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STOCKHOLDERS’ EQUITY (Deficit)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY (Deficit)

NOTE 7 — STOCKHOLDERS’ EQUITY (Deficit)

 

Issuance of Common Stock

 

During the three months ended March 31, 2022, the Company issued 850 shares of common stock to an investor for cash proceeds of $5,100 with a fair value of $6.00 per share.

 

During the three months ended March 31, 2022, the Company issued 24,390 shares of common stock to a consultant for services rendered in lieu of cash for an aggregate compensation charge of $150,000, of which $37,500 was expensed during the three months ended March 31, 2022, in the unaudited condensed consolidated statement of operations. In addition, $60,000 was expensed as stock compensation related to shares to be issued to advisors.

 

During the three months ended March 31, 2023, the Company issued no shares of common stock.

 

Warrants

 

The issuance of warrants to purchase shares of the Company’s common stock are summarized as follows:

 

          
   Number of
warrants		  

Weighted Average

Exercise Price

 
Outstanding December 31, 2022   2,662,250   $4.15 
Issued   -    - 
Exercised   -    - 
Expired or cancelled   -    - 
Outstanding March 31, 2023   2,662,250   $4.15 

 

The following table summarizes information about warrants to purchase shares of the Company’s common stock outstanding and exercisable at March 31, 2023:

 

                      
Exercise Price   Outstanding
Number of
Warrants		   Weighted Average
Remaining Life
In Years		   Weighted Average
Exercise Price		   Exercisable
Number of
Warrants		 
$4.15    2,315,000    2.5   $4.15    2,135,000 
$4.15    347,250    2.5    4.15    347,250 
      2,662,250    2.75   $4.15    2,662,250 

 

The compensation expense attributed to the issuance of the warrants, if required to be recognized on the nature of the transaction, was recognized as they vested/earned. These warrants are exercisable up to three years from the date of grant. All are currently exercisable.