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Item 2. Unregistered Sales of Equity Securities

2021-11-15 compared with 2021-08-17 · 22 added, 32 removed, 4 unchanged (93% of the section changed)

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

March 5, 2021, the Company entered into a Note Purchase Agreement by and between the Company and one individual accredited investor (the

“Noteholder”) where the Company sold a convertible promissory note with a principal amount of $350,000 (the “March

The Noteholder has an optional right of conversion such that the Noteholder may elect to convert his Note, in whole

or in part, outstanding as of such time, into the number of fully paid and non-assessable shares of the Company’s common stock

as determined by dividing the indebtedness under the March 2021 Note by a price equal to the lesser of (a) $1.50 per share, and (b) a

30% discount to the price of the common stock in the qualified transaction, subject to certain adjustments.

Following an event of default,

the conversion price will be adjusted to be equal to the lower of:

(i) the then applicable conversion price or (ii) the price per share

of 85% of the lowest traded price for the Company’s common stock during the 15 trading days preceding the relevant conversion.

In addition, subject to the ownership limitations, if a qualified transaction is completed, without further action from the Noteholder,

on the closing date of the qualified transaction, 50% of the principal amount of this March 2021 Note and all accrued and unpaid interest

shall be converted into Company common stock at a conversion price equal to the 30% discount to the offering price in such qualified

transaction, which price shall be proportionately adjusted for stock splits, stock dividends or similar events.

A “qualified transaction”

refers the completion of the public offering of the Company’s securities stock with gross proceeds of at least $10,000,000 pursuant

to which the Company’s securities become registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended,

or a merger with a company listed on the Nasdaq or Canadian stock exchanges, as amended.

The Company’s issuance of the March 2021

Note was made pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”),

in reliance on Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.

On May 27, 2021,

100,00 common shares were issued for the convertible debt for a value of $350,000, at conversion rate of $3.50.

On May 20, 2021, the

Company issued an aggregate of 29,800 common stock upon the conversion of $29,800 of its convertible debt, at the conversion rate of

$1.00 per share.

on May 27, 2021, 897,231 common shares were issued for convertible debt, for a value of $1,156,377, at a weighted average

conversion rate of $1.28

June 10, 2021, the Company issued 1,000 shares of common stock, for the exercise of 1,000 warrants, at an exercise price of $5.00, for

July 6, 2021, the Company issued 78,500 shares of common stock, for the exercise of 78,500 warrants, at an exercise price of $5.00, for

cash consideration of $392,500.

These shares were issued in

reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, as there was

no general solicitation, and the transaction did not involve a public offering.

July 8, 2021, the Company issued 425,000 shares of common stock, for the exercise of 425,000 warrants, at an exercise price of $5.00,

for cash consideration of $2,125,000.

July 12, 2021, the Company issued 2,000 shares of common stock, for the exercise of 2,000 warrants, at an exercise price of $5.00, for

cash consideration of $10,000.

July 13, 2021, the Company issued 59,853 shares of common stock, for the exercise of 59,853 warrants, at an exercise price of $5.00,

for cash consideration of $299,265.

July 14, 2021, the Company issued 278,555 shares of common stock, for the exercise of 278,555 warrants, at an exercise price of $5.00,

for cash consideration of $1,392,775.

July 15, 2021, the Company issued 5,000 shares of common stock in connection with the exercise of 5,000 options, for cash consideration

July 19, 2021, the Company issued 1,000 shares of common stock, for the exercise of 1,000 warrants, at an exercise price of $5.00, for

cash consideration of $5,000.

July 30, 2021, the Company issued 80,000 shares of common stock, for the exercise of 80,000 warrants, at an exercise price of $5.00,

for cash consideration of $400,000.

September 3, 2021, the Company issued 10,000 shares of common stock in connection with restricted stock awards, with a fair market value

of $5.35 per share, from the date of the award.

September 14, 2021, the Company issued 40,000 shares of common stock in connection with restricted stock awards, with a fair market value

of $5.35 per share, from the date of the award.

September 22, 2021, the Company issued a total of 12,437 common shares for the exercise of 14,200 options through a cashless exercise

using 2,763 options for the $1.00 exercise price and in connection with a 1,000 restricted stock award.

shares were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended,

as there was no general solicitation, and the transaction did not involve a public offering.

DEFAULTS UPON SENIOR SECURITIES

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Unregistered Sales of Equity Securities