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12. Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Notes  
12. Stockholders' Equity

12. Stockholders’ Equity 

The Company closed a private placement in April 2020. Under the private placement, the Company sold 1,481,481 units at $0.135 per unit for net proceeds of $200,000. Each unit consisted of one share of the Company’s stock and one half of one stock purchase warrant with each whole warrant exercisable for one share of the Company’s stock at $0.18 for 24 months.

The Company closed a private placement in August 2020. Under the private placement, the Company sold 9,718,573 units at $0.28 per unit for net proceeds of $2,706,896. Each unit consisted of one share of the Company’s stock and one half of one stock purchase warrant with each whole warrant exercisable for one share of the Company’s stock at $0.40 for 24 months.

In July 2020, a holder of convertible debt converted $50,000 of debt to 277,778 shares of common stock.

In the third quarter of 2020 warrants were exercised whereby 1,041,667 shares of common stock were issued for net proceeds of $208,334. In the second quarter of 2019, 1,200,000 warrants were exercised in exchange for 398,575 shares of the Company’s common stock in a cashless warrant exercise.

Stock Purchase Warrants Outstanding

The activity in stock purchase warrants is as follows:

 

 

 

Number of

Warrants

 

Exercise Prices

Balance December 31, 2018

 

14,100,123

 

0.10-0.20

Exercised

 

(1,200,000)

 

0.10

Balance December 31, 2019

 

12,900,123

 

0.18-0.22

Issued

 

5,600,027

 

0.18-0.40

Expired

 

(10,816,789)

 

0.20-0.22

Excised

 

(1,041,667)

 

0.20

Balance September 30, 2020

 

6,641,694

 

$0.18-0.40

 

These warrants expire as follows:

 

Shares

Exercise Price

Expiration Date

666,667

$0.20

November 3, 2020

375,000

$0.18

December 14, 2023

740,741

$0.18

April 21, 2022

4,859,286

$0.40

August 28, 2022

6,641,694

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