XML 35 R19.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders Equity
 3 Months Ended
Mar. 31, 2022
Small Business Administration Loans  
Stockholders' Equity

13. Stockholders’ Equity

 

Stock issuance activity

 

The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 units at $7.50 per unit for net proceeds of $2,701,000. Each unit consisted of one share of the Company’s common stock. In the first quarter of 2022 the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326.

 

Stock Purchase Warrants Outstanding

 

In the first quarter of 2022, 23,057 shares were issued in exchange for outstanding warrants for net proceeds of $68,006.

 

The activity in stock purchase warrants is as follows:

 

Number of

Warrants

 

 

Exercise Prices

 

Balance December 31, 2020

 

 

426,788

 

 

$2.52-5.60

 

Issued

 

 

289,294

 

 

$5.60-7.00

 

Exercised

 

 

(46,615)

 

$2.52

 

Balance December 31, 2021

 

 

669,467

 

 

$2.52-7.00

 

Exercised

 

 

(23,057)

 

$2.52-5.60

 

Balance March 31, 2022

 

 

646,410

 

 

$2.52-7.00

 

 

 

 

 

 

 

 

 

These warrants expire as follows:

 

Shares

 

 

Exercise Price

 

 

Expiration Date

 

 

 

 

13,228

 

 

$2.52

 

 

April 21, 2022

 

 

 

 

343,888

 

 

$5.60

 

 

August 28, 2022

 

 

 

 

235,722

 

 

$5.60

 

 

October 14, 2023

 

 

 

 

53,572

 

 

$7.00

 

 

November 12, 2023

 

 

 

 

646,410