XML 63 R22.htm IDEA: XBRL DOCUMENT v3.22.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2021
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 16 - SUBSEQUENT EVENTS

 

In February 2022, the Company paid off the total outstanding principal and interest of the two term loans in the amount of $45,853 (See Note 8).

 

Common Stock

 

On January 4, 2022, due to the vesting of RSUs, 76,175 common shares were issued to Evan Sohn, CEO.

 

On January 6, 2022, upon agreement with warrant holder, the Company issued 112,726 shares of common stock upon the exchange of 112,726 warrants. The shares were valued at approximately $473,000 based on the stock price, while the exchanged warrants had a Black-Scholes value of approximately $321,000, resulting in  a loss on exchange of $152,000 which will be recorded in the first quarter of 2022.

  

On February 2, 2022, 7,500 common shares vested and were issued to a vendor for services related to a 2021 agreement. The Company expensed the remaining $27,000 in 2022 as the service period expired.

  

On February 14, 2022, 22,000 common shares vested and were issued to a vendor for services related to a 2021 agreement. The Company expensed the remaining $47,520 in 2022 as the service period expired.