Annual report pursuant to Section 13 and 15(d)

Stockholder's Equity (Tables)

v3.21.1
Stockholder's Equity (Tables)
12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Merger Consideration

As a result of the Merger, the following reflects the net equity contribution of Merger Consideration to the Company which reflects the gross proceeds received, offset of the direct costs incurred for the transaction, the difference between the redemption payment and carrying value of the Redeemable Preferred Stock - Series 1, and redemption of certain warrants.

 

Contributed cash portion of Merger Consideration   $ 6,000,000  
Contribution of Sonnet warrant portion of Merger Consideration     1,628,909  
Transaction cost incurred     (588,255 )
    $ 7,040,654  
Summary of Warrant Activity

A summary of the warrant activity during the year ended December 31, 2020 is presented below:

 

    Number of Warrants     Weighted Average Exercise Price     Weighted Average Remaining Life  
Outstanding at December 31, 2019     3,306,238     $ 6.00       6.8  
Granted     3,409,200       0.34       8.8  
Exercised     (2,414,022 )     0.50        
Forfeited/Other Adjustments     (892,216 )            
Outstanding at December 31, 2020     3,409,200     $ 0.34       8.6  
                         
Exercisable December 31, 2020     3,409,200     $ 0.34       8.6