|3 Months Ended|
Mar. 31, 2022
NOTE 14 – STOCKHOLDERS’ EQUITY
At the Company’s 2021 annual meeting of stockholders in September 2021 (the “Annual Meeting”), stockholders approved an amendment to the Company’s certificate of incorporation increasing the number of authorized shares of common stock from million .
Also at the Annual Meeting, stockholders approved an amendment to the Company’s Amended and Restated 2018 Stock Award and Incentive Plan (the “Plan”) increasing the aggregate number shares reserved for issuance under the Plan from to .
Undesignated Preferred Stock
In February 2020, the Company filed a certificate of elimination to return all shares of formerly designated Series A convertible preferred stock to the status of authorized and unissued shares of undesignated preferred stock.
During the three months ended March 31, 2022 and 2021, the Company granted and shares of common stock, respectively, to an employee for services in lieu of salary. These granted shares, with a fair value of approximately $ in 2022 and $ in 2021, were yet to be issued by the end of the respective quarter, and were reflected in Common Stock Subscribed But Not Issued on the balance sheet.
In March 2022, the Company issued shares of common stock valued at approximately $274,000 in exchange for consulting services, In February 2021, the Company issued shares of common stock to settle a $30,000 obligation. Based on the price of the Company’s common stock on the date of issuance, the Company incurred a non-cash loss of approximately $1,000 which was reflected under Loss On Obligations Settled with Equity on the statement of operations.
During the three months ended March 31, 2021, the Company issued 5,000. No such issuances were made during the three months ended March 31, 2022. shares of common stock associated with previously issued subscriptions on common stock with a fair value of approximately $
As previously disclosed in Note 11 – Promissory Notes, during the three months ended March 31, 2022 and 2021, the Company issued 400,000 of principal in 2022 and shares of common stock upon the conversion of approximately $1,010,000 of principal and interest in 2021 on promissory notes. shares common stock upon the conversion of $
As previously disclosed in Note 12 – Debentures Payable, during the three months ended March 31, 2021, the Company issued 1.3 million of principal and approximately $56,000 of accrued interest of the $21M Debentures. shares common stock upon the conversion of $
As further disclosed in Note 15 – Options, during the three months ended March 31, 2022, shares of common stock were issued in connection with the exercise of stock options. stock options were exercised during the three months ended March 31, 2021.
As further disclosed in Note 16 – Warrants, during the three months ended March 31, 2021, warrants to purchase shares of common stock were exercised. warrants were exercised during the three months ended March 31, 2022.
Common Stock Issuance Obligations
At March 31, 2022 and 2021, the Company was obligated to issue and shares of common stock, valued at approximately $ and $ , respectively, in connection with stock grants to an employee. The 2022 obligation was issued in May 2022; the 2021 obligations was issued in April 2021.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef