Stock Options and Warrants (Tables)
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12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock options outstanding |
| Stock options outstanding |
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| |
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Options |
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|
Weighted Avg. Exercise Price
|
|
| Options outstanding, December 31, 2020 |
|
|
32,480,601 |
|
|
$ |
0.18 |
|
| Options granted |
|
|
800,000 |
|
|
|
0.03 |
|
| Options exercised |
|
|
– |
|
|
|
– |
|
| Options cancelled |
|
|
(2,200,000 |
) |
|
|
0.30 |
|
| Options outstanding, December 31, 2021 |
|
|
31,080,601 |
|
|
$ |
0.17 |
|
| Options granted |
|
|
– |
|
|
|
– |
|
| Options exercised |
|
|
(250,000 |
) |
|
|
0.08 |
|
| Options cancelled |
|
|
(4,773,000 |
) |
|
|
0.26 |
|
| Options outstanding, December 31, 2022 |
|
|
26,057,601 |
|
|
$ |
0.15 |
|
|
| Schedule of options outstanding by per share price |
| Schedule of options outstanding by per share price |
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Outstanding Options |
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|
Exercisable Options |
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Option
Exercise Price
Per Share |
|
Shares |
|
|
Life
(Years) |
|
|
Weighted
Average
Exercise Price |
|
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
| $0.02 - $0.24 |
|
|
22,055,551 |
|
|
|
5.1 |
|
|
$ |
0.10 |
|
|
|
22,055,551 |
|
|
$ |
0.10 |
|
| $0.25 - $0.49 |
|
|
3,388,552 |
|
|
|
3.6 |
|
|
|
0.36 |
|
|
|
3,388,552 |
|
|
|
0.36 |
|
| $0.50 - $0.99 |
|
|
463,052 |
|
|
|
1.4 |
|
|
|
0.85 |
|
|
|
463,052 |
|
|
|
0.85 |
|
| $1.00 - $2.00 |
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|
150,446 |
|
|
|
0.6 |
|
|
|
1.18 |
|
|
|
150,446 |
|
|
|
1.18 |
|
| |
|
|
26,057,601 |
|
|
|
4.8 |
|
|
$ |
0.15 |
|
|
|
26,057,601 |
|
|
$ |
0.15 |
|
|
| Assumptions used for option valuation |
| Assumptions used for option valuation |
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|
Years Ended |
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| |
|
2022 |
|
|
2021 |
|
| Expected life (years) |
|
|
– |
|
|
|
4.9 |
|
| Risk free interest rate |
|
|
– |
|
|
|
1.3% |
|
| Volatility |
|
|
– |
|
|
|
148% |
|
| Expected dividend yield |
|
|
– |
|
|
|
0% |
|
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| Schedule of warrant activity |
| Schedule of warrant activity |
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|
Warrants |
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|
Weighted Avg. Exercise Price
|
|
| Warrants outstanding, December 31, 2020 |
|
|
8,683,677 |
|
|
$ |
0.11 |
|
| Warrants granted |
|
|
19,307,153 |
|
|
|
0.04 |
|
| Warrants exercised |
|
|
– |
|
|
|
– |
|
| Warrants cancelled |
|
|
(8,013,681 |
) |
|
|
0.10 |
|
| Warrants outstanding, December 31, 2021 |
|
|
19,977,149 |
|
|
$ |
0.04 |
|
| Warrants granted |
|
|
16,426,657 |
|
|
|
0.04 |
|
| Warrants exercised |
|
|
(14,483,825 |
) |
|
|
0.04 |
|
| Warrants cancelled |
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|
(1,605,828 |
) |
|
|
0.04 |
|
| Warrants outstanding, December 31, 2022 |
|
|
20,314,153 |
|
|
$ |
0.04 |
|
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| Schedule of warrants outstanding by per share price |
| Schedule of warrants outstanding by per share price |
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Outstanding Warrants |
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|
Exercisable Warrants |
|
Option
Exercise Price
Per Share |
|
Shares |
|
|
Life
(Years) |
|
|
Weighted
Average
Exercise Price |
|
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
| $0.02 - $0.24 |
|
|
20,244,153 |
|
|
|
1.0 |
|
|
$ |
0.04 |
|
|
|
20,210,820 |
|
|
$ |
0.04 |
|
| $0.25 - $0.49 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| $0.50 - $1.00 |
|
|
70,000 |
|
|
|
1.3 |
|
|
|
0.80 |
|
|
|
70,000 |
|
|
|
0.80 |
|
| $1.00 - $2.00 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| |
|
|
20,314,153 |
|
|
|
1.0 |
|
|
$ |
0.04 |
|
|
|
20,280,820 |
|
|
$ |
0.04 |
|
Year Ending December 31, 2022
| |
· |
In September 2022, pursuant to terms of convertible notes issued, the Company granted warrants to purchase 14,409,995 shares of common stock with an exercise price of $0.04 per share, vesting immediately upon grant and expiring one year from the date of grant. See Note 5 for further discussion. |
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|
| |
· |
In January through December 2022, pursuant to terms of consulting agreements, the Company granted warrants to purchase 2,016,662 shares of common stock with an exercise price of $0.02 to $0.09 per share, vesting up to one month from the date of grant and expiring two to five years from the date of grant. Total fair value of these options at grant date was approximately $127,000 determined using the Black-Scholes Option Pricing model with the following assumptions: life of 2 to 5 years; risk free interest rate of 0.13% to 4.49%; volatility of 193% to 245%; and dividend yield of 0%. During the year ended December 31, 2021, the Company recognized compensation expense of $127,000 based on the fair value of the warrants that vested. |
Year Ending December 31, 2021
| |
· |
In February through December 2021, pursuant to terms of convertible notes issued, the Company granted warrants to purchase 18,907,157 shares of common stock with an exercise price of $0.03 to $0.04 per share, vesting immediately upon grant and expiring one year from the date of grant. See Note 5 for further discussion. |
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· |
In January through December 2021, pursuant to terms of a consulting agreement, the Company granted warrants to purchase 399,996 shares of common stock with an exercise price of $0.02 to $0.05 per share, vesting one month from the date of grant and expiring two years from the date of grant. Total fair value of these options at grant date was approximately $13,000 determined using the Black-Scholes Option Pricing model with the following assumptions: life of 2 years; risk free interest rate of 0.11% to 0.7%; volatility of 204% to 242%; and dividend yield of 0%. During the year ended December 31, 2021, the Company recognized compensation expense of $13,000 based on the fair value of the warrants that vested. |
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