Stockholders' Deficit |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2021 | ||||
| Stockholders' Equity Note [Abstract] | ||||
| Stockholders' Deficit |
Authorized Common Stock
The Company is authorized to issue up to 200,000,000 shares of common stock at par value of $0.001 per share.
Issuance of Common Stock
During the six months ended June 30, 2021, employees and consultants exercised a total of 383,721 stock options and the Company received $119,000 in proceeds. A portion of these options were exercised early (prior to vesting), and as of June 30, 2021, 126,501 of the options remained unvested. Proceeds received related to the unvested options of $82,000 at June 30, 2021 were recorded in accrued liabilities on the accompanying balance sheets and will be reclassified to equity as vesting occurs, provided the employees and consultants continue to provide services to the Company. The vested portion of the exercises was 257,220 shares at June 30, 2021.
During the six months ended June 30, 2020, the Company issued 33,263 shares to investors in exchange of cash at $4.21 per share.
During the year ended December 31, 2020, the Company issued 33,263 shares to investors in exchange of cash at $4.21 per share and 24,627 shares to Spectrum following its anti-dilution provision (Note 3).
Voting Rights of Common Stock
Each holder of shares of common stock shall be entitled to one vote for each share thereof held.
Preferred Stock
As of December 31, 2020 and June 30, 2021, the Company had 10,000,000 shares of preferred stock authorized, par value of $0.001 per share and no shares of preferred stock were issued or outstanding. |