SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS Below are events that have occurred since June 30, 2021: Chief Executive Officer Effective October 15, 2019 (though executed October 17, 2019), the Company and Charles L. Schneider, Jr., the then CEO of our wholly-owned subsidiary, KonaTel Nevada, and the President and CEO of our wholly-owned subsidiary, Infiniti Mobile, executed and delivered a Severance Agreement and Release (the “Severance Agreement”). In connection with the execution and delivery of the Severance Agreement, the parties also executed and delivered an Amended Incentive Stock Option Agreement, among other agreements, that included a customary “cashless” exercise feature for the 500,000 vested incentive stock options that had been previously granted to Mr. Schneider, and voiding the remainder of 1,000,000 unvested incentive stock options he had been granted. Effective June 29, 2021, Mr. Schneider exercised 98,116 of these incentive stock options on a cashless basis, and was issued 75,000 shares of our common stock on August 5, 2021. A Lock-Up/Leak-Out Agreement (the “LULO Agreement”) that was also executed and delivered by the Company and Mr. Schneider with the Severance Agreement was waived by the Company for the 75,000 shares received by him, with the LULO Agreement continuing to be effective for any other shares of common stock received by Mr. Schneider under any exercise of his remaining incentive stock options (401,884). The Severance Agreement is Exhibit 10.1 to the Company’s 10-K Annual Report for the year ended December 31, 2020, filed with the SEC on April 6, 2021, and which can be assessed by Hyperlink in Part II, Item 6 of this Quarterly Report. Charles D. Griffin Effective as of July 6, 2021, the Company entered into a six month Amended Consulting Agreement with Impact Telecom Holdings, Inc., dba SessionIP, to provide certain operational consulting services as requested by the Company. As part of that agreement, the Company granted to the owner and sole provider of these services, Charles D. Griffin, incentive stock options under an Amended Incentive Stock Option Agreement effective as of July 6, 2021, in the amount of 1,100,000 shares, at an exercise price of $0.75 per share or the closing public trading price and fair market value of the Company’s common stock on that date. The Amended Incentive Stock Option Agreement is subject to a condition precedent to the effect that if Mr. Griffin and the Company do not enter into an employment agreement wherein Mr. Griffin will join the Company as a full-time employee on or before January 7, 2022, the Amended Incentive Stock Option Agreement will immediately expire and be null and void. In connection with the granting of these incentive stock options, the Board of Directors of the Company also voted to increase the number of reserved shares for issuance under its Incentive Stock Option plan from 5,000,000 shares to 6,000,000 shares. The Company also granted a quarterly director 25,000 share Incentive Stock Option to Jeffrey Pearl on July 28, 2021, at an exercise price of $0.813, fully vested. The exercise price was based upon 110% of the fair market value or closing public trading price of the Company’s common stock on the date of grant.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2021

NOTE 9 – SUBSEQUENT EVENTS

Below are events that have occurred since June 30, 2021:

Chief Executive Officer

Effective October 15, 2019 (though executed October 17, 2019), the Company and Charles L. Schneider, Jr., the then CEO of our wholly-owned subsidiary, KonaTel Nevada, and the President and CEO of our wholly-owned subsidiary, Infiniti Mobile, executed and delivered a Severance Agreement and Release (the “Severance Agreement”). In connection with the execution and delivery of the Severance Agreement, the parties also executed and delivered an Amended Incentive Stock Option Agreement, among other agreements, that included a customary “cashless” exercise feature for the 500,000 vested incentive stock options that had been previously granted to Mr. Schneider, and voiding the remainder of 1,000,000 unvested incentive stock options he had been granted. Effective June 29, 2021, Mr. Schneider exercised 98,116 of these incentive stock options on a cashless basis, and was issued 75,000 shares of our common stock on August 5, 2021. A Lock-Up/Leak-Out Agreement (the “LULO Agreement”) that was also executed and delivered by the Company and Mr. Schneider with the Severance Agreement was waived by the Company for the 75,000 shares received by him, with the LULO Agreement continuing to be effective for any other shares of common stock received by Mr. Schneider under any exercise of his remaining incentive stock options (401,884). The Severance Agreement is Exhibit 10.1 to the Company’s 10-K Annual Report for the year ended December 31, 2020, filed with the SEC on April 6, 2021, and which can be assessed by Hyperlink in Part II, Item 6 of this Quarterly Report.

Charles D. Griffin

Effective as of July 6, 2021, the Company entered into a six month Amended Consulting Agreement with Impact Telecom Holdings, Inc., dba SessionIP, to provide certain operational consulting services as requested by the Company. As part of that agreement, the Company granted to the owner and sole provider of these services, Charles D. Griffin, incentive stock options under an Amended Incentive Stock Option Agreement effective as of July 6, 2021, in the amount of 1,100,000 shares, at an exercise price of $0.75 per share or the closing public trading price and fair market value of the Company’s common stock on that date. The Amended Incentive Stock Option Agreement is subject to a condition precedent to the effect that if Mr. Griffin and the Company do not enter into an employment agreement wherein Mr. Griffin will join the Company as a full-time employee on or before January 7, 2022, the Amended Incentive Stock Option Agreement will immediately expire and be null and void. In connection with the granting of these incentive stock options, the Board of Directors of the Company also voted to increase the number of reserved shares for issuance under its Incentive Stock Option plan from 5,000,000 shares to 6,000,000 shares.

The Company also granted a quarterly director 25,000 share Incentive Stock Option to Jeffrey Pearl on July 28, 2021, at an exercise price of $0.813, fully vested. The exercise price was based upon 110% of the fair market value or closing public trading price of the Company’s common stock on the date of grant.