2014 Stock Awards Plan

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

2014 Stock Awards Plan

NOTE 17 – 2014 STOCK AWARDS PLAN

In November 2014, the board of directors of the Company approved the adoptions of a Stock Awards Plan. A total of 7,000,000 shares was authorized to be issued under the plan. For incentive stock options, at the grant date the stock options exercise price is required to be at least 110% of the fair value of the Company’s common stock. The Plan permits the grants of common stock or options to purchase common stock. As plan administrator, the Board of Directors has sole discretion to set the price of the options. Further, the Board of Directors may amend or terminate the plan.

On March 14, 2018, the Company cancelled all 3,250,000 outstanding stock options under the 2014 Stock Awards Plan, with 1,500,000 of the stock options exchanged for two 10% Convertible Promissory Notes with a six month maturity (see Note 11, “Convertible Promissory Notes”). Consequently, there are 7,000,000 shares available for issuance at December 31, 2019.

A summary of the stock option activity over the years ended December 31, 2019 and 2018 is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2017		3,250,000		$	0.037		3.3 Years	$	56,125
Options Cancelled		(3,250,000	)		—		—		—
Outstanding at December 31, 2018		—			—		—		—
Exercisable at December 31, 2018		—			—		—		—
Outstanding at December 31, 2019		—			—		—		—
Exercisable at December 31, 2019		—			—		—		—

The Company expensed $22,857 of stock option compensation during the year ended December 31, 2018.