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12. Stockholders' Equity

6 Months Ended

Jun. 30, 2021

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.

Common stock activity in the first quarter of 2021 consists of the following:

·The Company issued 10,000 shares of the Company’s common stock valued at $0.23 per share for services received of $2,300. 

·Common shares of 394,737 were issued upon exercise of 625,000 options on a cashless basis. The intrinsic value of these shares was $150,000 on the date of exercise. 

Common stock activity in the second quarter of 2021 consists of the following:

·The Company issued 15,000 shares of the Company’s common stock valued at $0.28 per share for services received of $4,200. 

·Common shares of 50,000 were issued upon exercise of 100,000 options on a cashless basis. The intrinsic value of these shares was $14,000 on the date of exercise. 

·277,778 warrants to purchase shares of the Company’s stock were exercised at $0.18 for $50,000 in cash. 

·4,083,333 shares were issued at $0.18 per share in exchange for $735,000 of convertible debt. (Note 15) 

12. Stockholders’ Equity (continued) 

Stock Purchase Warrants Outstanding

The activity in stock purchase warrants is as follows:

		Number of Warrants		Exercise Prices
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
Exercised		(1,708,334)		$0.20
Balance December 31, 2020		5,975,027		$0.18-0.40
Exercised		277,778		$0.18
Balance June 30, 2021		5,697,249		$0.18-0.40

These warrants expire as follows:

Shares	Exercise Price	Expiration Date
375,000	$0.18	December 14, 2023
462,963	$0.18	April 21, 2022
4,859,286	$0.40	August 28, 2022
5,697,249

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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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-Name Accounting Standards Codification
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