|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
9. SUBSEQUENT EVENTS
The Company evaluated subsequent events through August 2, 2021, the date on which these interim financial statements were available to be issued, to ensure that this filing includes appropriate disclosure of events both recognized in the interim financial statements as of June 30, 2021, and events which occurred subsequent to June 30, 2021 but were not recognized in the interim financial statements. Except for events previously disclosed in the notes to the financial statements, as disclosed below and the extension of scheduled close of escrow related to purchase of land as disclosed in Note 3 and the term extension and repayment of Bridge Loan disclosed in Note 5, there were no events that required recognition, adjustment to or disclosure in the interim financial statements.
On July 12, 2021, the Company completed its IPO whereby it sold a total of units, each consisting of one common share and one Series A warrant to purchase one common share, at a public offering price of $for gross proceeds of $15,639,990. The Company received net proceeds from the IPO of after deducting underwriting discounts and commissions of 1,251,199.
Concurrent with the closing of the IPO, the common shares were issued upon the conversion of all of its issued and outstanding Series A Preferred Shares.
On July 28, 2021, years and a strike price per share of $ . common stock purchase warrants were issued to the purchaser of the senior secured debentures, with a term of
The company will issue a final common shares dividend to the holders of Series A Preferred Shares from the date of last dividend issued to the IPO closing date.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef