Stockholders' Deficit

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

NOTE 5. STOCKHOLDERS’ DEFICIT

Authorized Shares

The Company amended its certificate of incorporation on November 20, 2020, such that the total number of shares of common stock authorized to be issued was increased to 50,500,000, and the total number of shares of preferred stock authorized to be issued was increased to 42,066,830, of which 711,203 were designated Series A convertible preferred stock, 11,898,177 were designated as Series

A-1

convertible preferred stock and 29,457,450 were designated as Series B convertible preferred stock. The certificate of incorporation was also amended for the reverse stock splits that became effective on June 23, 2021 and November 20, 2020, but there were no changes to the authorized shares as a result of the reverse stock split that became effective on June 23, 2021 (see Note 1).

See additional information in Note 9 related to an amendment to the Company’s certificate of incorporation effective upon the closing of the IPO on July 6, 2021.

Common Stock

As of June 30, 2021, the Company’s Amended and Restated Certificate of Incorporation authorized the issuance of 50,500,000 shares of common stock, $0.0001 par value per share. Each share of common stock was entitled to one voting right. The holders of common stock were entitled to elect two directors to the Board. Holders of common stock, voting together as a single class with the holders of preferred stock, could also designate an additional director to the Board. Common stock owners were entitled to dividends when funds are legally available and declared by the Board.

Common Stock Warrants

In June 2021, several holders of warrants to purchase the Company’s common stock exercised their warrants and purchased a total

of 137,446 shares of common stock at an exercise price of $4.47.

As of June 30, 2021 and December 31, 2020, the remaining outstanding warrants to purchase the Company’s common stock were comprised of the following:


	Equity Upon Exercise		Exercise Price		Expiration Dates		June 30, 3021	December 31, 2020
Warrants issued in 2014		Common Stock	$	4.47		3/21/2024 - 6/30/2025	72,178		83,726
Warrants issued in 2015		Common Stock	$	4.47		6/30/2025	109,908		209,690
Warrants issued in 2016		Common Stock	$	4.47		6/30/2025	34,396		34,396
Warrants issued in 2017		Common Stock	$	4.47		6/30/2025	31,765		57,881

Total Warrants							248,247		385,693