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	)