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Stockholders' Equity (Tables)
 9 Months Ended
Sep. 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-Scholes 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 September 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     1,069,358       .37       7.77       -  
Cancelled/Expired     (625,423 )                        
Outstanding September 30, 2020     7,640,959       .37 - .87       4.38       -  
                                 
Exercisable, September 30, 2020     5,308,480       .40 - .87       3.32       -  
Schedule of Changes in Stockholders' Equity

The following is Changes in Stockholders’ Equity as of September 30, 2019 and September 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     3,196,180       3       1,884,869               1,884,872  
Issuance of stock for services     374,597       -       321,914       -       321,914  
Equity based compensation     -       -       338,732       -       338,732  
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     -       -       -       (3,949,878 )     (3,949,878 )
Balance September 30, 2019     130,341,737     $ 130     $ 47,130,374     $ (45,103,698 )   $ 2,026,806  

 

                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     12,955,725       8       3,797,792       -       3,797,800  
Conversion of debt     4,778,643       5       1,333,757       -       1,333,762  
Interest paid in shares     632,251       -       379,350       -       379,350  
Issuance of stock for services     263,946       -       105,000       -       105,000  
Equity based compensation     -       -       240,216       -       240,216  
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     -       -       -       (2,800,843 )     (2,800,843 )
Balance September 30, 2020     149,093,829     $ 143     $ 53,148,806     $ (49,547,965 )   $ 3,600,984