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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

Below are events that have occurred since September 30, 2022:

 

Incentive Stock Option Grants

 

The Company granted a quarterly director 25,000 share incentive stock option to Jeffrey Pearl, an independent director, on October 28, 2022, at an exercise price of $1.386, fully vested. The exercise price was based upon 110% of the fair market value or the closing public trading price of the Company’s common stock on the date of grant.

 

The Company also granted a quarterly director 25,000 share incentive stock option to Robert Beaty, an independent director, on November 12, 2022, at an exercise price of $1.32, fully vested. The exercise price was based upon 110% of the fair market value or the closing public trading price of the Company’s common stock on the date of grant.

 

Effective October 14, 2022, and pursuant to a Letter Agreement of that date and the consent of the Board of Directors of the Company dated October 12, 2022, the Company cancelled 50,000 incentive stock options exercisable at $0.85 per share that had been granted under the Company’s “Revised Form of Employee Incentive Stock Option Agreement” (see Exhibit 4.1 in Part II. Item 6 hereof) effective May 19, 2022, to a consultant who had provided the Company invaluable services and advice over the prior four (4) years, in consideration of the sum of $50,000. The Letter Agreement is Exhibit 10.2 to this Quarterly Report in Part II, Item 6, hereof.