|9 Months Ended|
Sep. 30, 2022
6) Stockholders’ Deficit
We are authorized to issue shares of preferred stock with a par value of $. Of the shares of preferred stock, the following is outstanding:
Schedule of Preferred Stock Outstanding
Stock Options and Warrants
At the Company’s December 30, 2021 Special Meeting, the shareholder’s approved the 2021 Equity Incentive Plan (the “2021 Plan”) pursuant to which shares of our common stock were reserved for issuance upon exercise of stock options or other equity awards. Consistent with the Company’s existing 2013 Equity Incentive plan (the “2013 plan”), under the 2021 plan, we may award stock options, shares of common stock, and other equity interests in the Company to employees, officers, directors, consultants, and advisors, and to any other persons the Board of Directors deems appropriate. As of September 30, 2022, options to acquire shares were outstanding under these Plans.
As of September 30, 2022, total unrecognized compensation cost related to the unvested stock-based awards was $which is expected to be recognized over weighted average period of years. The aggregate intrinsic value associated with the options outstanding and exercisable, and the aggregate intrinsic value associated with the warrants outstanding and exercisable as of September 30, 2022, based on the September 30, 2022 closing stock price of $ , was $ .
The following table summarizes information concerning options and warrants outstanding and exercisable:
Schedule of Concerning Options and Warrants Outstanding and Exercisable
As of September 30, 2022, the options outstanding have a weighted average exercise price and years weighted average remaining term. Of these options, are currently exercisable.
Common Stock and Warrant Issuances
Schedule of Loans Obligated to Issue Shares
For the three-month and nine-month period ended September 30, 2022, the Company is obligated to issue 634,305 and $2,196,278, respectively in interest expense for these obligations to issue common stock. and shares of common stock, respectively, for the loans listed in the above table, but has not issued the shares. The Company and the lenders are negotiating in good faith to resolve these loans. During the three-month and nine-month period ended September 30, 2022, the Company accrued $
During the nine months ended September 30, 2022, the Company issued a total of shares of restricted common stock to accredited investors and consultants. Shares issued:
During the nine months ended September 30, 2021, we issued a total of shares of restricted stock to accredited investors and consultants. Shares issued:
During the nine months ended September 30, 2022, the Company issued a total of 280,608, all with a strike price of $3.50 per share and an expiration term ranging from 3 to 5 years. Warrants issued: warrants at a fair value of $
During the nine months ended September 30, 2021, we issued to -year term at a $3.50 to $5.00 exercise price) to acquire common stock at a fair value of $2.0 million to lenders in conjunction with signing of new convertible loans and interest paid-in-kind.warrants (
In this period, we also issued 200,100 warrants to acquire common stock (five year term and $3.50 exercise price) for settlement of liabilities, including accrued expense, accrued compensation to employees and non-convertible debt and related interest. The relative fair value of these warrants is $245,635. The Company also recognized a $23,004 loss on settlement of liabilities, which is included in losses on extinguishment of liabilities on the consolidated statement of operations. The Company also entered into Securities Purchase Agreements with accredited investors pursuant to which the Company sold an aggregate of shares of Series AA Convertible Preferred Stock, each preferred share convertible into shares of the Company’s common stock, par value $ per share, for an aggregate Purchase price of $1,015,000. We issued to the investors warrants to purchase an aggregate 406,000 shares of common stock with an exercise price of $3.50 per share. The Company did not incur any placement agent fees for these transactions.shares of Series AA preferred stock and
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef