CAPITAL STOCK

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

CAPITAL STOCK

5. CAPITAL STOCK

Capitalization

The authorized capital of the Company is 500,000,000 shares of capital stock, divided into 480,000,000 shares of common stock with a par value of $0.001 per share, and 20,000,000 shares of preferred stock with a par value of $0.001 per share. The Company reserved 10,000,000 shares of common stock for issuance under its 2016 Omnibus Equity Incentive Plan. The Company has issued 50,634,536 common shares and no preferred shares. During the three months ended March 31, 2021, the Company issued 28,571 shares of its common stock on the cashless conversion of 50,000 options.

1,000,000 shares of Series A Convertible Preferred Stock are to be issued to Sapir, as consideration for the Assets. Sapir has the right to convert each preferred share to 450 shares of common stock. Each preferred share votes as 450 shares per one share of common stock.

Options

Summary of option activity in the current three month period and options outstanding (all fully vested) at March 31, 2022:

	Options Outstanding			Weighted Average Life Remaining (Years)		Intrinsic Value
Balance December 31, 2021		9,950,000			0.20	$	348,250
Expired		(9,950,000	)
Balance March 31, 2022		-			-	$	-

All 9,950,000 options issued and outstanding expired on February 22, 2022.