Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  



Legal Settlement


In October 2021, the Company entered into a settlement agreement with and obtained a general release from MDGP whereby the Company paid $150,000 to resolve the action filed by MDGP as previously disclosed in Note 20 – Commitments and Contingencies.


Promissory Note Conversions


In October and November 2021, the Noteholder of the $3.2M Note converted $475,000 of principal in the aggregate into 1,357,143 shares of the Company’s common stock. Such conversions were effected in accordance with the terms of the note agreement, and therefore the Company was not required to record a gain or loss upon the conversions.


Equity Transactions


In October 2021, the Company granted its CEO, CFO, and COO options to purchase up to 5,000,000, 5,000,000, and 1,250,000 shares, respectively, of the Company’s common stock, at an exercise price of $0.90 per share, that vest over one year and expire in September 2026.


Also during this period, (i) options to purchase 40,000 shares of common stock were exercised at an exercise price of $0.14 per share, (ii) options to purchase 110,000 shares of common stock were forfeited, (iii) warrants to purchase 1,201,163 shares of common stock were forfeited, and (iv) 202,204 shares of common stock that were classified under Common Stock Subscribed But Not Issued on the balance sheet at September 30, 2021, as discussed in Note 14 – Stockholders’ Equity, were issued.