|3 Months Ended|
Mar. 31, 2022
12. COMMON STOCK
The Company has authorized 300,000,000 shares of common stock, $0.0001 par value per share, of which 125,255,881 and 125,230,881 shares were issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.
On August 7, 2020, the Company entered into the August 2020 Sale Agreement with Jefferies pursuant to which Jefferies is serving as the Company’s sales agent to sell shares of the Company’s common stock through an “at the market offering.” As of August 7, 2020, the Company was authorized to sell up to $150,000,000 of shares of the Company’s common stock pursuant to the August 2020 Sale Agreement. During the three months ended March 31, 2022, the Company did not sell any shares of its common stock under the August 2020 Sale Agreement. During the three months ended March 31, 2021, the Company sold 25,391,710 shares of its common stock under the August 2020 Sale Agreement for which the company received gross proceeds of approximately $60,681,238, less issuance costs incurred of $1,820,437.
During the three months ended March 31, 2022 and 2021, the Company issued 0 and 788,600 shares of common stock upon the exercise of stock options to purchase common stock and the Company received proceeds of approximately $0 and $894,800 from these exercises, respectively.
During the three months ended March 31, 2022, the Company issued 25,000 common shares from the vesting of shares from restricted stock under the 2014 Plan.
No warrants were exercised during the three months ended March 31, 2022 and 2021.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef