XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
STOCKHOLDERS EQUITY
 9 Months Ended
Sep. 30, 2022
STOCKHOLDERS' EQUITY  
13. STOCKHOLDERS' EQUITY

NOTE 13 – STOCKHOLDERS’ EQUITY

 

During the nine months ended June 30, 2021, the Company sold shares of its common stock in two separate transactions: on February 3, 2021, 15,300,000 shares were sold at $0.70 for gross proceeds of $10,710,000; and on February 18, 2021, 10,990,000 shares were sold at $1.30 for gross proceeds of $14,287,000. A total of $1,654,820 of issuance costs were incurred on these sales.

 

During the nine months ended September 30, the Company issued 3,765,477 shares of common stock and received $1,790,703 in cash from the exercise of warrants.

 

On August 24, 2022, the Company issued 132,980 shares of common stock in lieu of cash in consideration of fees for Board of Directors accrued through December 31, 2021.  The number of shares issued was based on the amount of fees due of $62,501 divided by the market price of the Company’s common shares on the date of issuance.

 

Common stock warrants

 

In February 2021, concurrent with sale of common stock, the Company issued warrants to purchase 7,650,000 shares of common stock at an exercise price of $0.85 per share. The warrants are initially exercisable six months following issuance and expire five and one-half years from the issuance date. In connection with the February 2021 sales of common stock, the Company also issued 1,606,500 warrants with an exercise price of $0.85 and 804,000 warrants with an exercise price of $0.46 as commission to the placement agent. There were no warrants exercised during the three or nine months ended September 30, 2022.

 

The Company issued no warrants to purchase common stock during the three or nine months ended September 30, 2022.

 

The following is a summary of the Company’s warrants to purchase shares of common stock activity:

 

 

 

Number of

warrants

 

 

Exercise prices

 

Balance outstanding at December 31, 2020

 

 

6,194,899

 

 

$0.65

 

Issued

 

 

10,060,500

 

 

$0.46 - $0.85

 

Exercised

 

 

(3,765,477)

 

$0.46 - $0.65

 

Balance outstanding at December 31, 2021

 

 

12,489,922

 

 

$0.75

 

Expired

 

 

(143,707)

 

$0.65

 

Balance outstanding at September 30, 2022

 

 

12,346,215

 

 

$0.75

 

The composition of the Company’s warrants outstanding at September 30, 2022 is as follows:

 

Number of warrants

 

 

Weighted Average Exercise Price

 

 

Expiration Date

 

Weighted Average Remaining life (years)

 

 

2,285,715

 

 

$0.46

 

 

7/31/2025

 

 

2.84

 

 

804,000

 

 

 

0.46

 

 

1/27/2026

 

 

3.33

 

 

7,650,000

 

 

 

0.85

 

 

8/3/2026

 

 

3.84

 

 

1,606,500

 

 

 

0.85

 

 

2/1/2026

 

 

3.34

 

 

12,346,215

 

 

$0.75

 

 

 

 

$3.56(a)