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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

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)     -  
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 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       -  
Schedule of Changes in Stockholders' Equity

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