Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.21.1
Equity
 3 Months Ended
Mar. 31, 2021
Pro Forma [Member]  
Equity

Note 7 - Equity

 

On February 11, 2021, 468,216 shares of common stock issued pursuant to that certain Securities Purchase Agreement, dated November 11, 2020, by and between the Company and certain institutional and accredited investors were cancelled and 468,216 prefunded warrants (as defined therein) were issued at the request of a shareholder.

 

On April 16, 2021, the Company effectuated the Reverse Stock Split of the shares on common stock whereby every two (2) pre-split shares of Company Common Stock were exchanged for one (1) post-split share of Company Common Stock. No fractional shares were issued in connection with the Reverse Split and the remaining fractions were rounded up to the next whole share. Shareholders who would otherwise have held a fractional share were given one additional share of Company Common Stock. Share amounts presented in these condensed consolidated financial statements have been adjusted to reflect the Reverse Split.

 

Common Stock Warrants

 

The table below summarizes the warrant activity for the three months ended March 31, 2021:

 

          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
    Warrants     Price     Term (years)     Value  
Balance at December 31, 2020     5,463,032     $ 5.57       5.31     $ -  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited     -       -       -       -  
Canceled/Expired     -       -       -       -  
Balance at March 31, 2021     5,463,032     $ 5.57       5.06     $ 12,094,858  
Exercisable as of March 31, 2021     5,463,032     $ 5.57       5.06     $ 12,094,858  

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $6.44 for the Company’s Common Stock on March 31, 2021. All warrants were vested on date of grant.

 

The warrants outstanding as of March 31, 2021 represent underlying shares of Company Common Stock of 5,463,032.

 

Pre-funded Common Stock Warrants

 

The table below summarizes the pre-funded warrant activity for the three months ended March 31, 2021:

 

          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
    Warrants     Price     Term (years)     Value  
Balance at December 31, 2020     520,270     $ 0.002       -     $ -  
Granted     468,216       0.002       -       -  
Exercised     -       -       -       -  
Forfeited     -       -       -       -  
Canceled/Expired     -       -       -       -  
Balance at March 31, 2021     986,486     $ 0.002       -     $ 6,350,997  
Exercisable as of March 31, 2021     986,486     $ 0.002       -     $ 6,350,997  

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $6.44 for the Company’s Common Stock on March 31, 2021. All pre-funded warrants were vested on the date of grant and are exercisable at any time.

 

The pre-funded warrants outstanding as of March 31, 2021 represent underlying shares of Company Common Stock of 986,486.

 

Warrants for the purchase of Series C Convertible Preferred Stock

 

The table below summarizes the activity during the three months period ended March 31, 2021 for warrants issued in December 2019 for the purchase of Series C Convertible Preferred Stock:

 

          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
    Warrants     Price     Term (years)     Value  
Balance at December 31, 2020     27,500     $ 8.00       3.94     $ -  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited     -       -       -       -  
Canceled/Expired     -       -       -       -  
Balance at March 31, 2021     27,500     $ 8.00       3.70     $ -  
Exercisable as of December 31, 2020     27,500     $ 8.00       3.70     $ -  

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $6.44 for the Company’s Common Stock on March 31, 2021. All warrants to purchase Series C Convertible Preferred Stock were vested on the date of grant.

 

The warrants for the of Series C Convertible Preferred Stock outstanding as of March 31, 2021 represent underlying shares of Company Common Stock of 27,500.