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Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

Note 7. STOCKHOLDERS’ EQUITY

 

Common Stock – Sale of Securities

 

The Company issued 39,983 and 41,915 shares of common stock in payment of director fees totaling $52,000 and $58,000 for the three months ended September 30, 2021 and 2020, respectively, and 119,335 and 132,812 shares totaling $156,000 and $159,000 for the nine months ended September 30, 2021 and 2020, respectively. Additionally, the Company issued 51,224 shares of common stock upon the cashless exercise of stock options during the nine months ended September 30, 2021.

 

In January 2020, the Company issued and sold 419,597 shares of our 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 nine months ended September 30, 2020, the Company issued 590,243 shares of common stock to convert third party subordinated debt totaling $885,000 to equity.

 

On or about October 1, 2021, the Company issued 50,476 shares of common stock in payment of directors’ fees totaling $54,000.

 

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.