CAPITAL STOCK

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

CAPITAL STOCK

4. 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 120,937,442 common shares and no preferred shares. During the three months ended June 30, 2022, the Company issued 70,302,906 shares of common stock pursuant to debt conversion agreements with LSG and certain related party creditors in the aggregate amount of $2,601,207.

(Unaudited)

Options

Summary of option activity in the current six-month period and options outstanding (all fully vested) at June 30, 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 June 30, 2022		-			-	$	-

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