Shareholders' Deficit

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' DEFICIT

NOTE 5 – SHAREHOLDERS’ DEFICIT

Common Stock

Common Stock issued on conversion of notes payable

On December 21, 2019 a promissory note payable totaling $192,080 was exchanged as consideration for exercising a stock option for 4,500,000 restricted common shares at a Board approved reduced exercise price of $0.0426, which was the market price on exercise.

Option Grants 

Option Grants

The Company recorded no compensation expense for the nine months ended September 30, 2020 and 2019. As of September 30, 2020, there was $0 in unrecognized compensation expense.

During the nine months ended September 30, 2020, the Company did not grant any options, 826,223 options expired, and none were cancelled. In addition, 2,750,000 options were exercised at the reduced price of $0.023 per share based upon market conditions. Of the options exercised 2,250,000 were modified as to exercise date resulting in a loss on modification of $63,000.

The following tables summarize information about stock options outstanding and exercisable:  

	Options Outstanding and Exercisable at September 30, 2020
Range of Exercise Prices	Number  Exercisable		Weighted  Remaining  Contractual  Life	Weighted  Average  Exercise  Price		Aggregate  Intrinsic Value (1)
$0.40 to $0.60		250,000	.04 years	$	0.60	$	—
$0.61 to $1.00		9,000,000	.04 years	$	0.66	$	—
$1.01 to $1.50		13,000,000	.06 years	$	1.25	$	—
$1.51 to $2.25		2,250,000	.51 years	$	1.93	$	—
$0.40 to $2.25		24,500,000	.09 years	$	1.07	$	—

(1) The aggregate intrinsic value in the table represents the difference between the closing stock price on September 30, 2020 and December 31, 2019, and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on September 30, 2020 and December 31, 2019.

Common Stock Purchase Warrants

For warrants granted to non-employees in exchange for services, the Company recorded the fair value of the equity instrument using the Black-Scholes pricing model unless the value of the services is more reliably measurable.

The Company did not grant any warrants during the nine months ended September 30, 2020, 1,882,290 warrants were exercised, 2,732,720 expired, and none were cancelled. The 1,882,290 warrants were exercised at the reduced price of $0.023 per share and modified as to exercise date resulting in a loss on modification of $52,722. At September 30, 2020 there were 307,500 more warrants outstanding

 The aggregate intrinsic value of the outstanding and exercisable warrants at September 30, 2020, was $0. The intrinsic value is the difference between the closing stock price on September 30, 2020 and the exercise price, multiplied by the number of in-the-money warrants had all warrant holders exercised their warrants on September 30, 2020.