Quarterly report pursuant to Section 13 or 15(d)

Short-Term Investment

v3.21.2
Short-Term Investment
6 Months Ended
Jun. 30, 2021
Short-term Investment [Abstract]  
Short-term Investment

NOTE 4 – Short-term Investment

 

On September 9, 2019, the Company entered into a liquidity agreement with a security company (“the Liquidity Provider”) in France, which is consistent with customary practice in the French securities market. The liquidity agreement complies with applicable laws and regulations in France and authorizes the Liquidity Provider to carry out market purchases and sales of shares of the Company’s common stock on the Euronext Paris market. To enable the Liquidity Provider to carry out the interventions provided for in the contract, the Company contributed approximately $225,500 (200,000 euros) into the account. The transaction was initiated in the beginning of 2020, and the Company pays annual compensation of 20,000 euros to the Liquidity Provider in advance by semi-annual installments at the beginning of each semi-annual period under the agreement. The liquidity agreement had an initial term of one year and is being renewed automatically unless otherwise terminated by either party. As of June 30, 2021, the Company had purchased 11,604 shares (unaudited) of its common stock with the fair value of $60,493 (unaudited). The securities were recorded as short-term investment with an accumulated unrealized loss of $168,767.