XML 24 R15.htm IDEA: XBRL DOCUMENT v3.23.1
Stock Options and Warrants
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Options and Warrants

 

  8. Stock Options and Warrants

 

The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services, and for financing costs.

 

Options

 

Options vest according to the terms of the specific grant and expire from 2 to 10 years from date of grant. The weighted-average, remaining contractual life of employee and non-employee options outstanding at March 31, 2023 was 4.6 years. Stock option activity for the period January 1, 2023 up to March 31, 2023, was as follows:

        
   Options   Weighted
Avg. Exercise
Price		 
January 1, 2023   26,057,601   $0.15 
Granted   –    – 
Exercised   –    – 
Expired    –    – 
March 31, 2023   26,057,601   $0.15 

 

The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of March 31, 2023 were as follows:

                
   Outstanding Options  Exercisable Options 

Option

Exercise Price

Per Share

  Shares  Life
(Years)		   Weighted
Average Exercise
Price		  Shares   Weighted
Average Exercise
Price		 
$0.02 - $0.24  22,055,551  4.8  $0.10  22,055,551  $0.10 
$0.25 - $0.49  3,388,552  3.4   0.36  3,388,552   0.36 
$0.50 - $0.99  463,052  1.1   0.85  463,052   0.85 
$1.00 - $2.00  150,446  0.3   1.18  150,446   1.18 
   26,057,601  4.6   0.15  26,057,601   0.15 

 

During the three-month periods ended March 31, 2023 and 2022, the Company recognized compensation costs based on the fair value of options that vested of $0 and $0 respectively.

 

As of March 31, 2023, the market price of the Company’s stock was $0.07 per share. At March 31, 2023, the aggregate intrinsic value of the options outstanding at March 31, 2023 was $197,000.

 

Warrants

 

The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting January 1, 2023 up to March 31, 2023.

        
   Warrants   Weighted Avg.
Exercise Price		 
January 1, 2023   20,314,153   $0.04 
Granted   2,079,999    0.07 
Exercised   (983,330)   0.04 
Expired    (33,333)   0.05 
March 31, 2023   21,377,489   $0.05 

 

The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of March 31, 2023 were as follows:

                
   Outstanding Warrants  Exercisable Warrants 
Warrant Exercise Price Per Share  Shares  Life
(Years)		   Weighted Average Exercise Price  Shares   Weighted Average Exercise Price 
$0.02 - $0.24  21,307,489  0.8  $0.04  21,274,156  $0.04 
$0.25 - $0.49  –  –   –  –   – 
$0.50 - $1.00  70,000  1.1   0.80  70,000   0.80 
   21,377,489  0.8   0.05  21,344,156   0.05 

 

In the three-month period ending March 31, 2023, the Company issued warrants to purchase 99,999 shares of common stock in exchange for services. The warrants are exercisable at a price of $0.07 to $0.13, vest one month from the date of grant, and expire two years from the date of grant. Total fair value of these warrants at grant date was $9,000 using the Black-Scholes Option Pricing model with the following assumptions: life of 2 years; risk free interest rate of 4.14% to 4.67%; volatility of 221% to 238% and dividend yield of 0%. During the three-month period ended March 31, 2023, the Company recognized compensation costs based on the fair value of warrants that vested of $9,000.

 

At March 31, 2023, the market price of the Company’s common stock was $0.07 per share. At March 31, 2023, the aggregate intrinsic value of warrants outstanding was $602,000.