Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 16 SUBSEQUENT EVENTS

 

Operating leases

 

On February 10, 2021 the Company entered into a Sixth Amendment to the Office Lease at 12424 Wilshire Blvd in Los Angeles dated August 9, 2011 – it is the Fourth Extended Term with respect to Suite 745 and the Expansion Term with respect to Suite 740 which is from July 1, 2021 until June 30, 2022 with a fixed monthly rent equal to $13,702 (down from $16,289); and the security deposit will be reduced by $5,448 so that the balance remaining shall be $27,404.

 

Equity

 

Common stock issuances

 

In January 2021, the Company issued an aggregate of 647,692 restricted shares of the Company’s common stock to officers, employees, and key consultants for services previously recorded in 2020 (see Note 8).

 

In January 2021, the Company granted an aggregate of 115,000 restricted shares of the Company’s common stock to key consultants for services vesting quarterly over year at a fair value $3.99 per share.

 

In January 2021, the Company granted an aggregate of 105,000 restricted shares of the Company’s common stock to employees for services with one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter for two years at a fair value of $3.99 per share.

 

On January 4, 2021, the Company issued 18,868 shares of its common stock to a consultant for services rendered valued at $75,283

 

On January 13, 2021, the Company issued 9,375 shares of its common stock in exchange for proceeds of $27,750 from the exercise of an option.

 

In January 2021, the Company sold 33,930 shares of its common stock through the Sales Agreement for net proceeds of $190,883, after transactional costs of $5,904.

 

On February 1, 2021, the Company issued 5,000 shares of its common stock to an employee for services rendered valued at $21,650.

 

On February 12, 2021, the Company issued 50,000 shares of its common stock to an advisor for services rendered valued at $253,000.

 

On February 25, 2021, the Company issued 19,000 shares of common stock to a consultant for services rendered valued at $87,970.

 

In February 2021, the Company sold 217,790 shares of its common stock through the Sales Agreement for net proceeds of $1,109,401, after transactional costs of $34,311.

 

On February 26, 2021, the Company issued an aggregate of 23,334 shares of the Company’s common stock for vested restricted stock units.

 

Option issuances

 

On January 12, 2021, the Company granted an aggregate of 387,500 options to purchase shares of the Company’s common stock to employees and a key consultant. The options are exercisable at $4.23 for a term of ten years with one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter for two years with an estimated fair value of $4.03 per option.

 

On February 16, 2021, the Company granted an aggregate of 107,000 options to purchase shares of the Company’s common stock to employees and a key consultant. The options are exercisable at $4.97 for a term of ten years with one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter for two years with an estimated fair value of $3.99 per option.