NOTE 13 – SUBSEQUENT EVENTS

In May 2022, the Board granted the Company’s Chief Executive Officer and Chief Financial Officer stock options of 529,000 and 201,860, respectively, and restricted stock units of 150,800 and 57,540, respectively. These grants were made subject to an increase in the Company’s authorized shares of common stock. The Company is planning to increase the authorized shares of common stock at its 2022 annual shareholders meeting.

In May 2022, the Board of Directors authorized a Share Repurchase Program whereby the Company would repurchase the Company’s common stock at the discretion of the Company’s Chief Executive Officer, depending on market conditions over a two-year period, in the amount of up to $10 million. The repurchases shall follow the applicable laws, including the Nevada Revised Statutes and Federal securities laws and in a manner to comply with the provisions of Rule 10b-18 under the Securities Act or any subsequent superseding or amending rule. As of July 28, 2022, there has been 851,981 shares of the Company’s common stock repurchased at an approximate cost of $2,091,000, including commissions.

On July 7, 2022, the Company received a notice of exercise relating to the Pre-funded Warrants pursuant to the registered direct offering in the amount of $880 which resulted in the issuance of 880,000 shares of common stock.