|6 Months Ended|
Jun. 30, 2023
|Stockholders' Equity Note [Abstract]|
Note 6. Stockholders’ Equity
The Company has 45,000,000 Common shares and 900,000 Series A convertible preferred shares authorized with a par value of $0.001 per share.
Issuance of Shares for Vested Restricted Stock Units
Between January 10, 2023 and January 26, 2023, the Company issued a total of 11,332 shares of common stock to holders of fully vested restricted stock units.
Between June 5, 2023 and June 16, 2023, the Company issued a total of 216,667 shares of common stock to holders of fully vested restricted stock units.
Issuance of Shares as Settlement of Accounts Payable
On May 24, 2023, the Company issued 102,096 shares of common stock in full settlement of $26,545 of accounts payable. The shares had a fair value of $0.26 per share.
On June 22, 2023, the Company issued 48,948 shares of common stock in full settlement of $17,621 of accounts payable. The shares had a fair value of $0.36 per share.
Issuance of Shares under Common Stock Purchase Agreement
On June 1, 2023, the Company issued 300,000 shares of common stock for net proceeds of $127,053 under its common stock purchase agreement dated June 28, 2022.
On June 22, 2023, the Company issued 300,000 shares of common stock for net proceeds of $134,634 under its common stock purchase agreement dated June 28, 2022.
Issuance of Shares for the Exercise of Warrants
On June 15, 2023, the Company issued 228,568 shares of common stock in a cashless exchange for 823,078 warrants to purchase shares of common stock at $0.65 per share.
During May 2020, the Company received $515,000 of a committed $565,000 from the sale of 135,527 shares of common stock (at a price of $3.80 per share) and warrants to purchase 169,409 shares of common stock, at an exercise price of $4.00 per share. As of June 30, 2023, $415,000 worth of the shares and warrants have been issued. The remaining $125,000 received by the Company is included in equity financing within current liabilities on the consolidated balance sheet.
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 six months ended June 30, 2023 were:
The Company has classified the warrant as having Level 2 inputs, and has used the Black-Scholes option-pricing model to value the warrants.
The Company’s outstanding warrants and options at June 30, 2023 are as follows:
As of June 30, 2023 and December 31, 2022, the total unrecognized expense for unvested stock options and restricted stock awards was approximately $148,240 and $222,000, respectively, to be recognized over a twelve month period from the original grant dates.
Stock-based compensation expense for three and six months ended June 30, 2023 and 2022 was as follows:
Stock-based compensation expense categorized by the equity components for three and six months ended June 30, 2023 and 2022 was as follows:
The entire disclosure for equity.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef