Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.22.2.2
Shareholders' Equity
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 9 – SHAREHOLDERS’ EQUITY:

 

a. Change in authorized stock

 

On May 2, 2022, the Company’s Board of Directors approved an amendment to the Company’s Bylaws, stating the number of authorized stock to be increased, as described below:

 

a. Common stock- $0.0001 par value – authorized shares increase to 30,000,000 shares from 11,009,315 shares.

 

b. Non-voting common stock- $0.0001 par value-authorized shares remain 2,803,774 shares.

 

c. Preferred stock- $0.0001 par value - authorized shares increase to 10,000,000 shares from 7,988,691 shares.

 

b. On May 16, 2022, the Company filed with the Secretary of State of the State of Delaware an amended and restated certificate of incorporation (the “A&R COI”), which became effective immediately. The A&R COI did not change the Company’s authorized shares of common stock and preferred stock of 42,803,774 authorized shares of common stock., 2,803,774 shares of non-voting common stock and 10,000,000 shares of preferred stock.

 

Share-based compensation

 

A summary of the Company’s share options, granted to employees, directors, under option plans is as follows:

 

                Weighted        
          Weighted-     Average     Weighted  
          Average     Remaining     Average  
    Number of     Exercise     Contractual     Grant Date  
    Options     Price     Life     Fair Value  
Outstanding – January 1, 2022     890,493     $ 0.15       5.43      
Granted     75,001     $ 4             $ 0.34  
Exercised     15,460     $ 0.07                  
Expired and forfeited     9,851     $ 0.66                  
                                 
Outstanding – September 30, 2022     940,183     $ 0.45       5.05          
Exercisable – September 30, 2022     820,157     $ 0.11       4.50          

  

See also Note 1(d) above regarding warrants granted to the underwriters upon the consummation of the IPO in consideration for their underwriting services.