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Shares Issued for Equity Financing and Stock Compensation
 9 Months Ended
Sep. 30, 2022
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 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 was 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 were no fees paid in connection with this financing. In April 2021, the Company’s CEO amended the number of shares he would purchase from 1,000,000 shares to 940,000; accordingly, total number of shares sold in this offering became 3,260,000. 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 for the nine months ended September 30, 2022:

 

   Number of
Warrants		   Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
Outstanding at January 1, 2022   30,411   $14.0    2.21 
Exercisable at January 1, 2022   30,411   $14.0    2.21 
Granted   -    -    - 
Exchanged   -    -    - 
Forfeited   -    -    - 
Expired   -    -    - 
Outstanding at September 30, 2022   30,411   $14.0    1.46 
Exercisable at September 30, 2022   30,411   $14.0    1.46