11. Stockholders' Equity
|3 Months Ended|
Mar. 31, 2021
Note 11 – Stockholders’ Equity
Upon formation, the total number of shares of all classes of stock that the Company is authorized to issue is seventy-five million (75,000,000) shares of common stock, par value $0.001 per share.
As of March 31, 2021 the Company had 40,959,741 shares of common stock issued and outstanding.
During the three months ended March 31, 2021, the Company did not issue common stock.
Shares to be issued for compensation
The Company entered into agreements with third party consultants for financing and management consultation. The Company has incurred consulting service fees not paid in cash amounting to $12,000 for the period ended March 31, 2021, which the Company intends to issue stock as compensation for services rendered. Expenses incurred but not yet paid in shares as of March 31, 2021 and 2020 amounted to $110,709 and $62,709, respectively.
On January 4, 2021, each member of the Board was granted 15,000 options to purchase shares at $3.00 per share.
On August 6, 2019, each member of the Board was granted 30,000 options to purchase shares at $5.70 per share.
As of March 31, 2021, there were 315,000 options granted, 236,250 options vested, 0 options unvested, and 315,000 outstanding stock options.
For the three months ended March 31, 2021 and 2020, the Company’s stock option compensation expenses amounted to $259,350 and $106,838, respectively.
The fair value of the warrants listed above was determined using the Black-Scholes option pricing model with the following assumptions:
The following is a summary of options activity from December 31, 2020 to March 31, 2021:
The exercise price for options outstanding and exercisable at March 31, 2021:
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef