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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

 

Common Stock Issuances

 

Subsequent to June 30, 2022, we issued 120,652 common stock shares for payment of interest accrued on the 10% Senior Unsecured Convertible Debenture.

 

Subsequent to June 30, 2022, we issued 8,944,000 common stock shares for the conversion of 2,236 Series F-2 Preferred shares. The common shares issued are subject to standard Rule 144 restrictions.

 

Warrants Issued

 

On July 1, 2022, we issued 875,000 common stock purchase warrants to Mr. Blumberg, which had an exercise price of $0.25 and will expire on December 31, 2023. Additionally, on July 1, 2022, we issued 375,000 warrants to Lee Bowles of Iron Stone Capital, Inc., which had an exercise price of $0.25 and will expire on December 31, 2023. The warrants were issued pursuant to a January 22, 2020 promotional agreement with a related party, which is partially owned by Mr. Blumberg, as compensation for investor and public relations services.

 

Directors and Officers (“D&O“) Insurance Financing Agreement

 

On July 4, 2022, the Company entered into a Premium Finance Security Agreement with Johnson & Johnson Preferred Financing, Inc. Per the terms of the agreement, the Company agreed to finance its D&O insurance premium. The total amount due of $114,086 will be paid in 10 monthly installments, with the first installment due August 4, 2022.