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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

The fair value of the options issued ($209,700, in the aggregate) was calculated using the Black-Sholes option pricing model, based on the criteria shown below.

 

Expected life (in years)     5.5 to 8  
Volatility (based on a comparable company)     73.36%-75.82 %
Risk Free interest rate     0.30%-1.61 %
Dividend yield (on common stock)     -  
Summary of Outstanding Stock Options Issued to Employees and Directors

The following is a summary of outstanding stock options issued to employees and directors as of June 30, 2020:

 

    Number
of Options		     Exercise
price per share $		     Average
remaining term
in years		     Aggregate
intrinsic value
at date of
grant $		  
Outstanding January 1, 2020     7,197,024       .40 - .87       4.55       -  
Issued     946,899       .37       7.77       -  
Cancelled/Expired     (625,423 )                        
Outstanding June 30, 2020     7,575,256       .37 - .87       4.38       -  
                                 
Exercisable, June 30, 2020     3,944,901       .40 - .87       3.32          -  
Schedule of Changes in Stockholders' Equity

The following is Changes in Stockholders’ Equity as of June 30, 2019 and June 30, 2020:

 

          Additional              
    Common Stock     paid in     Accumulated        
    Shares     Amount     Capital     (Deficit)     Total  
                               
Balance January 1, 2019     122,770,960     $ 123     $ 41,118,649     $ (41,153,820 )   $ (35,048 )
Exercise of warrants     3,141,454       3       1,884,869               1,884,872  
Issuance of stock for services     173,406       -       181,039       -       181,040  
Equity based compensation     -       -       271,548       -       271,548  
Warrants issued to Management     -       -       758,754       -       758,754  
Issuance of stock for capital raise     4,000,000       4       2,399,996       -       2,400,000  
Warrant modification     -       -       307,460       -       307,460  
Net (loss) for the year     -       -       -       (3,421,178 )     (3,421,178 )
Balance June 30, 2019     130,085,820     $ 130     $ 46,922,315     $ (44,574,998 )   $ 2,347,447  

 

          Additional              
    Common Stock     paid in     Accumulated        
    Shares     Amount     Capital     (Deficit)     Total  
                               
Balance January 1, 2020     130,341,737     $ 130     $ 47,030,716     $ (46,747,122 )   $ 283,724  
Issuance of stock for capital raise, net of offering costs of $27,200     7,650,000       8       3,797,792       -       3,797,800  
Conversion of debt     4,770,030       5       1,333,757       -       1,333,762  
Interest paid in shares     632,251       -       379,350       -       379,350  
Issuance of stock for services     27,601       -       25,000       -       25,000  
Equity based compensation     -       -       194,524       -       194,524  
Warrants issued to management     -       -       167,892       -       167,892  
Warrant Modification     -       -       18,899       -       18,899  
Warrant issued for note extension     -       -       75,184       -       75,184  
Restricted stock issuance     121,527       -       -       -       -  
Net (loss) for the year     -       -       -       (1,922,586 )     (1,922,586 )
Balance June 30, 2020     143,543,146     $ 143     $ 53,023,114     $ (48,669,708 )   $ 4,353,549