Annual report pursuant to Section 13 and 15(d)

STOCK SUBSCRIPTION PAYABLE

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STOCK SUBSCRIPTION PAYABLE
12 Months Ended
Dec. 31, 2022
Stock Subscription Payable  
STOCK SUBSCRIPTION PAYABLE

NOTE 10 - STOCK SUBSCRIPTION PAYABLE

 

For the years ended December 31, 2022 and 2021, the Company had a stock subscription payable of $0 and $1,400,000, respectively.

 

On December 31, 2021, after markets closed, a securities purchase agreement (the “Purchase Agreement”) was circulated to, and signatures were received from, certain institutional and accredited investors (the “December Investors”) in connection with the sale in a private placement by the Company of 2,229,950 shares of the Company’s common stock (the “December 2021 Offering”). On January 2, 2022, the Company delivered to December Investors a fully executed Purchase Agreement, which was dated December 31, 2021. The purchase price for the common stock sold in the December Offering was $3.24 per share, the closing transaction price reported by Nasdaq on December 31, 2021.

 

For the year ended December 31, 2021, the Company received gross proceeds of $1,400,000 of the $7,225,038, pursuant to the December 2021 Offering. On January 5, 2022, the Company received an additional $5,825,038, resulting in the issuance of 2,229,950 shares of the Company’s common stock, eliminating the stock subscription payable as well as, the closing of the offering.