Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity [Text Block]

11. Stockholders' Equity

During the year ended December 31, 2022, the Company issued 120,923,570 shares of its common stock as follows:

Shares issued upon mergers and acquisitions

During the year ended December 31, 2022, the Company issued 35,559,027 in connection with the reverse acquisition with Live Current Media, Inc. (see Note 2). The Company also issued 3,000,000 shares of common stock for in connection with the acquisition of Guru Experience Co (see Note 3).

Shares issued upon conversion of Preferred Stock

At December 31, 2021, Evasyst had 907,232 shares of preferred stock outstanding. In April 2022, prior to the Merger, all of the outstanding shares of preferred shares were converted into 40,652,380 shares of the Evasyst's common stock.

Shares issued for compensation and other payables

On March 29, 2022, the board of directors of the Evasyst approved shares of common stock to be issued for services to Mark Ollila, CEO of Evasyst. and Justin Weissberg, Chairman of Evasyst, with a fair value of $750,000 and $214,000, respectively. The shares authorized to be issued for compensation on March 29, 2022, were subsequently modified on April 20, 2022, to include vesting terms over a period of eight years. Upon completion of the Merger, all vesting of Evasyst shares were accelerated as consistent with the Company's Stock Plan. Mr. Ollila and Mr. Weissberg's compensation was calculated based upon the number of Live Current shares that each individual received upon the merger multiplied by the trading price of Live Current shares on the date of the board authorized the compensation.

In addition, shares with a fair value of $56,002 were authorized to satisfy an outstanding promissory note and accrued interest totaling $9,450 to Mr. Ollila, $24,768 of accrued wages due to Mr. Ollila, $9,000 accrued wages due to Mr. Weissberg, and $12,784 due for shares issuable for stock options exercised.

In April 2022, prior to the Merger, the Company issued 9,877,750 shares of common stock valued at $1,020,002 to settle the above payables.

Shares issued upon conversion of convertible notes

Prior to the Merger, the balance of Evasyst convertible notes was $3,346,510 and accrued interest was $236,560, and the total of $3,583,070 was converted into 26,212,690 shares of Evasyst common stock.

Shares issued upon exercise of options

At December 31, 2021, Evasyst had options outstanding exercisable into 8,133,012 shares of common stock. In March 2022, 2,511,332 options were exercised for total proceeds of $12,784 (see shares issued for compensation and other payables above). In April 2022, prior to the Merger, the remaining 5,621,723 outstanding options were exercised on a cashless basis.

Common stock to be issued 

At December 31, 2022, the Company has a total of 1,106,639 shares of its common stock valued at $248,994 issuable for the acquisition of assets from PowerSpike (see Note 3).

Stock subscription receivable and related interest receivable

At December 31, 2021, the Company had a stock subscription receivable balance of $87,190 with accrued interest receivable of $8,505. During the year ended December 31, 2022, the Company determined that the receivables will not be collected and recognized a lost for the total of $96,432.