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Stockholders Equity
 9 Months Ended
Sep. 30, 2023
Stockholders Equity  
Stockholders' Equity

12. Stockholders’ Equity

 

Stock issuance activity

The Company closed a private placement in February 2023. Under the private placement, the Company sold 123,365 shares of common stock at $5.50 per share and 35,088 shares of common stock at $5.70 per share for net proceeds of $878,503. No shares were issued in the second or third quarter of 2023.

 

The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 shares of common stock at $7.50 per share for net proceeds of $2,701,000. In the nine-months ended September 30, 2022, the Company sold 138,665 shares of common stock for net proceeds of $980,107. In the nine-months ended September 30, 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. Also, in the nine-months ended September 30, 2022, the Company issued 392,866 shares of the Company’s common stock in exchange for $1,950,000 of debt at $4.96 per share.

 

Stock Purchase Warrants Outstanding

In the nine-months ended September 30, 2022, 194,869 shares of common stock were issued in exchange for outstanding warrants for net proceeds of $1,030,158.

 

The activity in stock purchase warrants is as follows:

 

Number of

Warrants

 

 

Exercise

Prices

 

Balance December 31, 2021

 

 

669,467

 

 

$2.52-7.00

 

Expired

 

 

(185,304)

 

$2.52-5.60

 

Exercised

 

 

(194,869)

 

$2.52-5.60

 

Balance December 31, 2022 and September 30, 2023

 

 

289,294

 

 

$5.60-7.00

 

 

These warrants expire as follows:

 

Shares

 

 

Exercise Price

 

 

Expiration Date

 

 

 

 

235,722

 

 

$5.60

 

 

October 15, 2023

 

 

 

 

53,572

 

 

$7.00

 

 

November 12, 2023

 

 

 

 

289,294

 

 

 

 

 

 

 

 

 

These outstanding warrants were amended and extended on October 12, 2023, see note 14.