10. Stockholder's Equity

3 Months Ended

Mar. 31, 2021

Stockholders' equity:

Stockholder's Equity

During the three month period ended March 31, 2021, the Company sold shares of its common stock in two separate transactions: on February 3, 2021, 15,300,000 shares were sold at $0.70 for gross proceeds of $10,710,000; and on February 18, 2021, 10,990,000 shares were sold at $1.30 for gross proceeds of $14,287,000. A total of $1,654,820 of issuance costs were incurred on these sales.

During the three month period ended March 31, 2021 and March 31, 2020, the Company accrued $28,125 and $28,125, respectively, in directors’ fees payable that will be paid in common stock.

During the three month period ended March 31, 2021, the Company issued 3,723,810 shares of common stock and received $1,763,619 in cash from the exercise of warrants. During the three month period ended March 31, 2020, warrants for purchase of 250,000 shares of the Company’s common stock for $0.25 per share were exercised by the Company’s previous President and Chairman, John Lawrence. The warrants were exercised in exchange for a reduction of $62,500 in an amount payable to Mr. Lawrence.

Warrants

Transactions in common stock purchase warrants for the three month period ended March 31, 2021 and the year ended December 31, 2020 are as follows:

	Number of Warrants			Exercise Prices
Balance December 31, 2019		702,041		$	0.25 - $0.65
Issued		5,742,858		$	0.46
Exercised		(250,000	)	$	0.25
Balance December 31, 2020		6,194,899		$	0.46 - $0.65
Issued		-
Exercised		(3,723,810	)	$	0.46 - $0.65
Balance March 31, 2021		2,471,089		$	0.46 - $0.65

These warrants expire as follows:

Shares		Exercise Price		Expiration  Date
	185,374	$	0.65		2022
	2,285,715	$	0.46		2025
	2,471,089