STOCKHOLDERS’ DEFICIT

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

STOCKHOLDERS’ DEFICIT

7. STOCKHOLDERS’ DEFICIT

During the nine months ended September 30, 2022, the Company received $133,157 cash as a result of the exercise of Class R warrants at an exercise price of $0.045, Class R warrants at an exercise price of $0.03, and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 3,660,817 common shares. Of that amount, 2,555,555 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash.

During the nine months ended September 30, 2022, a holder of Preferred D stock, converted 60 shares of their Preferred D shares into 2,000,000 common shares. There was no cash received by the Company as a result of this transaction.

During the nine months ended September 30, 2022, the Company received cash of $30,000 in subscription payable for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. Upon closing, the Company will issue 3,000,000 common shares.

During the year ended December 31, 2021, the Company received $347,414 cash as a result of the exercise of Class S and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 11,580,467 common shares. Of that amount, 7,458,303 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash. The Company received an additional $40,000 for the exercise of Class T warrants which are included in stock subscription payable at September 30, 2022 and December 31, 2021. Once the exercise is complete, the Company will issue 1,333,333 common shares for the exercise.

At September 30, 2022 and 2021, the following warrants were outstanding:

	Number of warrants			Weighted average exercise price		Weighted average term remaining (years)
Balance, December 31, 2020		37,241,694		$	0.036		1.66
Exercised		(7,458,303	)		0.03
Expired		(3,333,333	)		0.045
Balance, September 30, 2021		26,450,058			0.037		2.02
Balance, December 31, 2021		22,327,894			0.038		1.84
Exercised		(3,660,817	)		0.036
Balance, September 30, 2022		18,667,077		$	0.032		1.16

At September 30, 2022 and 2021, the following options were outstanding:

	Number of options			Weighted average exercise price		Weighted average term remaining (years)
Balance, December 31, 2020		1,075,000		$	0.06		5.24
Expired		(25,000	)		0.21
Balance, September 30, 2021		1,050,000			0.05		4.60
Balance, December 31, 2021		1,050,000			0.05		4.35
Balance, September 30, 2022		1,050,000		$	0.05		3.60