Common Stock Warrants

3 Months Ended

Mar. 31, 2022

Note 5 – Common Stock Warrants

During the three months ended March 31, 2022, warrant holders exercised 521,907 warrants as follows:

	-	253,602 warrants were exercised for $1,318,722 in cash proceeds.

	-	19,414 warrants were exercised as partial settlement ($113,750) related to the Company’s acquisition of research and development.

	-	128,890 warrants with a value of $670,234 have signed exercise agreements, the shares have been issued but the cash proceeds have yet to be received.

	-	120,000 warrants were exercised in a cashless exercise whereby 67,826 shares with a value of $9.20 per share were used to settle the exercise price and the remaining 52,174 shares were issued to the warrant holders. Also, for professional services rendered by these warrant holders an additional 27,671 shares valued at $254,574 ($9.20 per share) were issued.

ProLung, Inc. and Subsidiary

Notes to Condensed Financial Statements

(Unaudited)

A summary of warrant activity for the three months ended March 31, 2022 is presented below:

Schedule of Warrant Activity

						Weighted	Aggregate
				Weighted		Average	Intrinsic
	Shares			Average		Remaining	Value of
	Under			Exercise		Contractual	Vested
	Warrants			Price		Life	Warrants
Outstanding at December 31, 2021		1,344,985		$	5.25
Issued		-		$	-
Exercised		(521,906	)	$	5.22
Expired/Forfeited		(506,898	)	$	5.20
Outstanding/Exercisable at March 31, 2022		316,181		$	5.20	3.6 years	$	1,305,077

PROLUNG INC 10-Q