Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.22.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders’ Equity

5. Stockholders’ Equity

 

As of March 31, 2022, 746,469 shares of the 908,242 shares of the common stock grant had vested at approximately $1,679,555 value and 161,773 shares remain unvested and unrecognized at approximately $363,989 value. An aggregate of 73,452 shares of common stock were vested at approximately $165,267 value in January, February, and March 2022 in consideration for services rendered.

 

On January 23, 2022, the Board of Directors authorized the Company’s management to implement a stock repurchase program for up to $10 million of the Company’s common stock at any time. The term of the Board of Directors authorization of the repurchase program is until March 31, 2023. The repurchase program may be suspended or discontinued at any time and will be funded using the Company’s working capital. As of March 15, 2022, approximately 269,828 shares of the Company’s common stock has been repurchased and cancelled at an aggregate purchase price, including all transactions costs, of approximately $5,513,711.

 

On March 15, 2022, the Board of Directors indefinitely suspended the Company’s stock repurchase program.

 

On January 23, 2022, the Board of Directors extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to March 24, 2023 (30 months from date of the Company’s IPO) from March 24, 2022 (18 months from date of the Company’s IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the Board of Directors.

 

Warrants

 

At March 31, 2022, outstanding warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with an aggregate intrinsic value as of March 31, 2022 of $250,813 based on the March 31, 2022 closing share price of $19.62:

 

Shares Underlying              
Outstanding     Exercise     Expiration  
Warrants     Price(1)     Date(1)  
               
  20,174     $ 7.1875     September 24, 2025  
  20,174                  

 

(1) The 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.