Annual report pursuant to Section 13 and 15(d)

Warrants to Purchase Common Stock

v3.21.1
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:







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term (Years)

Outstanding at December 31, 2018

 

2,112,060 

 

$

1.19 

 

 

1.17 

Granted

 

2,691,459 

 

$

 —

 

 

 —

Exercised

 

 —

 

$

 —

 

 

 —

Canceled/forfeited/expired

 

(1,445,060)

 

$

 —

 

 

 —

Outstanding at December 31, 2019

 

3,358,459 

 

$

1.23 

 

 

1.27 

Granted

 

2,666,459 

 

$

 —

 

 

 —

Exercised

 

(2,900,959)

 

$

 —

 

 

 —

Canceled/forfeited/expired

 

(432,500)

 

$

 —

 

 

 —

Outstanding at December 31, 2020

 

2,691,459 

 

$

1.99 

 

 

2.94 

 

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 $234,500In 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.