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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

Note 11. STOCKHOLDERS’ EQUITY

 

On October 4, 2022 the Company announced a reverse stock split of its authorized, issued and outstanding shares of common stock at a ratio of 1-for-10. The reverse stock split was effective on October 18, 2022, and its common stock began trading on a post-split-adjusted basis at that time. As result of the reverse stock split there were no fractional shares issued and all holders were rounded up to the next whole share. An additional 7,287 shares were issued to account for this. As such all references to shares and per share price has been adjusted to retrospectively account for this transaction.

 

Common Stock – Issuances of Securities

 

The Company issued 27,849 and 16,981 shares totaling $216,000 and $210,000 for the years ended December 31, 2022 and 2021, respectively. Additionally, the Company issued 5,122 shares of common stock upon the cashless exercise of stock options during the year ended December 30, 2022.

 

During the first quarter of 2023, the Company issued 12,331 shares of common stock in payment of directors’ fees totaling $54,000.