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Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Equity

Note 11 - Equity

On August 27, 2021 the Company’s Board of Directors approved a one for four reverse stock split such that every holder of the Company’s common stock shall receive one share of common stock for every four shares owned. The reverse stock split was made effective on March 7, 2022, simultaneous with the Company’s listing of its common stock on the NYSE American. All share amounts have retrospectively been stated at post-reverse split amounts and pricing.

 

During February and March 2021, the Company issued to a group of accredited investors 2,248,464 shares of its common stock and warrants to purchase 2,248,464 shares of its common stock for $2.00 per share which expire on December 31, 2022. Proceeds from the sale were $3,147,850. The value allocated to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 180%, risk free interest rate of .14% and an expected useful life of 21 months. The fair value of the warrants of $2,350,407 was allocated to Additional Paid-in Capital. During the quarter ended March 31, 2022, 48,750 shares of common stock were issued as a result of warrant exercises. As of March 31, 2022, warrants for 749,464 shares of common stock have been exercised.