Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  



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 3,127,998 units, each consisting of one common share and one Series A warrant to purchase one common share, at a public offering price of $5.00 for gross proceeds of $15,639,990. The Company received net proceeds from the IPO of $14,388,791, after deducting underwriting discounts and commissions of 1,251,199.


Concurrent with the closing of the IPO, the 2,258,826 common shares were issued upon the conversion of all of its issued and outstanding Series A Preferred Shares.


On July 28, 2021, 93,938 common stock purchase warrants were issued to the purchaser of the senior secured debentures, with a term of three years and a strike price per share of $3.99.


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.