|9 Months Ended|
Sep. 30, 2021
|Subsequent Events [Abstract]|
11 — SUBSEQUENT EVENTS
On October 5, 2021, the Company released 200,000 shares of its common stock and 150,000 warrants, expiring July 31, 2023 and exercisable at $6.25 per share, beneficially owned by Dr. Bankole Johnson, the Company’s Chief Medical Officer, from the Lock-Up Agreement by and between the Company and Dr. Johnson, dated December 12, 2019, as amended, and the related Pledge and Security Agreement, by and between the Company and Dr. Johnson, dated December 12, 2019, to permit the sale of such shares and warrants to Bespoke Growth Partners, Inc. in a private transaction.
On October 28, 2021, the Company issued 93,000 shares of common stock to a consultant in compensation for services performed, at a total cost of $306,900, or $3.30 per share.
On November 9, 2021, the Company entered into a Securities Purchase Agreements with a pre-existing investor for an aggregate investment of $800,000 in consideration of the purchase by such investor of an aggregate of 200,000 shares of the Company’s common stock at a purchase price of $4.00 per share. The Securities Purchase Agreement was entered with Bespoke Growth Partners, Inc., a company controlled by Mark Peikin, the Company’s Chief Strategy Officer. Pursuant to the terms of the Securities Purchase Agreement, Bespoke purchased 20,000 shares of the Company’s common stock on the date of the Securities Purchase Agreement and agreed to purchase an additional 180,000 shares of the Company’s common stock upon the effectiveness of a registration statement. The Securities Purchase agreement includes a prohibition on selling shares for less than $4.00 per share within 30 days of the effectiveness of registration of the shares purchased under the Securities Purchase Agreement.
On November 9, 2021, options to purchase 205,556 shares of common stock at exercise prices ranging from $3.00 per share to $1.44 per share were exercised, for a total exercise price of $455,000 for the issuance of 205,556 shares common stock.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef