Quarterly report pursuant to Section 13 or 15(d)

Accrued Issuable Equity

Accrued Issuable Equity
3 Months Ended
Mar. 31, 2022
Accrued Issuable Equity [Abstract]  



The Company entered into five separate agreements with consultants who are members of the Scientific Advisory Board (“SAB”) and will provide for services and duties which will be requested by the Company’s Chief Scientific Officer from time to time. The agreements, which have a term of two years, provide for the issuance of 2,400 share of common stock to each consultant annually, with each grant vesting monthly over twenty-four months. As of March 31, 2022, these shares have yet to be issued. The shares were recorded as a liability on the balance sheet at a market price of $4.05 per share for an aggregate value of $48,600; upon assessment of fair value of $2.59 per share at March 31, 2022, the Company recorded a change in fair market value of $17,520. A summary of the accrued issuable equity activity during the three months ended March 31, 2022 is presented below:


Balance at January 1, 2022   $
Additions     48,600  
Mark to market     (17,520 )
Balance at March 31, 2022   $ 31,080