Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

Note 5. Equity

Common Stock

At March 31, 2022, the Company had 500,000,000 authorized shares of common stock with a par value of $0.00001 per share and 87,352,364 shares of common stock outstanding.

Warrants

The Company has issued warrants to purchase common stock at various exercise prices in connection with loan agreements and private placements. The following table summarizes information about warrants outstanding at March 31, 2022 and December 31, 2020:

	Shares of Common Stock Issuable from Warrants Outstanding as of				Weighted
	March 31,		December 31,		Average
Description	2022		2021		Exercise Price		Expiration
Series F		-		7,246	$	3.45	February 23, 2022 & March 9, 2022
Series G		460,250		460,250	$	2.68	July 21, 2022
Series H		910,000		910,000	$	2.75	October 16, 2022
Series I		10,335,000		10,335,000	$	2.00	November 26, 2025
Total		11,705,250		12,296,912

During the three months ended March 31, 2022, all the Series F Warrants expired unexercised.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2022:

	Number of Options			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($)
Outstanding at December 31, 2020		5,895,570			2.45
Granted		50,000			1.72
Forfeited		(2,805,571	)		2.74
Outstanding at September 30, 2021		3,139,999			2.17
Forfeited		(40,000	)		1.79
Outstanding at March 31, 2022		3,099,999			2.17		4.30		-
Vested and exercisable at March 31, 2022		2,699,999			2.02		4.30		-

The following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Statements of Operations for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Research and development	$	217,500	$	278,815
General and administrative		5,500		(1,153,575	)
Total	$	223,000	$	(874,760	)