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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Note 14 – Subsequent Events

 

Management of the Company evaluated events that have occurred after the balance sheet dates through the date these condensed consolidated financial statements were issued. Based upon the review, management did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

 

On April 15, 2022, the Company granted inducement stock option awards covering a total of 295,000 shares of common stock to non-executive employees and common stock options to purchase 420,000 shares of common stock to a new board member. The exercise price was $2.54 per share for all of the inducement stock option awards and for 400,000 of the common stock options. The exercise price was $5.00 per share for 20,000 common stock options.

 

On April 15, 2022, the Board approved, subject to stockholder approval, an increase in the aggregate number of shares of common stock that may be issued pursuant to the 2019 Plan from 7,400,000 to 13,400,000. 

 

On April 22, 2022, the Company executed an amendment to its corporate office lease agreement for additional corporate office space. The lease term for the additional space is 36 months, and the base rent is approximately $5,100 per month for the first twelve months, with subsequent escalation provisions for future months. The Company paid a security deposit of approximately $5,500.