Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events


Issuance of Common Stock


Subsequent to March 31, 2021, the Company issued 233,959 shares of Common Stock to vendors for services rendered with a fair value of $283,000. These shares of Common Stock were valued based on the market value of the Company’s stock price at the issuance date or the date the Company entered into the agreement related to the issuance.


Subsequent to March 31, 2021, 100,149 shares granted to employees that vested were returned to the Company in exchange for the Company paying the corresponding income and payroll taxes of these employees amounting $121,000. Pursuant to current accounting guidelines, the Company accounted the return of the 100,149 shares and the payment of $121,000 for income and payroll taxes paid on behalf the employees as a reduction in additional paid in capital.


Grant of Stock Options


Subsequent to March 31, 2021, the Company granted stock options to an employee to purchase a total of 225,000 shares of Common Stock for to be services rendered. The options have an exercise price of $1.36 per share, expire in five years, and vest over a period of 4 years from grant date. The total fair value of these options at the grant date was $286,000 using the Black-Scholes option pricing model.


Employment Activities


On April 28, 2021, in the Company’s process to reorganize its development team and related processes, it eliminated the position of Chief Product Officer. Accordingly, the employment of Julie Ann Holdren, the Company’s former Chief Product Officer, ended on the same date.