Preferred Stock

The Company is authorized to issue 5,000,000 shares of $.0001 par value preferred stock. As of September 30, 2019, and December 31, 2018, no shares of preferred stock had been issued.

Common Stock

The Company is authorized to issue 100,000,000 shares of $.0001 par value common stock.

During the nine months ended September 30, 2019, the Company recorded 171,972 common stock issuable valued at $21,000 based on an employment agreement – related party transaction.

As of August 12, 2019, the Company issued 480,210 restricted common stock to Dr. Edward Jacobs as his compensation from August 1, 2018 to June 30, 2019.

As of September 30, 2019, and December 31, 2018, there were 18,829,109 and 18,371,671 shares of the Company’s common stock issued and outstanding, respectively. In addition, as of September 30, 2019 and December 31, 2018, there were 252,730 shares and 275,502 shares of the Company’s common stock issuable, respectively.

Table of Contents

Warrant

During the year ended December 31, 2018, the Company entered into an agreement with consultant to provide the Company with consulting services in exchange for 2-year warrant to purchase 200,000 shares of common stock with an exercise price of $0.1 per share. The Company recognized a warrant expense of $52,365, as stock-based compensation and additional paid-in capital. The Company determined that the warrants qualify for derivative accounting as a result of the related issuance of the convertible note on in April 2018, which led to no explicit limit to the number of shares to be delivered upon future settlement of the conversion options (see Note 8).

The following table summarizes information relating to outstanding and exercisable stock options as of September 30, 2019:

Warrants Outstanding						Warrants Exercisable
Number of		Contractual life				Number of
Shares		(in years)		Exercise Price		Shares		Exercise Price
	200,000		0.47	$	0.10		200,000	$	0.10

As of September 30, 2019, the aggregate intrinsic value of warrants outstanding was approximately $480 based on the closing market price of $0.1024 on September 30, 2019.