SUBSEQUENT EVENTS |
12 Months Ended |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS |
NOTE 14 – SUBSEQUENT EVENTS
On January 13, 2022, by resolution of the Board of Directors, the Company increased the authorized shares issuable under its 2016 Omnibus Equity Incentive Plan, as amended, from million to million shares.
On January 15, 2022, the Company modified the terms of the warrant issued to Checkmate Capital Group LLC under a modification agreement, to extend the term of such warrant until January 15, 2023, in return for an agreement for the holder to sign a six-month lock-up agreement in the instance that the Company completes an upcoming underwritten equity offering and lists its shares on NASDAQ.
On January 15, 2022, the Company issued one of its Directors shares of common stock for services previously rendered to the Company.
On January 24, 2022, the Board approved a plan of compensation for independent directors, which provides: an annual retainer of $30,000; additional annual fees of $20,000, $15,000 and $10,000 for serving as Chair of the Audit Committee, Compensation Committee and Nominating & Governance Committee, respectively; and annual fees of $7,500, $5,000 and $3,500 for serving as members of the Audit Committee, Compensation Committee and Nominating & Governance Committee, respectively. Upon appointment to our Board, non-employee directors receive stock options, exercisable for at a price equal to the closing price of our common stock on the date of appointment, and vesting
On January 25, 2022, the Company appointed Adriann Sax to the Board of Directors and issued her stock options, exercisable at a price of $ , and . The options are exercisable for from issuance. Ms. Sax was appointed to the Audit Committee and Chair of the Nominating & Governance Committee.
On February 21, 2022, one of the Company’s independent directors was granted stock options, exercisable at a price of $ , and . The options are exercisable for from issuance.
On February 22, 2022, the holder of the Company’s convertible debenture converted the $35,000 principal balance of that debt security into 0.16 per share. No convertible debentures remain outstanding. shares of common stock at $
On February 22, 2022, one of the Company’s key employees was granted stock options, exercisable at a price of $ , and . All options are exercisable for from issuance. |