Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
During
the period between February 1, 2020 and December 10, 2020, the Company had the following transactions in its common stock:
On
May 11, 2020, Spartan Capital Securities, LLC did a cashless exercise of an aggregate of 80,000 warrants to purchase common shares
at a price of $1.00 per share. Given a $1.85 per share price at the date of exercise, the exercise netted Spartan 36,757 shares.
The Company did not receive any proceeds on the exercise of these warrants.
In
June 2020, two employees exercised a total of 12,000 options at an exercise price of $0.60 for aggregate proceeds of $7,200.
During
the period from May 2020 through December 14, 2020, warrant holders exercised 2,933,398 warrants at $1.00 per share into 2,933,398
shares of common stock. The Company received aggregate proceeds of $2,933,398 upon exercise. In addition, during the period from
October 2020 through December 14, 2020, warrant holders exercised 618,335 warrants at $1.50 per share into 618,335 shares of common
stock. The Company received aggregate proceeds of $927,502 upon exercise.
Item
3. Defaults upon Senior Securities.
There
has been no default in payment of principal, interest, sinking or purchase fund installment, or any other material default, with
respect to any indebtedness of the Company.
Item
4. Mine Safety Disclosures.
Not
applicable.
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