Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds
Recent Sales
of Unregistered Securities
On October
28, 2021, we sold to two of our executive officers a total of 92,592 shares of our common stock at a purchase price of $2.70 per
share, which resulted in gross proceeds to us of $250,000.
On September
30, 2021, we issued a total of 10,906 shares of our common stock to two of our non-employee directors in accordance with our outside
director compensation plan.
On June
30, 2021, we issued a total of 5,508 shares of our common stock to two of our non-employee directors in accordance with our outside
director compensation plan.
From April 1,
2021 through June 30, 2021, we sold, at par, to accredited investors in a private placement $6,610,550 aggregate principal amount
of our 12% unsecured convertible promissory notes, due 12 months from each respective issuance date, at par, and warrants to purchase
in the aggregate 2,303,348 shares of our common stock at an exercise price of $8.00 per share, exercisable for a 5-year period,
as provided in such warrants.
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Such sales were
made pursuant to exemptions from registration pursuant to Section 4(2) and/or Rule 506 of Regulation D of the Securities Act.
We made such determinations based upon representations by the purchasers of such securities including, without limitation, that
such purchasers were “accredited investors” as defined in the Securities Act.
Item 3. Defaults
Upon Senior Securities
None.
Item 4. Mine
Safety Disclosures
Not applicable.
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