Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity

v3.22.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders’ Equity

12. Stockholders’ Equity

 

Preferred Stock – The Company has no preferred stock issued. The Company’s amended and restated certificate of incorporation and amended and restated bylaws include provisions that allow the Company’s Board of Directors to issue, without further action by the stockholders, up to 1,000,000 shares of undesignated preferred stock.

 

Common Stock – The Company has one class of common stock outstanding with a total number of shares authorized of 45,000,000. As of December 31, 2021, the Company had 16,067,252 shares of common stock outstanding.

 

In January 2021, the Company issued 150,000 shares of the Company’s common stock to White Winston as a result of a settlement agreement (see note 10. Commitments and Contingencies).

 

On February 1, 2021, the Company entered into a private placement with Ms. Yiran Gu, in which the Company sold 500,000 shares of its common stock at a price per share of $2.00 for gross proceeds of $1,000,000.

 

On July 9, 2021, the Company closed the registered direct offering, pursuant to which certain institutional accredited investors purchased 1,470,588 shares of the Company’s common stock, par value $0.01 per share, at a per share price equal to $1.70 for gross proceeds of $2,499,999.60.

 

On September 22, 2021, the Company entered into a stock purchase agreement with CFL, in which the Company sold 948,767 shares of its common stock at a price per share of $1.05 for gross proceeds of approximately $1,000,000.

 

Total shares issued during fiscal 2021 were as follows:

 

                Additional     Total  
    Common Stock     Paid in     Stock  
    Shares     Amount     Capital     Issuances  
                         
Issuance of common stock                                
White Winston     150,000     $ 1,500     $ 165,000     $ 165,000  
Ms. Yiran Gu     500,000       5,000       995,000       995,000  
Institutional investors     1,470,588       14,706       2,263,795       2,278,501  
CFL     948,767       9,488       990,462       999,950  
Vesting of grant to CEO*     100,000       1,000       (1,000 )     -  
Vesting of grants to Board of Directors*     33,875       339       (339 )     -  
Grants to management*     49,000       490       (490 )     -  
Cancellation of common stock     (4,821 )     (48 )     48       -  
Total     3,247,409     $ 32,475     $ 4,412,476     $ 4,444,951  

 

* see Note 13 – Stock-Based Compensation – Restricted Stock