14. Stockholders' Equity
|9 Months Ended|
Sep. 30, 2020
Note 14 – 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 September 30, 2020 the Company had 40,959,741 shares of common stock issued and outstanding.
During the nine months ended September 30, 2020, 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 paid in cash amounting to $36,000 for the nine months ended September 30, 2020, which the Company intends to issue stock as compensation for services rendered. Expenses incurred but not yet paid in shares as of September 30, 2020 and September 30, 2019 amounted to $86,709 and $35,455, respectively.
During the nine months ended September 30, 2019, the Company had the following transactions pertaining to its common stock:
On August 6, 2019, each member of the Board was granted 30,000 options to purchase shares at $5.70 per share. As of September 30, 2020, there were 210,000 options granted, 210,000 options vested, 0 options unvested, and 210,000 outstanding stock options.
For the nine months ended September 30, 2020 and 2019, the Company’s stock option compensation expenses amounted to $605,150 and $172,900, 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, 2019 to September 30, 2020:
The exercise price for options outstanding and exercisable at September 30, 2020:
No definition available.
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