STOCKHOLDERS' EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Disclosure Text Block [Abstract] | |
| STOCKHOLDERS' EQUITY |
NOTE F - STOCKHOLDERS’ EQUITY Common Stock In the first six months of 2021, the Company issued 60,978 shares of its common stock upon the exercise of stock options. These option exercises consisted of 50,000 and 10,978 shares issued to a director and employees, respectively. On March 26, 2021, the Company issued 1,586,786 shares of the Company’s common stock to the holder of a convertible promissory note upon the conversion, on the original terms of the note, of the entire outstanding balance, principal and accrued interest, for that note, which was $476,036. On April 16 , 2021 the Company issued 496,000 shares of its common stock for $3.1 million in a private sale to three accredited investors.On April 15, 2021, the Company issued 830,526 shares of its common stock as consideration for the acquisition of Agribody Technologies, Inc. The shares were valued at $5
million, based on an agreed formula of the shares trading price. On June 1, 2021, the Company issued 53,723
shares of its common stock to various note holders upon the conversion of, or as payment for the entire outstanding balance, principal and accrued interest, of notes, all in accordance with the original terms of the notes, having an outstanding balance of $308,889 in the aggregate.
On June 30, 2021, 1,181,819
shares of its common stock became issuable upon the delivery to the Company of notices of conversion for the conversion of all of the outstanding shares of the Company’s Series B Convertible Preferred Stock. The new shares of common stock and the new certificates will be issued to the former holders of the preferred stock upon the tender of lost certificate documentation by the holders . Series B Preferred Stock On November 6, 2007, the Company sold a total of 13,000 shares of Series B Convertible Preferred Stock (“Series B Shares”) to two investors for an aggregate purchase price of $1.3 million, less offering costs of $9,265. Each share of the Series B Shares has a stated value of $100. The Series B Shares were convertible into shares of the Company’s Common Stock. As of June 30, 2021, the two holders of the shares of preferred stock tendered notices of conversions, and all of the outstanding Series B Convertible Preferred Stock were converted into 1,181,819 shares of the Company’s common stock. As a result, as of June 30, 2021, the Company had no outstanding Series B Preferred Stock. |