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Stockholders Equity
 6 Months Ended
Jun. 30, 2022
Small Business Administration Loans  
Stockholders' Equity

13. Stockholders’ Equity

 

Stock issuance activity

 

In the first quarter of 2021 the Company issued 714 shares of common stock at $3.22 per share for

for a total value of $2,300. In the second quarter of 2021 the Company issued 1,071 shares of common stock at $3.92 per share for services provided for a total value of $4,200. 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. In the second quarter of 2022, the Company sold 138,665 shares of common stock for net proceeds of $980,107.

 

Stock Purchase Warrants Outstanding

 

In the second quarter of 2021 19,841 shares were issued in exchange for outstanding warrants for net proceeds of $50,000. In the first quarter of 2022, 23,057 shares were issued in exchange for outstanding warrants for net proceeds of $68,006. In the second quarter of 2022, 70,919 shares were issued in exchange for outstanding warrants for net proceeds of $397,147.

 

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

 

Expired

 

 

(13,228)

 

$2.52

 

Exercised

 

 

(93,976)

 

$

2.52-5.60

 

Balance June 30, 2022

 

 

562,263

 

 

$

5.60-7.00

 

 

These warrants expire as follows:

 

Shares

 

 

Exercise

Price

 

 

Expiration

Date

 

 

 

 

272,969

 

 

$5.60

 

 

August 28, 2022

 

 

 

 

235,722

 

 

$5.60

 

 

October 14, 2023

 

 

 

 

53,572

 

 

$7.00

 

 

November 12, 2023

 

 

 

 

562,263