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Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Equity

Note 9. Equity

 

During the three months ended March 31, 2023 received proceeds of $484,503 in connection with the exercise of warrants covering 358,891 shares of common stock. No options or warrants were exercised during the three-month period ended March 31, 2022.

 

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 -month 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 May 2023.

 

The Company did not sell any equity securities during the three month periods ended March 31, 2023 and 2022.

 

As of March 31, 2023, there were 2,541,100 warrants and 1,246,960 options outstanding.