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Equity
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity

Note 6. Equity

 

Common Stock

 

At September 30, 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 September 30, 2022 and December 31, 2021:

 

                   
  

Shares of Common Stock Issuable from

Warrants Outstanding as of

  Weighted    
    

September 30,

    

December 31,

    Average     

Description

   

2022

    

2021

    

Exercise Price

  

Expiration

 
Series F   -    7,246   $3.45   February 23, 2022 
Series G   -    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   11,245,000    11,712,496          

 

No warrants were exercised during the three and nine months ended September 30, 2022.

 

Stock Options

 

The following table summarizes stock option activity for the nine months ended September 30, 2022:

 

                    
   Number of Options 

Weighted

Average

Exercise Price

($)

 

Weighted

Average

Remaining

Contractual Term

 

Aggregate

Intrinsic Value

($)

Outstanding at December 31, 2021   3,139,999    2.17           
Granted   -    -           
Forfeited   (115,000)   2.23           
Outstanding at September 30, 2022   3,024,999    2.17    3.84    - 
Vested and exercisable at September 30, 2022   2,674,999    2.03    3.79 years    - 

 

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 and nine months ended September 30, 2022 and 2021:

 

                    
  

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

   2022  2021  2022  2021
Research and development  $289,997   $224,000   $724,997   $731,438 
General and administrative   -    44,000    5,500    (1,138,601)
Total  $289,997   $268,000   $730,497   $(407,163)