COMMON STOCK, OPTIONS AND WARRANTS

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

COMMON STOCK, OPTIONS AND WARRANTS

7. COMMON STOCK, OPTIONS AND WARRANTS

The Company has authorized 150,000,000 shares of its Common Stock for issuance, of which 78,696,461 were issued and outstanding at each March 31, 2022 and December 31, 2021.

During the three months ended March 31, 2022 and March 31, 2021, there were no warrants issued by the Company. As of March 31, 2022, the Company has one warrant issued and outstanding, this warrant was issued in December 2018 to Preprogen’s designee to purchase up to 15.0 million shares of the Company’s Common Stock, at an exercise price of $0.05 per share. The warrant was exercisable immediately upon issuance, and expires on December 14, 2022.

2007 Incentive and Non-Qualified Stock Option Plan. The fair value of options granted under the Company’s 2007 Incentive and Non-Qualified Stock Option Plan is recorded as compensation expense over the vesting period, or, for performance based awards, the expected service term. The Company did not issue any options during the three months ended March 31, 2022 or 2021. As of March 31, 2022, the Company has no options issued and outstanding.