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Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity

Note 9. Equity

 

No options or warrants were exercised during the three-month periods ended September 30, 2022 and 2021.

 

During the nine months ended September 30, 2021, the Company received $86,262 in proceeds from the exercise of outstanding options and issued 39,500 shares of its capital stock in connection with these exercises. In addition, during the nine months ended September 30, 2021, the Company issued 35,110 shares of its capital stock in connection with the cashless exercise of 101,000 of its outstanding options. No options or warrants were exercised during the three and nine months ended September 30, 2022 and during the three months ended September 30, 2021.

 

 

On September 16, 2022, the Company entered into subscription agreements from a group of private accredited investors to sell them 2.0 million shares of common stock of the Company at a price of $2.30 per share (which represents the closing market price of the Company’s common stock on September 14, 2022 which was the date that the transaction was agreed to). The Company will receive $4.6 million in proceeds from the sale of common stock to the investors. For each share received, the investor also received one warrant (expiring on September 30, 2027) to purchase one share of common stock at an exercise price of $2.76/share. The shares were issued to the investors in a private placement and, along with the shares issued in connection with the exercise of any warrants in the future, are not registered and therefore currently subject to at least a six-month holding period by the investor. As of September 30, 2022, the Company received $3,450,000 under these subscription agreements and has issued 1,500,000 common shares and issued 1,500,000 warrants. In addition, the Company expects to receive the remaining $1,150,000 under these subscription agreements in November 2022.

 

The Company did not sell any equity securities during the nine months ended September 30, 2021.

 

As of September 30, 2022, there were 2,899,991 warrants and 1,068,960 options outstanding.