Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

Note 12. STOCKHOLDERS’ EQUITY

Common Stock – Issuance of Securities

In January 2020, the Company issued and sold 419,597 shares of its 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 year ended December 31, 2020, the Company issued 1,830,631 shares of common stock to convert third party subordinated debt totaling $2,589,000 to equity.

During the year ended December 31, 2020, the Company issued 178,405 shares of common stock in payment of director’s fees totaling $211,000.

During the year ended December 31, 2021, the Company issued 169,811 shares of common stock in payment of directors’ fees totaling $210,000.

During the year ended December 31, 2021, the Company issued 51,224 shares of common stock for the cashless exercise of stock options.

During the first quarter of 2022, the Company issued 55,214 shares of common stock in payment of directors’ fees totaling $50,000.