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Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity

Note 9. Equity

 

During the three months ended March 31, 2024, the Company received proceeds of $8,670 in connection with the exercise of options covering 8,500 shares of common stock. During the three months ended March 31, 2023, the Company received proceeds of $484,503 in connection with the exercise of warrants covering 358,891 shares of common stock.

 

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). 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 subject to at least a six-month holding period by the investor from the date of issuance. 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 has an outstanding commitment from a potential investor for the remaining $1,150,000 under these subscription agreements. The Company did not sell any other equity securities during the periods ended March 31, 2024 and 2023.

 

As of March 31, 2024, there were 2,055,143 warrants and 1,206,872 options outstanding.