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12. Stockholder's Equity
9 Months Ended
Sep. 30, 2019
Stockholders' equity:  
Stockholder's Equity

Issuance of Common Stock for Payable to Board of Directors

 

During the nine-month period ended September 30, 2019, the Board of Directors was issued a total of 330,183 shares of common stock for $175,000 in directors’ fees that were payable at December 31, 2018. In addition, during the three and nine months ended September 30, 2019, the Company accrued $34,375 and $96,875, respectively, in directors’ fees payable that will be paid in common stock.

 

In January 2019, the Company issued Daniel Parks, the Company’s Chief Financial Officer, 200,000 shares of the Company’s common stock with a fair value of $136,000 to retain his services. As part of the agreement, Mr. Parks’ hours worked and cash compensation were reduced.

 

On May 3, 2018, the Board of Directors was issued a total of 739,018 shares of common stock for $175,000 in directors’ fees that were payable at December 31, 2017. In addition, during the three and nine months ended September 30, 2018, the Company accrued $43,750 and $131,250, respectively, in directors’ fees payable that will be paid in common stock.

 

Issuance of Common Stock for Cash

 

During the nine-month period ended September 30, 2019, the Company sold 904,082 shares of its common stock for $0.48 per share for proceeds of $431,322. Included with each share was a common stock warrant to purchase ½ share (total of 452,041) of the Company’s common stock exercisable at $0.65. The warrants expire in 2022.