Related-Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related-Party Transactions

Note 10. Related-Party Transactions

As discussed in Note 5, in October 2018 and January 2019 the Company issued notes with an aggregate principal amount of $1,000,000. These notes were issued to Anthony Mack, Chief Executive Officer and significant investor of the Company and were repaid with the net proceeds from the Company’s Underwritten Public Offering. In addition, in January 2021, the Company issued notes with an aggregate principal amount of $75,000 to Anthony Mack, Chief Executive Officer and significant investor of the Company and $25,000 to Christopher Chipman, Chief Financial Officer. These notes were paid off with the proceeds from the Company’s initial public offering.

As discussed in Note 6, the Company’s Chief Executive Officer elected to temporarily defer his salary. Deferred compensation due to the Company’s Chief Executive Officer amounted to $0 and $1,005,000 as of December 31, 2021 and December 31, 2020, respectively, which was repaid with the net proceeds from the Company’s underwritten public offering. In March 2021, the Company’s Chief Executive Officer ceased deferring compensation.