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STOCKHOLDERS EQUITY
 9 Months Ended
Jun. 30, 2020
STOCKHOLDERS EQUITY  
C. STOCKHOLDERS' EQUITY

C.           STOCKHOLDERS’ EQUITY

 

Proceeds from the Sale of Common Stock

 

In March 2020, the Company sold 630,500 shares of common stock at a public offering price of $12.22 per share and received aggregate net proceeds of approximately $7.1 million. Under the terms of the Underwriting Agreement the Company granted the Underwriters a 45-day option to purchase up to an additional 94,575 shares of common stock solely to cover over-allotments. The underwriter fully exercised this option in May 2020 resulting in additional net proceeds to the Company of approximately $1.1 million.

 

In December 2019, the Company sold 606,395 shares of common stock at a public offering price of $9.07 per share and received aggregate net proceeds of approximately $5.0 million. In January 2020, the underwriters of that offering fully exercised the option to purchase 90,959 additional shares of common stock at the public offering price of $9.07 per share for aggregate net proceeds to the Company of approximately $0.8 million.

Equity Compensation

 

Underlying share information for equity compensation plans as of June 30, 2020 is as follows:

 

Name of Plan

 

Total Shares Reserved Under Plans

 

 

Shares Reserved for Outstanding Options

 

 

Shares Issued

 

 

Remaining Options/Shares

Under Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incentive Stock Options Plans

 

 

138,400

 

 

 

89,895

 

 

 

N/A

 

 

 

213

 

Non-Qualified Stock Option Plans

 

 

9,987,200

 

 

 

8,593,438

 

 

 

N/A

 

 

 

1,151,666

 

Stock Bonus Plans

 

 

783,760

 

 

 

N/A

 

 

 

341,951

 

 

 

441,776

 

Stock Compensation Plans

 

 

634,000

 

 

 

N/A

 

 

 

150,695

 

 

 

464,895

 

Incentive Stock Bonus Plan

 

 

640,000

 

 

 

N/A

 

 

 

616,500

 

 

 

23,500

 

 

Underlying share information for equity compensation plans as of September 30, 2019 is as follows:

 

Name of Plan

 

Total Shares Reserved
Under Plans

 

 

Shares Reserved for Outstanding Options

 

 

Shares
Issued

 

 

Remaining Options/Shares Under Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incentive Stock Option Plans

 

 

138,400

 

 

 

89,895

 

 

 

N/A

 

 

 

213

 

Non-Qualified Stock Option Plans

 

 

6,387,200

 

 

 

6,128,321

 

 

 

N/A

 

 

 

112,166

 

Stock Bonus Plans

 

 

783,760

 

 

 

N/A

 

 

 

331,226

 

 

 

452,501

 

Stock Compensation Plans

 

 

634,000

 

 

 

N/A

 

 

 

130,183

 

 

 

485,407

 

Incentive Stock Bonus Plan

 

 

640,000

 

 

 

N/A

 

 

 

616,500

 

 

 

23,500

 

Stock option activity:

  

 

 

Nine Months Ended June 30,

 

 

 

 2020

 

 

2019

 

Granted

 

 

2,561,500

 

 

 

3,268,862

 

Exercised

 

 

94,199

 

 

 

42,770

 

Expired

 

 

1,000

 

 

 

29,322

 

Forfeited

 

 

1,180

 

 

 

63,698

 

 

 

 

Three Months Ended June 30,

 

 

 

2020

 

 

2019

 

Granted

 

 

2,559,000

 

 

 

3,268,362

 

Exercised

 

 

73,719

 

 

 

42,770

 

Expired

 

 

16

 

 

 

26,922

 

Forfeited

 

 

-

 

 

 

39,505

 

 

During the quarter ended June 30, 2020, the Company adopted the 2020 Non-Qualified Stock Option Plan, which provides for the issuance of up to 3,600,000 options to purchase shares of common stock. On April 20, 2020, the Company granted 1,872,000 performance-based stock options from the 2020 Non-Qualified Stock Option Plan to officers and directors. Each option entitles the holder to purchase one share of the Company’s common stock at a price of $10.93 per share, the fair value on the date of issuance. The stock options vest upon the achievement of the following performance goals: i) 25% of the options will vest when the closing price of the Company’s common stock exceeds $20.00 for ten consecutive trading days; ii) 50% of the options will vest when the closing price of the Company’s common stock exceeds $25.00 for ten consecutive trading days; iii) 75% of the options will vest when the closing price of the Company’s common stock exceeds $30.00 for ten consecutive trading days; and iv) 100% of the options will vest when either (a) the filing of the first marketing application for any pharmaceutical based upon the Company’s Multikine technology, in the US, Canada, UK, Germany, France, Italy, Spain, Japan, or Australia or (b) the closing price of the Company’s common stock exceeds $40.00 for ten consecutive trading days. All Options which have not vested as of April 19, 2030, will be canceled and will no longer be exercisable. The options were recorded as equity based warrants in accordance with ASC 718, Compensation – Stock Compensation. On the grant date, the options were valued using a Monte Carlo Simulation approach. Monte Carlo Simulation is a statistical technique that is used to model probabilistic systems and establish the probabilities for a variety of outcomes. That valuation resulted in a per share fair value of $4.12 and an aggregate value of $7,881,120 on the grant date, April 20, 2020. The aggregate value will be expensed over the implicit life of the options, which was determined to be 1.7 years. This resulted in compensation expense of approximately $901,000 recorded during the nine and three months ended June 30, 2020.

Stock-Based Compensation Expense

 

 

 

Nine months Ended June 30,

 

 

 

2020

 

 

2019

 

Employees

 

$6,690,331

 

 

$2,626,311

 

Non-employees

 

$623,146

 

 

$688,070

 

 

 

 

Three months Ended June 30,

 

 

 

2020

 

 

2019

 

Employees

 

$3,109,127

 

 

$1,521,821

 

Non-employees

 

$275,919

 

 

$176,646

 

Employee compensation expense includes the expense related to options issued or vested and restricted stock granted. Non-employee expense includes the expense related to options and stock issued to consultants expensed over the period of their service contracts.

 

Warrants and Non-Employee Options

 

The following chart represents the warrants and non-employee options outstanding at June 30, 2020:

 

 

Warrant/Options

 

Issue Date

 

Shares Issuable upon Exercise

of Warrants/ Options

 

 

Exercise Price

 

 

Expiration Date

 

Reference

 

Series N

 

8/18/2008

 

 

85,339

 

 

$3.00

 

 

2/18/2021

 

 

2

 

Series XX

 

6/11/2020

 

 

461,953

 

 

$18.00

 

 

9/10/2020

 

 

2

 

Series YY

 

6/26/2020

 

 

101,839

 

 

$20.00

 

 

9/25/2020

 

 

2

 

Series UU

 

6/11/2018

 

 

93,603

 

 

$2.80

 

 

12/31/2020

 

 

2

 

Series W

 

10/28/2015

 

 

688,930

 

 

$16.75

 

 

10/28/2020

 

 

1

 

Series X

 

1/13/2016

 

 

120,000

 

 

$9.25

 

 

1/13/2021

 

*

 

Series Y

 

2/15/2016

 

 

26,000

 

 

$12.00

 

 

2/15/2021

 

*

 

Series ZZ

 

5/23/2016

 

 

20,000

 

 

$13.75

 

 

5/18/2021

 

 

1

 

Series BB

 

8/26/2016

 

 

16,000

 

 

$13.75

 

 

8/22/2021

 

 

1

 

Series Z

 

5/23/2016

 

 

264,000

 

 

$13.75

 

 

11/23/2021

 

 

1

 

Series CC

 

12/8/2016

 

 

153,643

 

 

$5.00

 

 

12/8/2021

 

 

1

 

Series HH

 

2/23/2017

 

 

200

 

 

$3.13

 

 

2/16/2022

 

 

1

 

Series AA

 

8/26/2016

 

 

200,000

 

 

$13.75

 

 

2/22/2022

 

 

1

 

Series MM

 

6/22/2017

 

 

893,491

 

 

$1.86

 

 

6/22/2022

 

*

 

Series NN

 

7/24/2017

 

 

375,545

 

 

$2.52

 

 

7/24/2022

 

 

2

 

Series OO

 

7/31/2017

 

 

-

 

 

$2.52

 

 

7/31/2022

 

 

2

 

Series RR

 

10/30/2017

 

 

457,116

 

 

$1.65

 

 

10/30/2022

 

 

2

 

Series SS

 

12/19/2017

 

 

326,064

 

 

$2.09

 

 

12/18/2022

 

 

2

 

Series TT

 

2/5/2018

 

 

371,564

 

 

$2.24

 

 

2/5/2023

 

 

2

 

Series VV

 

7/2/2018

 

 

-

 

 

$1.75

 

 

1/2/2024

 

 

2

 

Consultants

 

7/28/17

 

 

10,000

 

 

$2.18

 

 

7/27/2027

 

*

 

 

* No current period changes to these warrants and non-employee options.

1.                 Warrant Liabilities

 

The table below presents the fair value of the warrant liabilities at the balance sheet dates:

 

 

 

June 30,

2020

 

 

September 30,

2019

 

Series V warrants

 

$-

 

 

$674,442

 

Series W warrants

 

 

1,808,203

 

 

 

1,193,507

 

Series Z warrants

 

 

1,852,040

 

 

 

1,109,545

 

Series ZZ warrants

 

 

115,957

 

 

 

77,638

 

Series AA warrants

 

 

1,464,362

 

 

 

916,908

 

Series BB warrants

 

 

108,586

 

 

 

63,966

 

Series CC warrants

 

 

1,666,749

 

 

 

1,710,898

 

Series FF warrants

 

 

-

 

 

 

446,185

 

Series HH warrants

 

 

2,435

 

 

 

45,657

 

Series JJ warrants

 

 

-

 

 

 

66,599

 

Series LL warrants

 

 

-

 

 

 

182,965

 

Total warrant liabilities

 

$7,018,332

 

 

$6,488,310

 

The table below presents the gains/(losses) on the warrant liabilities for the nine months ended June 30:

 

 

 

 2020

 

 

2019

 

Series S warrants

 

$-

 

 

$33

 

Series V warrants

 

 

185,652

 

 

 

(479,399)

Series W warrants

 

 

(614,696)

 

 

(1,132,156)

Series Z warrants

 

 

(742,495)

 

 

(684,859)

Series ZZ warrants

 

 

(38,319)

 

 

(37,970)

Series AA warrants

 

 

(547,454)

 

 

(583,516)

Series BB warrants

 

 

(44,620)

 

 

(35,800)

Series CC warrants

 

 

(1,245,627)

 

 

(2,007,287)

Series DD warrants

 

 

-

 

 

 

1,249,287

 

Series EE warrants

 

 

-

 

 

 

1,249,287

 

Series FF warrants

 

 

(319,706)

 

 

(244,170)

Series GG warrants

 

 

-

 

 

 

195,228

 

Series HH warrants

 

 

(35,024)

 

 

(22,859)

Series II warrants

 

 

-

 

 

 

(593,960)

Series JJ warrants

 

 

(64,992)

 

 

(32,954)

Series KK warrants

 

 

-

 

 

 

(55,622)

Series LL warrants

 

 

(98,066)

 

 

(99,667)

Net loss on warrant liabilities

 

$(3,565,347)

 

$(3,316,384)

  

The table below presents the gains/(losses) on the warrant liabilities for the three months ended June 30:

   

 

 

 2020

 

 

 2019

 

Series V warrants

 

$107,191

 

 

$(974,251)

Series W warrants

 

 

(247,327)

 

 

(1,748,184)

Series Z warrants

 

 

(430,619)

 

 

(799,690)

Series ZZ warrants

 

 

(33,734)

 

 

(50,608)

Series AA warrants

 

 

(220,831)

 

 

(676,784)

Series BB warrants

 

 

(37,592)

 

 

(43,536)

Series CC warrants

 

 

(419,350)

 

 

(2,346,985)

Series FF warrants

 

 

-

 

 

 

(278,773)

Series GG warrants

 

 

-

 

 

 

88,478

 

Series HH warrants

 

 

(567)

 

 

(33,501)

Series II warrants

 

 

-

 

 

 

(709,303)

Series JJ warrants

 

 

-

 

 

 

(48,880)

Series KK warrants

 

 

-

 

 

 

(169,089)

Series LL warrants

 

 

-

 

 

 

(114,413)

Net loss on warrant liabilities

 

$(1,282,829)

 

$(7,905,519)

The Company reviews all outstanding warrants in accordance with the requirements of ASC 815. This topic provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument’s contingent exercise and settlement provisions. The warrant agreements provide for adjustments to the exercise price for certain dilutive events. Under the provisions of ASC 815, the warrants are not considered indexed to the Company’s stock because future equity offerings or sales of the Company’s stock are not an input to the fair value of a “fixed-for-fixed” option on equity shares, and equity classification is therefore precluded.

 

In accordance with ASC 815, derivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration. Any change in fair value between the respective reporting dates is recognized as a gain or loss.

 

Changes in Warrant Liabilities

 

On May 26, 2020, the Company lowered the exercise price of 810,127 Series V warrants from $19.75 to $13.75 per share and extended the expiration date of the Series V warrants from May 28, 2020 to June 25, 2020. The incremental cost of this modification was approximately $664,000, which was included within the net loss on derivatives for the nine and three months ended June 30, 2020. Additionally, upon the exercise of 674,164 Series V warrants the Company recognized a final mark-to-market adjustment for a gain of approximately $560,000, which was included within the net loss on derivatives for the nine and three months ended June 30, 2020.

 

 On June 25, 2020, 135,963 Series V warrants, with an exercise price of $13.75 expired. The warrants were valued at approximately $211,000 on the date of expiration.

 

On December 10, 2018, 1,360,960 Series DD and 1,360,960 Series EE warrants, with an exercise price of $4.50 expired.

 

On October 11, 2018, 327,729 Series S warrants, with an exercise price of $31.25 expired.

 

Exercise of Warrant Liabilities

 

The following warrants recorded as liabilities were exercised during the periods ended June 30, 2020.

 

 

 

Three Months

 

 

Nine Months

 

Warrants

 

Warrants Exercised

 

 

Exercise Price

 

 

Proceeds

 

 

Warrants Exercised

 

 

Exercise Price

 

 

Proceeds

 

Series V

 

 

674,164

 

 

$13.75

 

 

$9,269,755

 

 

 

674,164

 

 

$13.75

 

 

$9,269,755

 

Series CC

 

 

-

 

 

 

-

 

 

 

-

 

 

 

123,820

 

 

$5.00

 

 

 

619,100

 

Series FF

 

 

-

 

 

 

-

 

 

 

-

 

 

 

68,048

 

 

$3.91

 

 

 

265,812

 

Series HH

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,300

 

 

$3.13

 

 

 

19,687

 

Series JJ

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,450

 

 

$3.13

 

 

 

29,531

 

Series LL

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,398

 

 

$3.59

 

 

 

94,867

 

 

 

 

674,164

 

 

 

 

 

 

$9,269,755

 

 

 

908,180

 

 

 

 

 

 

$10,298,752

 

The following warrants recorded as liabilities were exercised during the periods ended June 30, 2019.

 

 

 

Three Months

 

 

Nine Months

 

 

 

Warrants

 

 

Exercise

 

 

 

 

 

Warrants

 

 

Exercise

 

 

 

 

Warrants

 

Exercised

 

 

Price

 

 

Proceeds

 

 

Exercised

 

 

Price

 

 

Proceeds

 

Series CC

 

 

69,017

 

 

$

5.00

 

 

$

345,085

 

 

 

69,017

 

 

$

5.00

 

 

$

345,085

 

Series GG

 

 

200,000

 

 

$

3.00

 

 

 

600,000

 

 

 

200,000

 

 

$

3.00

 

 

 

600,000

 

Series HH

 

 

13,500

 

 

$

3.13

 

 

 

42,188

 

 

 

13,500

 

 

$

3.13

 

 

 

42,188

 

Series II

 

 

121,500

 

 

$

3.00

 

 

 

364,500

 

 

 

121,500

 

 

$

3.00

 

 

 

364,500

 

Series JJ

 

 

20,550

 

 

$

3.13

 

 

 

64,219

 

 

 

20,550

 

 

$

3.13

 

 

 

64,219

 

Series KK

 

 

213,870

 

 

$

3.04

 

 

 

649,095

 

 

 

213,870

 

 

$

3.04

 

 

 

649,095

 

 

 

 

638,437

 

 

 

 

 

 

$

2,065,087

 

 

 

638,437

 

 

 

 

 

 

$

2,065,087

 

 2.                 Equity Warrants

 

Changes in Equity Warrants

 

On May 26, 2020, the Company provided that for each Series V warrant exercised by an accredited investor on or before June 10, 2020 the former holder of the Series V warrant received one Series XX warrant. Every Series XX warrant will allow the holder to purchase one share of the Company’s common stock at a price of $18.00 per share at any time on or before September 10, 2020. For every two Series V warrant exercised by an accredited investor after June 10, 2020 but on or before June 25, 2020 the former holder of the Series V warrant received one Series YY warrant. Every Series YY warrants will allow the holder to purchase one share of the Company’s common stock at a price of $20.00 per share at any time on or before September 25, 2020. In June 2020, 461,953 Series XX warrants and 101,839 Series YY warrants were issued to the former holders of the Series V warrants. The Company recognized an inducement expense equal to the fair value of the Series XX and Series YY warrants issued as of the date the inducement offers were accepted. The fair values of the Series XX and Series YY warrants were calculated to be approximately $629,000 and $177,000, respectively, and are included as inducement expense in the statements of operations for the nine and three months ended June 30, 2020. The Series XX and YY warrants qualify for equity treatment in accordance with ASC 815.

 

On May 8, 2020, the expiration date of 93,593 Series UU warrants were extended from June 11, 2020 to December 31, 2020. These warrants were previously issued as an inducement to convert notes payable into shares of common stock. The incremental cost of this extension was approximately $6,000 and was recorded as interest expense for the nine and three months ended June 30, 2020. The Series UU warrants are held by Geert Kersten, Patricia Prichep (current Officers of the Company) and the de Clara Trust, of which the Company’s CEO, Geert Kersten, is a beneficiary.

 

On January 23, 2020, the expiration date of the Series N warrants was extended to February 18, 2021. The incremental cost of this extension was approximately $22,000, which was recorded as a deemed dividend in the financial statements for the nine and three months ended June 30, 2020. The Series N warrants are held by the de Clara Trust, of which Geert Kersten, is a beneficiary.

 

Exercise of Equity Warrants

 

The following warrants recorded as equity were exercised during the periods ended June 30, 2020.

 

 

 

 

Three Months

 

 

Nine Months

 

Warrants

 

Warrants Exercised

 

 

Exercise Price

 

 

Proceeds

 

 

Warrants Exercised

 

 

Exercise Price

 

 

Proceeds

 

Series NN

 

 

-

 

 

 

-

 

 

$-

 

 

 

98,253

 

 

$2.52

 

 

$247,598

 

Series OO

 

 

10,000

 

 

$2.52

 

 

 

25,200

 

 

 

50,000

 

 

$2.52

 

 

 

126,000

 

Series SS

 

 

39,474

 

 

$2.09

 

 

 

82,500

 

 

 

156,580

 

 

$2.09

 

 

 

327,252

 

Series TT

 

 

10,000

 

 

$2.24

 

 

 

22,400

 

 

 

188,125

 

 

$2.24

 

 

 

421,400

 

Series UU

 

 

61,207

 

 

$2.80

 

 

 

171,380

 

 

 

61,207

 

 

$2.80

 

 

 

171,380

 

Series VV

 

 

55,000

 

 

$1.75

 

 

 

96,250

 

 

 

82,500

 

 

$1.75

 

 

 

144,375

 

 

 

 

175,681

 

 

 

 

 

 

$397,730

 

 

 

636,665

 

 

 

 

 

 

$1,438,005

 

The following warrants recorded as equity were exercised during the periods ended June 30, 2019.

 

 

 

Three Months

 

 

Nine Months

 

Warrants

 

Warrants Exercised

 

 

Exercise Price

 

 

Proceeds

 

 

Warrants Exercised

 

 

Exercise Price

 

 

Proceeds

 

Series NN

 

 

65,502

 

 

$2.52

 

 

$165,065

 

 

 

65,502

 

 

$2.52

 

 

$165,065

 

Series PP

 

 

-

 

 

 

-

 

 

 

-

 

 

 

60,000

 

 

$2.30

 

 

 

138,000

 

Series QQ

 

 

3,500

 

 

$2.50

 

 

 

8,750

 

 

 

3,500

 

 

$2.50

 

 

 

8,750

 

Series RR

 

 

60,044

 

 

$1.65

 

 

 

99,073

 

 

 

60,044

 

 

$1.65

 

 

 

99,073

 

Series SS

 

 

280,264

 

 

$2.09

 

 

 

585,752

 

 

 

446,054

 

 

$2.09

 

 

 

932,253

 

Series TT

 

 

450,069

 

 

$2.24

 

 

 

1,008,155

 

 

 

536,119

 

 

$2.24

 

 

 

1,200,907

 

Series UU

 

 

24,018

 

 

$2.80

 

 

 

67,250

 

 

 

24,018

 

 

$2.80

 

 

 

67,250

 

Series VV

 

 

2,425,000

 

 

$1.75

 

 

 

4,243,750

 

 

 

3,810,000

 

 

$1.75

 

 

 

6,667,500

 

Series WW

 

 

67,275

 

 

$1.63

 

 

 

109,321

 

 

 

193,050

 

 

$1.63

 

 

 

313,705

 

 

 

 

3,375,672

 

 

 

 

 

 

$6,287,116

 

 

 

5,198,287

 

 

 

 

 

 

$9,592,503

 

3.           Options and Shares Issued to Consultants

 

During the nine months ended June 30, 2020 and 2019, the Company issued 47,750 and 161,058 shares, respectively, of restricted common stock to consultants for services. The weighted average grant date fair value of the shares issued to consultants was $11.60 and $3.37, respectively, during the nine months ended June 30, 2020 and 2019, respectively. During the three months ended June 30, 2020 and 2019, the Company issued 14,811 and 20,825, respectively, shares of restricted common stock to consultants for services. The weighted average grant date fair value of the shares issued to consultants was $16.41 and $5.62, respectively, during the three months ended June 30, 2020 and 2019. The aggregate values of the issuances of restricted common stock and common stock options are recorded as prepaid expenses and are charged to general and administrative expenses over the periods of service under the consulting arrangements.

 

During the nine months ended June 30, 2020 and 2019, the Company recorded total expense of approximately $623,000 and $688,000, respectively, relating to these consulting agreements. During the three months ended June 30, 2020 and 2019, the Company recorded total expense of approximately $276,000 and $177,000, respectively, relating to these consulting agreements. At June 30, 2020 and September 30, 2019, approximately $242,000 and $230,000, respectively, are included in prepaid expenses. At June 30, 2020, the Company has accrued $110,000 for shares to be issued. As of June 30, 2020, 10,000 options issued to consultants remained outstanding, all of which were issued from the Non-Qualified Stock Option plans and are fully vested.

 

4.           Securities Purchase Agreement

 

The Company has entered into Securities Purchase Agreements (SPA) with Ergomed plc, one of the Company’s Clinical Research Organizations responsible for managing the Company’s Phase 3 clinical trial, to facilitate payment of amounts due Ergomed. Under the Agreements, the Company issued Ergomed shares of common stock and the net proceeds from the sales of those shares reduces outstanding amounts due Ergomed. Upon issuance, the Company expenses the full value of the shares as Other non-operating gain/loss and subsequently offsets the expense as amounts are realized through the sale by Ergomed and reduces accounts payable to Ergomed.

 

On April 6, 2020 and June 29, 2020, the Company entered SPAs under which it issued Ergomed 100,000 and 50,000 restricted shares of the Company’s common stock valued at approximately $1.0 million and $0.8 million, respectively.

 

On January 9, 2019, the Company entered into a SPA under which it issued Ergomed 500,000 restricted shares of the Company’s common stock valued at approximately $1.3 million.

 

As of June 30, 2020, Ergomed held 110,521 shares for resale.

The following table summarizes the Other non-operating gain (loss) for the nine and three months ended June 30, 2020 and 2019 relating to these agreements:

 

 

 

Nine Months Ended

Three Months Ended

 

 

 

June 30,2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

Amount realized through the resale of shares

 

$2,539,245

 

 

$3,167,197

 

 

$818,565

 

 

$1,455,844

 

Fair value of shares upon issuance

 

 

1,769,500

 

 

 

1,290,000

 

 

 

1,769,500

 

 

 

-

 

Other non-operating gain (loss)

 

$769,745

 

 

$1,877,197

 

 

$(950,935)

 

$1,455,844