Quarterly report pursuant to Section 13 or 15(d)

Changes in Stockholders??? Equity

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Changes in Stockholders’ Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Changes in Stockholders’ Equity

Note 16 – Changes in Stockholders’ Equity

 

Common Stock

 

The Company is authorized to issue an aggregate of 300,000,000 shares of common stock with a par value of $0.001. As of September 30, 2022, there were 67,202,907 shares of common stock issued and outstanding.

 

Common Stock Issued on Subscriptions Payable

 

On March 29, 2022, the Company issued 262,066 shares of common stock on a Subscriptions Payable for the December 1, 2021 award of common stock to COR IR for services.

 

Common Stock Issued as a Promissory Note Commitment

 

As disclosed in Note 11 above, the Company paid a commitment fee to AJB Capital of $250,000 in the form of 1,250,000 shares of the Company’s common stock (“Commitment Fee Shares”) in connection with the issuance of the Second AJB Note, which was repaid on September 27, 2022. During the six month period following the six-month anniversary of the closing date, AJB Capital was entitled to be issued additional shares of common stock of the Company to the extent AJB Capital’s sale of the Commitment Fee Shares has resulted in net proceeds in an amount less than the Commitment Fee. As a result, the Company issued an additional 1,341,276 shares of common stock to AJB Capital on September 15, 2022. The fair value of the shares was $134,128, based on the closing price of the Company’s common stock on the date of grant.

 

Amortization of Stock-Based Compensation

 

A total of $123,440 of stock-based compensation expense was recognized from the amortization of options to purchase common stock over their vesting period during the nine months ended September 30, 2022.