|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
12. SUBSEQUENT EVENTS
The Company has evaluated subsequent events from the balance sheet date through the date at which the condensed consolidated and combined financial statements were available to be issued, and there are no other items requiring disclosure except the following:
In July 2021 the Company entered into an at-will amended and restated employment agreement with its President, which extended the term of his employment agreement to June 2024.
In August 2021, the Company adopted the 2021 Inducement Plan (“the Plan”). Under the 2021 Inducement Plan, the Company can grant stock options and stock awards. There are shares of common stock reserved for issuance under the Plan. During August 2021, the Company issued unrestricted shares of common stock; fully vested five-year stock options to purchase shares at an exercise price of $ per share; and five-year stock options to purchase an aggregate of shares, of which are exercisable at $ per share, of which are exercisable at $ per share and of which are exercisable at $ per share.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef