Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2022 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity |
NOTE 16 – STOCKHOLDERS’ EQUITY The Company effected a 4.555821-for-1 forward stock split on September 2, 2021. All share and per share information in the accompanying consolidated financial statements have been retroactively adjusted to reflect this forward stock split. On October 28, 2021, the Company consummated its IPO of 6,250,000 shares of class A common stock for a price of $4.00 per share, generating gross proceeds of $28,750,000 less certain underwriting discounts and commissions. The Company also granted the underwriters a 45-day option to purchase up to 937,500 additional shares of the Company’s common stock on the same terms and conditions for the purpose of covering any over-allotments in connection with the initial public offering. The Company’s underwriters exercised the over-allotment option in full on October 28, 2021. The IPO, including the sale of the 937,500 over-allotment option shares, closed on October 29, 2021 and was made pursuant to the Registration Statement, which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 26, 2021. A final prospectus describing the terms of its initial public offering was filed with the SEC on October 28, 2021. The net proceeds to the Company from its IPO and the exercise in full of the over-allotment option are $24,547,086, after deducting underwriting commissions and offering expenses.
Table of ContentsNOTE 16 – STOCKHOLDERS’ EQUITY (CONTINUED) On December 10, 2021, a shareholder exercised warrants to purchase 225,000 shares of the Company’s common stock at $4 per share for total proceeds of $900,000. (Note 10) During the year ended December 31, 2022, the Company issued 37,500 shares of common stock to vendors in consideration for services rendered. |
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef
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