STOCKHOLDERS EQUITY

3 Months Ended

Mar. 31, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock converted the preferred shares and the Company issued 1,692,672 shares of common stock.  The Company also paid the holders $787,730 for dividends payable as declared on November 28, 2022. 1,590,672 shares of the 1,692,672 shares of Series D Preferred stock that were converted and $740,261 of the $787,730 of dividends paid related to the estate of John Lawrence, who was a prior President and Chairman of the Company.

On January 26, 2023, in conjunction with its share repurchase plan, the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980.

Common stock warrants

No warrants were issued or exercised during the three months ended March 31, 2023 and 2022.

The following summarizes warrant activity:

	Number of warrants		Exercise prices
Balance outstanding at December 31, 2022 and March 31, 2023		12,346,215	$	0.75

The composition of the Company’s warrants outstanding at March 31, 2023 was as follows:

Number of warrants		Exercise Price		Expiration Date	Remaining life in years
	2,285,715	$	0.46	7/31/2025		2.34
	804,000	$	0.46	1/27/2026		2.83
	7,650,000	$	0.85	8/3/2026		3.35
	1,606,500	$	0.85	2/1/2026		2.84
	12,346,215