Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
 3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 14. Subsequent Events

 

  (a) Initial Public Offering:
     
    On April 13, 2022, the Company completed its initial public offering (“IPO”) which was declared effective by the Security and Exchange Commission (SEC), and the Company’s common stock and warrants began trading on the Nasdaq Capital Market or Nasdaq on April 14, 2022 and which closed on April 19, 2022. As a result, the unaudited consolidated financial statements as of March 31, 2022 do not reflect the impact of the IPO. The net proceeds from the IPO, prior to payments of certain listing and professional fees were approximately $14.2 million. In connection with the closing of the IPO, the Company used net proceeds to repay the Note Payable of $2 million.
     
  (b) In connection with the repayment of the Note Payable, the Company issued to the Note holders 235,294 shares of common stock and 235,294 warrants.
     
  (c) Subsequent to the IPO, the Company awarded 267,500 options to officers, directors and employees under the 2022 Equity Incentive Plan at the market price on dated awarded.