5. Warrants

During the three months ended March 31, 2021, the Company issued an additional 2,472,573 shares of common stock as a result of the exercise of certain outstanding warrants as follows: (i) warrants to acquire 360,000 shares of Common Stock at an exercise price of $1.00 per share were exercised and (ii) warrants to acquire 2,112,573 shares of Common Stock at an exercise price of $0.90 per share were exercised. The warrant exercises provided aggregate gross proceeds to the Company of $2,261,336.

A summary of warrant activity for the year ended December 31, 2021 and the nine months ended September 30, 2022 is as follows:

 Schedule of Warrants Activity

The warrants outstanding as of September 30, 2022 are as follows:

 Schedule of Warrants Outstanding

All outstanding warrants are classified as equity on the Company’s Consolidated Balance Sheets.