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Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

The fair value of the options issued ($177,751, in the aggregate) was calculated using the Black-Sholes option pricing model, based on the criteria shown below.

 

 

Expected life (in years)     5.5-8  
Volatility (based on a comparable company)     88.83%-89.37 %
Risk Free interest rate     1.25%-1.32% %
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, 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    3.23             - 
Issued - Employees   520,000    .43 - .46    7.69    - 
Issued - Directors   148,810    .42    7.8      
Cancelled/Expired   (450,000)               
Outstanding June 30 2021   7,859,769    .34 - .87    3.45    - 
                     
Exercisable, June 30, 2021   6,693,669    .34 - .87    3.10    - 
Schedule of Changes in Stockholders' Equity

The following is Changes in Stockholders’ Equity as of June 30, 2020 and June 30, 2021:

 

 

   Shares   Amount   Capital   (Deficit)   Total 
           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    13,333,757    -    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 

 

           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 
Issuance of stock for capital raise,   16,666,666    17    5,999,983    -    6,000,000 
Conversion of debt and accrued interest   1,489,976    2    685,388    -    685,390 
Interest paid in shares   251,897    -    151,138    -    151,138 
Issuance of stock for services   59,524    -    75,000    -    75,000 
Equity based compensation   -    -    10,284    -    10,284 
                          
Net (loss) for the year   -    -    -    (888,759)   (888,759)
Balance June 30, 2021   167,601,435   $168   $60,145,458    (51,788,387)  $8,357,239