Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity (Deficit)

Note 8 – Stockholders’ Equity (Deficit)

The Company’s authorized capital stock consists of 100,000,000 shares, of which 80,000,000 are for shares of common stock, par value $0.0001 per share, and 20,000,000 are for shares of preferred stock, par value $0.0001 per share, of which 50,000 have been designated as Series A Cumulative Convertible Preferred Stock.

As of September 30, 2018 and December 31, 2017, there were 68,535,036 shares of common stock issued and outstanding. Each share of the common stock entitles its holder to one vote on each matter submitted to the shareholders.

Stock Options

The following is a summary of the Company’s option activity:

	Options			Weighted Average Exercise Price
Outstanding – December 31, 2017		4,043,000		$	0.58
Exercisable – December 31, 2017		3,328,000		$	0.57
Granted		-		$	-
Exercised		-		$	-
Forfeited/Cancelled		(300,000	)	$	-
Outstanding – September 30, 2018		3,743,000		$	0.59
Exercisable – September 30, 2018		3,278,000		$	0.59

Options Outstanding								Options Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.40 – 1.50		3,743,000		1.51 years	$	0.59		3,278,000	$	0.59

At September 30, 2018, the total intrinsic value of options outstanding and exercisable was $0 and $0, respectively.

The Company recognized an aggregate of $49,386 and $274,500 in compensation expense during the nine months ended September 30, 2018 and 2017, respectively, related to option awards. At September 30, 2018, unrecognized stock-based compensation was $55,670.

Stock Warrants

The following is a summary of the Company’s warrant activity:

	Warrants		Weighted Average Exercise Price
Outstanding – December 31, 2017		16,666,667	$	0.15
Exercisable – December 31, 2017		16,666,667	$	0.15
Granted		-	$	-
Exercised		-	$	-
Forfeited/Cancelled		-	$	-
Outstanding – September 30, 2018		16,666,667	$	0.15
Exercisable – September 30, 2018		16,666,667	$	0.15

Warrants Outstanding								Warrants Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.15		16,666,667		3.17 years	$	0.15		16,666,667	$	0.15

At September 30, 2018, the total intrinsic value of warrants outstanding and exercisable was $0.

There were no new options or warrants granted during the nine months ended September 30, 2018.