Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  



On July 12, 2022, the Company hired Lauren Sturges Fernandez, the spouse of Mr. Fernandez, as Manager of Digital Assets. Mrs. Fernandez is an at-will employee with an annual salary of $95,000.


Restricted Stock Award


On July 22, 2022, the Company issued 200,000 shares of restricted common stock to Charles M. Fernandez, pursuant to a restricted stock award, which vested on May 28, 2022, see Note 9.


Stock Option Agreement


On July 1, 2022, the Company granted Charles Fernandez, 70,000 fully vested options, pursuant to compensation committee board approval on June 30, 2022. The options are issued under the Company’s 2021 Incentive Award Plan, the “2021 Plan”. The options have an exercise price of $2.13 and a term of 10 years.




On July 29, 2022, Andrew Cohen resigned his position as Senior Vice President of Operations. Pursuant to the amendment to the Cohen Agreement on May 2, 2022, Mr. Cohen received $75,000 severance, less applicable taxes and the remaining unvested portion of the restricted stock award granted on October 8, 2021. In relation to the above, on August 4, 2022, the Company issued 15,000 shares of restricted common stock for stock-based compensation of $71,250, based on the fair market value of the market close of award date, October 8, 2021 of $4.75. . These equity awards to Mr. Cohen were issued outside of a shareholder approved stock or option plan pursuant to the Nasdaq “inducement grant” exception (Nasdaq Listing Rule 5635(c)(4)). See Note 12.