Capital Stock

3 Months Ended

Mar. 31, 2022

Stockholders' Equity

Capital Stock

Note 7 – Capital Stock

At March 31, 2022, the authorized capital of the Company consisted of 90,000,000 shares of capital stock, comprised of 80,000,000 shares of common stock with a par value of $0.0001 per share, and 10,000,000 shares of preferred stock with a par value of $0.0001 per share. The Company has designated 10,000 shares of its preferred stock as Series A Convertible Preferred Stock (“Series A Preferred Stock”) and 1,000 shares of its preferred stock as Series B Convertible Preferred Stock (“Series B Preferred Stock”), and the remainder of 9,989,000 shares remain authorized but undesignated.

As of March 31, 2022, there were 44,559,418 shares of common stock, 141,397 shares of Series A Preferred Stock, and no shares of Series B Preferred Stock issued and outstanding, and a stock payable balance of $8,774.

During the three months ended March 31, 2022, the Company issued a total of 2,004,904 shares of its common stock in return for aggregate net proceeds of $854,052. 

During the three months ended March 31, 2021, the Company issued a total of 7,564,949 shares of its common stock, as follows:

· 67,889 shares upon the conversion of 55.397 shares of its Series A Preferred Stock;

· 3,914,217 shares in return for aggregate net proceeds of $9,798,293 from sales of common stock;

· 3,567,899 shares upon warrant exercises for an aggregate exercise price of $2,785,627; and

· 14,944 shares upon cashless option exercise.

At-the-Market Equity Offering Program

On June 21, 2021, the Company entered into the At-The-Market Issuance Sales Agreement with Ascendiant (the “June 2021 ATM Agreement”) to sell shares of common stock for aggregate gross proceeds of up to $20.0 million, from time to time, through an “at-the-market” equity offering program under which Ascendiant acts as sales agent. As of March 31, 2022, under the June 2021 ATM Agreement the Company has issued an aggregate of 2,677,645 shares of common stock in return for net proceeds of $1,671,725, resulting in approximately $52,295 of compensation paid to Ascendiant. During the three months ended March 31, 2022, under the June 2021 ATM Agreement the Company has issued an aggregate of 2,004,904 shares of common stock in return for net proceeds of $854,043, resulting in $26,783 of compensation paid to Ascendiant.