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Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
STOCKHOLDERS' EQUITY

Note 12. STOCKHOLDERS' EQUITY

 

Common Stock – Sale of Securities

 

In January 2020, the Company issued and sold 419,597 shares of its common stock for gross proceeds of $984,000 pursuant to a Form S-3 filed on October 10, 2019 as updated on January 15, 2020. Costs of the sale amounted to $145,000.

 

During the year ended December 31, 2020, the Company issued 1,830,631 shares of common stock to convert third party subordinated debt totaling $2,589,000 to equity.

 

During the year ended December 31, 2020, the Company issued 178,405 shares of common stock in payment of directors' fees totaling $211,000.

 

During the year ended December 31, 2019, the Company issued 50,000 shares of common stock in lieu of cash payment for various services provided to the Company, 257,602 shares of common stock in payment of directors' fees, 424,805 shares of common stock issued from the conversion of notes payable, 180,000 shares issued in connection with the issuance of subordinated notes payable and 2,778 shares issued upon the exercise of stock options.

 

During the first quarter of 2021, the Company issued 41,960 shares of common stock in payment of directors' fees totaling $52,000 and 51,224 shares of common stock upon the exercise of stock options.