Item 5. Market for Registrant’s Common Equity
ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY,
RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
for Common Stock
Our common stock is currently listed on the Nasdaq Capital
Market under the symbol “MODD.”
Holders of Record
As of March 31, 2023, we had approximately
70 stockholders of record. The actual number of stockholders is greater than this number of stockholders of record and includes stockholders
who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of stockholders of record
also does not include stockholders whose shares may be held in trust by other entities.
Securities Authorized for Issuance
under Equity Compensation Plan
For information regarding securities authorized
for issuance under equity compensation plans, please refer to Item 12, Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters .
Dividend Policy
We have never declared or paid any
cash dividend on our capital stock. We do not anticipate paying any cash dividends in the foreseeable future and we intend to retain all
of our earnings, if any, to finance our growth and operations and to fund the expansion of our business. Payment of any dividends will
be made in the discretion of our board of directors, after taking into account various factors, including our financial condition, operating
results, current and anticipated cash needs and plans for expansion. Any dividends that may be declared or paid on our common stock, must
also be paid in the same consideration or manner, as the case may be, on our shares of preferred stock, if any.
Recent Sales of Unregistered Securities
Set forth below is information regarding
securities issued by us within the past three years that were not registered under the Securities Act. Also included is the consideration,
if any, received by us for such issuances, and information relating to the section of the Securities Act, or rule of the Securities and
Exchange Commission, under which exemption from registration was claimed.
Director Compensation
On each of March 31, 2023, December 30, 2022,
and September 30, 2022 we issued 6,375 shares of our common stock to four of our non-employee directors in accordance with our Outside
Director Compensation Plan (the “Director Plan”). On August 8, 2022, we issued 5,000 shares of our common stock to two of
our non-employee directors in accordance with the Director Plan. On June 30, 2022, we issued 2,664 shares of our common stock to two of
our non-employee directors in accordance with the Director Plan. On March 31, 2022, we issued 15,250 shares of our common stock to
four of our non-employee members of our board of directors in accordance with the Director Plan. On December 31, 2021, we issued 5,775
shares of our common stock to four of our non-employee members of our board of directors in accordance with the Director Plan. On September
30, 2021, we issued 3,636 shares of our common stock to four of our non-employee directors in accordance with the Director Plan. On June
30, 2021, we issued 1,836 shares of our common stock to four of our non-employee directors in accordance with the Director Plan.
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Service
Providers
In March 2023, we issued 10,000 shares of our
common stock to a service provider. In March 2023, we issued 478 shares of our common stock to a service provider. In February 2023, we
issued 438 shares of our common stock to a service provider. In May 2022, we issued 348 shares of our common stock to a service provider.
In March 2022, we issued 45,000 shares of our Common Stock to a service provider. In January 2022, we issued 16,666 shares of our common
stock to service providers. In October 2021, we issued 8,334 shares of our common stock to service providers. In April 2021, we issued
20,000 shares of our common stock to a service provider.
2022
Placement
In May 2022, we issued warrants in a private placement
to purchase an aggregate of 1,438,202 shares of common stock at an exercise price of $6.60 per share. The warrants were exercisable six
months from the date of issuance and have a five-year term from the date the warrants become exercisable.
Officer Purchases of Common Stock
In October 2021, we sold to two of our executive
officers a total of 30,864 shares of our common stock at a purchase price of $8.10 per share, which resulted in gross proceeds to us of
$250,000.
2021 Placement
Between February and May 2021, we issued
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 761,912 shares of our common stock
at an exercise price of $24.00 per share, exercisable for a 5-year period, as provided in such warrants.
ITEM 6: RESERVED