Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.22.1
Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

 

12. Subsequent Events  

 

In January 2022, pursuant to terms of a consulting agreement, the Company granted warrants to purchase 1,000,000 shares of common stock with an exercise price of $0.04 per share, vesting immediately upon grant and expiring five years from the date of grant.

 

In February 2022, the Company issued 825,000 shares of its common stock upon the exercise of warrants for proceeds of $35,000 at an exercise price of $0.03 per share.

 

In January through March 2022, the Company issued 366,666 shares of its common stock upon the conversion of notes for proceeds of $10,000 at a conversion price of $0.03 per share.

 

In January 2022, the Company received notice that $24,049 of the PPP loan (see Note 5) was forgiven. The PPP loan liability will be reduced by the amount forgiven, and a $24,049 gain on extinguishment will be recorded in January 2022. The balance of the PPP loan after recording the forgiveness will be $127,151.