Common Stock and Warrants

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Note 5. Common Stock and Warrants

Note 5. Common Stock and Warrants

Common Stock

At December 31, 2020, the Company had 500,000,000 authorized shares of common stock with a par value of $0.00001 per share, 87,352,364 shares of common stock outstanding and 13,962,695 shares reserved for future issuances under the Company’s 2013 Long-Term Incentive Plan (the “2013 Plan”) as adopted and approved by the Company’s Board of Directors (the “Board”) on June 20, 2013 that provides for the grant of stock options to employees, directors, officers, and consultants. See “Note 7. Stock Options” for further discussion.

During the year ended December 31, 2020, the Company did not have any common stock transactions.

During the year ended December 31, 2019 a consultant exercised Series A Warrants to purchase up to 240,000 shares of common stock, in a cashless exercise resulting in the issuance of 176,842 shares of common stock.

Warrants

The Company has issued warrants to purchase common stock at various exercise prices in connection with loan agreements and private placements. The following table summarizes information about warrants outstanding at December 31, 2020 and 2019:

44

	Shares of Common Stock Issuable from Warrants Outstanding as of
	December 31,		December 31,
Description	2020		2019		Exercise Price		Expiration
Series D		-		810,000	$	1.10	June 5, 2020
Series E		584,416		584,416	$	1.54	September 8, 2021
Series F		7,246		7,246	$	3.45	February 23, 2022
Series G		460,250		460,250	$	2.68	July 21, 2022
Series H		910,000		910,000	$	2.75	October 16, 2022
Series I		10,335,000		10,335,000	$	2.00	November 26, 2025
Total		12,296,912		13,106,912