Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Property and Equipment Estimated Useful Lives

Property and equipment are recorded at cost. Depreciation is computed on the straight-line method, based on the estimated useful lives of the assets as follows:

 

    Years  
Furniture and equipment     7  
Computers     5  

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

At December 31, 2020, there were the following potentially dilutive securities that were excluded from diluted net loss per share because their effect would be anti-dilutive (all shares adjusted to reflect a 25:1 reverse stock split effected on September 4, 2020):

 

Shares from the conversion of Series B Preferred Stock     1,756,250  
Shares from the conversion of Series E-1 Preferred Stock (subject to vesting in 2021 through 2023 and potential forfeiture)     7,650,000  
Shares from common stock options     468,619  
Shares from common stock warrants     46,154  
Shares from the conversion of debentures     625,000  
Shares that may be converted from Bridge Notes (based upon an assumed conversion price at December 31, 2020 of $0.22 per share)     6,578,702  
Shares from the conversion of redeemable convertible preferred stock (based upon an assumed conversion price at December 31, 2020 of $0.22 per share; not inclusive of cumulative dividends which may be converted to shares of common stock under certain conditions)     2,727,273  

 

At December 31, 2019, there were the following potentially dilutive securities that were excluded from diluted net loss per share because their effect would be anti-dilutive (all shares adjusted to reflect a 25:1 reverse stock split effected on September 4, 2020):

 

Shares from common stock options     340,619  
Shares from common stock warrants     126,154  
Shares from the conversion of debentures     66,000  
Shares that may be converted from Bridge Notes (based upon an assumed conversion price at December 31, 2019 of $2.10 per share);     2,858,671  
Shares from the conversion of redeemable convertible preferred stock (not inclusive of cumulative dividends which may be converted to shares of common stock under certain conditions).     299,442