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Stockholders' Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity

Note 10. Stockholders’ Equity

 

During the three months ended March 31, 2021, we issued 250,000 options to purchase our common stock to employees. The exercise price of the options were $0.38-$0.42 per share, with graded vesting over 3 years, and are exercisable for a period of 8 years.

 

The fair value of the options issued ($79,157, in the aggregate) was calculated using the Black-Sholes option pricing model, based on the criteria shown below.

 

Expected life (in years)     8  
Volatility     89.36%-89.37 %
Risk Free interest rate     .72 %
Dividend yield (on common stock)     -  

 

In addition to the 250,000 options granted we cancelled 450,000 options. The total amount of equity-based compensation included in additional paid in capital was an expense charge of $30,165 offset by a recapture of expenses of $64,750, resulting in a net credit against the expense for $34,585 for the three-months ended March 31, 2021.

 

The following is a summary of outstanding stock options issued to employees and directors as of March 31, 2021:

 

    Number
of Options		     Exercise
price per share $		     Average
remaining term
in years		     Aggregate
intrinsic value
at date of
grant $		  
Outstanding January 1, 2021     7,640,959       .34 - .87       3.48       -  
Issued     250,000       .38 - .42       7.83       -  
Cancelled/Expired     (450,000 )                        
Outstanding March 31, 2021     7,440,959       .34 - .87       3.70       -  
                                 
Exercisable, March 31, 2021     6,227,627       .34 - .87       3.40       -  

 

As of March 31, 2021, the Company has $176,923 of total unrecognized share-based compensation expense related to unvested options, which is expected to be amortized over the remaining weighted average period of 1.42 years.

 

The following are changes in stockholders’ equity as of March 31, 2020 and March 31, 2021:

 

          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     4,623,615       5       1,313,757       -       1,313,762  
Interest paid in shares     632,251       -       379,350       -       379,350  
Issuance of stock for services     -       -       12,500       -       12,500  
Equity based compensation     -       -       138,712       -       138,712  
Warrants issued to management     -       -       167,892       -       167,892  
Warrant Modification     -       -       18,899       -       18,899  
Warrant issued for note extension     -       -       75,184       -       75,184  
Net (loss) for the year     -       -       -       (743,066 )     (743,066 )
Balance March 31, 2020     143,247,603     $ 143     $ 52,934,802       (47,490,188 )   $ 5,444,757  

 

          Additional              
    Common Stock     paid in     Accumulated        
    Shares     Amount     Capital     (Deficit)     Total  
                               
Balance January 1, 2021     149,133,372     $ 149     $ 53,223,665     $ (50,899,628 )   $ 2,324,186  
Equity based compensation     -       -       (34,585 )     -       (34,585 )
Net (loss) for the year     -       -       -       (591,519 )     (591,519 )
Balance March 31, 2021     149,133,372     $ 149     $ 53,189,080     $ (51,491,147 )   $ 1,698,082