Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

Stockholders’ Equity
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders’ Equity

5. Stockholders’ Equity


As of September 30, 2021, 599,493 shares of the 908,242 shares of the common stock grant had vested at approximately $1,348,859 value and 308,749 shares remain unvested and unrecognized at approximately $694,685 value. An aggregate of 220,068 shares of common stock were vested at approximately $495,153 value in January through September 2021 in consideration for services rendered.


On January 29, 2021, in connection with our December 2020 follow-on offering, the underwriter exercised its option to purchase 70,000 additional shares of common stock at the public offering price of $40.00 per share for gross proceeds of $2,800,000 and net proceeds of $2,548,000, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $252,000.




At September 30, 2021, outstanding underwriter warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with an aggregate intrinsic value as of September 30, 2021 of $3,940,991 based on the September 30, 2021 closing share price of $39.07:


Shares Underlying            
Outstanding     Exercise     Expiration
Warrants     Price(1)     Date(1)
  100,870     $ 7.1875     September 24, 2025


(1) The underwriter warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025. The exercise price of the warrants is $7.1875 per share or $6.9718 per share if the warrants are exercised for cash within the first six months of the period in which they are exercisable.