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Stockholders' Equity
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

Note 7. STOCKHOLDERS’ EQUITY

 

Common Stock – Sale and Other Issuances

 

The Company issued 37,392 and 47,126 shares of common stock in payment of director fees totaling $52,000 and $46,000 for the three months ended June 30, 2021 and 2020, respectively, and 79,352 and 90,897 shares totaling $104,000 and $101,000 for the six months ended June 30, 2021 and 2020, respectively. Additionally, the Company issued 51,224 shares of common stock upon the cashless exercise of stock options during the six months ended June 30, 2021.

 

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

 

During the six months ended June 30, 2020, the Company issued 590,243 shares of common stock to convert third party subordinated debt totaling $885,000 to equity.

 

During the third quarter of 2021, the Company issued 39,983 shares of common stock in payment of directors’ fees totaling $52,000.

 

Issuance of Stock Options

 

On January 11, 2021, the Company granted to its directors, stock options to purchase an aggregate of 70,000 shares of the Company’s common stock at a price of $1.32 per share. The options expire on the seventh anniversary of the grant date and vest over a term of one year.

 

On March 24, 2021, the Company granted to certain members of management and certain employees, stock options to purchase an aggregate of 327,500 shares of the Company’s common stock at a price of $1.39 per share. The options expire on the fifth anniversary of the grant date and vest over a term of three years.

 

On July 30, 2021, the Company granted to certain members of management and certain employees, stock options to purchase an aggregate of 415,000 shares of the Company’s common stock at a price of $1.22 per share. The options expire on the fifth anniversary of the grant date and vest over a term of one to three years.