XML 33 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Shares Issued for Equity Financing and Stock Compensation
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
SHARES ISSUED FOR EQUITY FINANCING AND STOCK COMPENSATION

11. SHARES ISSUED FOR EQUITY FINANCING AND STOCK COMPENSATION

 

Shares Issued for Equity Financing in 2021

 

On February 23, 2021, the Company entered into certain securities purchase agreements with several non-U.S. investors (the “Purchasers”), pursuant to which the Company agreed to sell to the Purchasers, up to 3,320,000 shares of common stock of the Company, at $11.522 per share, which is the five-day average closing price immediately prior to signing the Purchase Agreements. One of the purchasers is the Company’s CEO (also is the Company’s Chairman), he purchased 1,000,000 common shares of the Company. On March 11, 2021, the Company received approximately $38.25 million proceeds from the issuance of 3,320,000 shares under the securities purchase agreements, there anywhere no fees paid in connection with this financing. In April 2021, the Company’s CEO amended the number of shares that he would purchase from 1,000,000 shares to 940,000 shares; accordingly, total number of shares sold in this offering became 3,260,000 shares. The Company returned $691,320 extra proceeds that were received earlier to the Company’s CEO in April 2021. The stock certificates for these shares were issued in April 2021.

 

Warrants

 

Following is a summary of the activities of warrants that were issued from equity financing (post-reverse stock split) for the year ended December 31, 2021

 

   Number of
Warrants		   Average
Exercise
Price
(post-reverse
stock split
price)		   Weighted
Average
Remaining
Contractual
Term in
Years		 
Outstanding at January 1, 2021   30,411   $14.0    3.21 
Exercisable at January 1, 2021   30,411   $14.0    3.21 
Granted   
-
    
-
    
-
 
Exchanged   
-
    
-
    
-
 
Forfeited   
-
    
-
    
-
 
Expired   
-
    
-
    
-
 
Outstanding at December 31, 2021   30,411   $14.0    2.21 
Exercisable at December 31, 2021   30,411   $14.0    2.21 

 

During the year ended December 31, 2021, the Company issued 31,250 shares to a consulting company per the agreement entered on October 11, 2019. The FV of 31,250 shares was $223,438.