Stockholders’ Deficit

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders’ Deficit

3. Stockholders’ Deficit

Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 20,000,000 shares of preferred stock. No shares have been issued.

Common Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 100,000,000 shares of common stock. As of June 30, 2022 and December 31, 2021, the Company had an aggregate of 10,350,579 and 10,350,574 shares of common stock outstanding, respectively.

Common Stock Warrants

A summary of warrant activity for the period ended June 30, 2022 is presented below:

	Number of		Weighted Average Exercise		Weighted Average
Subject to Exercise	Warrants		Price		Life (Years)
Outstanding as of December 31, 2021		1,827,650	$	6.30		4.79
Granted – 2022		-		-		-
Forfeited/Expired – 2022		-		-		-
Exercised – 2022		-		-		-
Outstanding as of June 30, 2022		1,827,650	$	6.30		4.29

As of June 30, 2022, the Company had outstanding vested and unexercised Common Stock Warrants as follows:

Date Issued	Exercise Price		Number of Warrants		Expiration date
October 2021	$	6.30		1,737,023	October 13, 2026
October 2021	$	6.30		90,627	October 13, 2026
Total outstanding warrants at June 30, 2022				1,827,650

Based on a fair market value of $1.40 per share on June 30, 2022, there were no exercisable but unexercised in-the-money common stock warrants on that date. Accordingly, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at June 30, 2022.