021, the Company issued warrants to purchase 5.00 and were valued at $826,740 using the Black Scholes model. shares of common stock to the placement agent of its common stock offering. The warrants have a five year term, an exercise price of $
In June 2021, we received $99,999 in connection with the exercise of warrants which had been issued in October 2020 as part of the convertible note financings described in Note 6. Since these exercises resulted in the elimination of the derivative liability in the warrants, the derivative liability was reduced by $163,141 with a corresponding increase in additional paid in capital.
In July 2021, the Company issued warrants to purchase 5.625 and were valued at $2,154,423 using the Black Scholes model. shares of common stock to the placement agent of its common stock offering. The warrants have a five year term, an exercise price of $
The following table presents the assumptions used to estimate the fair values of the stock warrants granted during the three months ended July 31, 2021:
The following table summarizes the changes in warrants outstanding since April 30, 2020.
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