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Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 7. Stockholders’ Equity

Authorized Shares

The Company has 45,000,000 common shares authorized with a par value of $0.001 per share.

Common Stock

On January 8, 2020, the Company issued 50,000 shares of common stock to a former employee per the terms of a settlement agreement. 

On January 17, 2020, the Company issued 5,264 shares of common stock to a holder of its Series A Convertible Preferred Stock upon the conversion of 2,000 of such shares of Series A Convertible Preferred Stock.

On February 5, 2020, the Company issued 13,158 shares of common stock to a holder of its Series A Convertible Preferred Stock upon the conversion of 5,000 of such shares of Series A Convertible Preferred Stock. 

On February 21, 2020, the Company issued an aggregate of 100,000 shares of common stock to a holder of its Series A Convertible Preferred Stock upon the conversion of 38,000 of such shares of Series A Convertible Preferred Stock.

On February 22, 2020, the Company issued an aggregate of 39,474 shares of common stock to two holders of its Series A Convertible Preferred Stock upon the conversion of 15,000 of such shares of Series A Convertible Preferred Stock.

On February 26, 2020, the Company issued 19,737 shares of common stock to a holder of its Series A Convertible Preferred Stock upon the conversion of 7,500 of such shares of Series A Convertible Preferred Stock.

On March 12, 2020, the Company issued 16,667 shares of common stock to an employee pursuant to a vesting schedule.

Stock Incentive Plan 

The number of shares of the Company’s common stock that are issuable pursuant to warrant and stock option grants with time-based vesting as of and for the three months ended March 31, 2020 were:

		Warrant Grants								Stock Option Grants								Restricted Stock Units
		Number of shares subject to warrants				Weighted-average exercise price per share				Number of shares subject to options				Weighted-average exercise price per share				Number of shares subject to restricted stock units				Weighted-average exercise price per share
Balance at December 31, 2019			1,311,916			$	9.35				338,595			$	5.96				630,303			$	-
Granted			-				-				-				-				395,000				-
Exercised			-				-				-				-				-				-
Cancelled/Forfeited			-				-				-				-				(250,000	)			-
Balance at March 31, 2020			1,311,916			$	9.35				338,595			$	5.96				775,303			$	-
Exercisable at March 31, 2020			1,311,916			$	9.35				338,595			$	5.96				41,667			$	-

As of March 31, 2020 and December 31, 2019, the total unrecognized expense for unvested stock options and restricted stock awards, net of actual forfeitures, was approximately $1.9 million and $3.2 million, respectively, to be recognized over a one-year period for restricted stock awards and one year for option grants from the date of grant. 

Stock-based compensation expense for the three months ended March 31, 2020 and 2019 was as follows:

		For the three months ended
		March 31,
		2020				2019
Stock-based compensation expense		$	367,600			$	5,629,833

Stock-based compensation expense categorized by the equity components for the three months ended March 31, 2020 and 2019 was as follows:

		For the three months ended
		March 31,
		2020				2019
Common stock		$	367,600			$	257,885
Stock option awards			-				49,018
Transfer of common stock by founders to contractors			-				5,322,930
Total		$	367,600			$	5,629,833

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- References

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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