Quarterly report pursuant to Section 13 or 15(d)

EQUITY

v3.22.1
EQUITY
 3 Months Ended
Mar. 31, 2022
EQUITY  
Note 5 - Equity

NOTE 5 - EQUITY

 

Preferred shares

 

The Company has authorized 6,250,000 shares of preferred stock with a par value of $0.001 per share.

 

During the three months ended March 31, 2022, there were no issuances of preferred stock.

 

Common Shares

 

The Company has authorized 750,000,000 shares of common stock with a par value of $0.001 per share. Each share of common stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought.

 

Warrants

 

A summary of activity during the three months ended March 31, 2022, follows:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

Number of

 

 

Average

 

 

Average

 

 

 

shares

 

 

Exercise Price

 

 

Life (years)

 

Outstanding, December 31, 2021

 

 

 4,433,412

 

 

 $ 4.63

 

 

 

 2.83

 

Forfeited

 

 

 -

 

 

 

 -

 

 

 

 -

 

Exercised

 

 

 -

 

 

 

 -

 

 

 

 -

 

Outstanding, March 31, 2022

 

 

 4,433,412

 

 

 $ 4.63

 

 

 

 2.58

 

 

The intrinsic value of the warrants as of March 31, 2022, is $0. All of the outstanding warrants are exercisable as of March 31, 2022.

Stock Options

 

Amended and Restated 2018 Equity Incentive Plan

 

On February 15, 2022, 257,652 shares of common stock were returned to the option pool and on February 18, 2022, the number of shares of Common Stock reserved for issuance under the 2018 Plan increased by 2,115,051 shares to a total of 4,586,554 shares available to be issued.

 

During the three months ended March 31, 2022, the Company recognized stock-based compensation expense of $624, of which $563 was for related parties, and as of March 31, 2022, $3,564 remains unamortized, of which $2,853 is for related parties. The intrinsic value of the 4,751,332 options outstanding as of March 31, 2022, is $0.

 

The following is a summary of stock option activity during the three months ended March 31, 2022:

 

 

 

Options Outstanding

 

 

Weighted Average

 

 

 

Number of

 

 

Weighted

Average

 

 

Remaining

life

 

 

 

Options

 

 

Exercise Price

 

 

(years)

 

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2021

 

 

 5,008,984

 

 

 $ 1.63

 

 

 

 9.36

 

Granted

 

 

 -

 

 

 

 -

 

 

 

 -

 

Exercised

 

 

 -

 

 

 

 -

 

 

 

 -

 

Forfeited/canceled

 

 

 (257,652 )

 

 

 1.29

 

 

 

 9.54

 

Outstanding, March 31, 2022

 

 

 4,751,332

 

 

 $ 1.65

 

 

 

 9.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable options, March 31, 2022

 

 

 1,279,584

 

 

 $ 2.68

 

 

 

 8.46