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STOCKHOLDERS’ EQUITY (Deficit)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY (Deficit)

NOTE 7 — STOCKHOLDERS’ EQUITY (Deficit)

 

Issuance of Common Stock

 

During the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2022, in the unaudited condensed consolidated statement of operations and comprehensive loss. In addition, $231,600 was expensed as stock compensation related to shares not yet issued in the unaudited condensed consolidated statement of operations and comprehensive loss.

 

During the six months ended June 30, 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 June 30, 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 June 30 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       2.25     $ 4.15       2,135,000  
$ 4.15       347,250       2.25       4.15       347,250  
          2,662,250       2.25     $ 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.