Warrants to Purchase Common Stock
|12 Months Ended|
Dec. 31, 2020
|Warrants to Purchase Common Stock [Abstract]|
|Warrants to Purchase Common Stock||
9. Warrants to Purchase Common Stock
The following table summarizes investor warrant activity as of and for the years ended December 31, 2020 and 2019:
We did not record any stock-based compensation expense for the years ended December 31, 2020 and 2019, respectively in connection with the exercise of investor-based warrants.
Warrants Exercised in 2020
On March 2, 2020 one warrant holder exercised their common stock purchase warrant for 234,500 shares at the exercise price of $1.00 per share, resulting in additional capital of $234,500. In December 2020, warrant holders exercised warrants to purchase common stock at $1.25 per share. At the commencement of the December warrant exercise, there were warrants outstanding that entitled their holders to purchase 2,691,459 shares of our common stock at exercise prices of $1.25 per share. Pursuant to the offer, warrant holders exercised warrants to purchase 2,666,459 shares of our common stock, resulting in additional capital of $3,333,074. As part of the exercise, 2,666,459 new warrants were issued to purchase common stock at $2.00 per share within three years.