Common Stock and Equity Payable |
12 Months Ended |
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Dec. 31, 2020 | |
| Common Stock and Equity Payable [Abstract] | |
| Common Stock and Equity Payable |
7. Common Stock and Equity Payable Common Stock In July 2019, the Company commenced a private placement of its common stock units, with each unit consisting of one share of our common stock and a warrant to purchase to one-half share of our common stock at an exercise price of $1.25 per share at an offering price of $1.00 per unit. As of December 31, 2019, the Company had sold 2,800,000 units of its common stock for gross proceeds of $2,800,000. In addition, the Company issued 2,582,916 units of its common stock associated with the settlement of $2,500,000 of principal, $82,916 of accrued interest, and a loss on settlement of $232,462 (See Note 6). On December 31, 2019, the Company recorded stock-based compensation expense of $263,378 related to restricted stock units for members of our board of directors. As of December 31, 2019 we had an equity payable balance of $100,862. 2020
On March 2, 2020, the Company issued 234,500 shares of common stock in exchange for cash in conjunction with a warrant exercise. The shares were exercised at the strike price of $1.00 per share.
On September 17, 2020, the Company issued 15,000 shares of common stock in exchange for cash in conjunction with a stock option exercise. The shares were exercised at the strike price of $0.48 per share. In December of 2020, the Company commenced a private placement of its common stock with warrant exercises for one unit of our common stock at an exercise price of $1.25 per share to receive a new warrant to purchase to one share of our common stock at an exercise price of $2.00 per share. As of December 31, 2020, the Company had sold 2,666,459 units of its common stock for gross proceeds of $3,333,074. In addition, the Company issued 1,113,767 units of its common stock associated with the settlement of $1,200,000 of principal, $192,208 of accrued interest, and a loss on settlement of $668,260 (See Note 6). On December 31, 2020, the Company recorded stock-based compensation expense of $260,003 related to restricted stock units for members of our board of directors. As of December 31, 2020 we had an equity payable balance of $100,862.
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