Item 5. Interest in Securities of the Issuer
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(a) |
15,562,085 (16.49%) shares based on 84,184,905 shares issued and outstanding on October 25, 2022. |
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(b) |
Sole voting power and disposition power – 15,562,085 shares; includes 5,371,630 shares of Common Stock; 5,000,000 shares issuable upon exercise of Series A Common Warrants exercisable at $0.12 per share through October 20, 2024, sold pursuant to Registration Statements 333-267505 and 333-267917 (the “Registration Statements”); 5,000,000 shares issuable upon exercise of Series B Common Warrants exercisable at $0.12 per share through October 20, 2029, sold pursuant to the Registration Statements; and 195,455 shares issuable upon exercise of Common Stock Purchase Warrants exercisable at $3.85 per share and expiring on December 18, 2023. Exercise of the Series A Common Warrants and Series B Common Warrants is subject to the Beneficial Ownership Limitation of 4.99%. |
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(c) |
On October 20, 2022, Mr. Kolefas purchased 5,000,000 shares of Common Stock, together with 5,000,000 Series A Common Warrants and 5,000,000 Series B Common Warrants pursuant to Registration Statement Nos. 333-267505 and 333-267917. Between October 21, 2022 and October 31, 2022, Mr. Kolefas sold an aggregate of 2,024,530 shares of Common Stock on Nasdaq at prices ranging from $0.073 to $0.1107 per share with an average price of $0.08602 per share. |
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(d) |
No person has the right to receive, or the power to direct the receipt of dividends from, or proceeds from, the sale of such securities. |
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(e) |
On October 31, 2022, Mr. Kolefas ceased to be the beneficial owner of more than 5% of the issuer’s securities, as he is subject to the Beneficial Ownership Limitation set forth in Section 5(b) above. |
