Note 4 - Common Stock

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

4.

Common Stock.   The shareholders have authorized 100,000,000 shares of voting common shares for issuance.  On September 30, 2019, a total of 48,177,624 shares of common stock were either issued ( 40,216,351 ), reserved for conversion of convertible debt to stock ( 2,078,726 ), issuance to two Company officers as compensation ( 147,095 ), one Company employee ( 6,315 ), held for future issue to prepaid private placement investments ( 300,000 ), held for future compensation issue to a consultant ( 31,520 ), or held for future exercise of nonqualified options ( 3,995,000 ), qualified stock options ( 950,000 ), and warrants ( 452,617 ). The 300,000 share reservation was generated by the receipt of $56,225 for investment in Private Placement Offering 2016 - 2 in November 2017.  The Executed Private Placement Memorandum and Subscription documents were received on July 1, 2019.  The shares have not yet been issued.

In February 2019, the Company issued 200,000 shares of common stock at $0.25 per share to a private placement investor through the 2016 - 3 Private Placement Offering. Also in February 2019, the Company issued 24,000 shares of common stock as payment for the fourth quarter 2018 stock compensation grant for a consultant. On February 26, 2019, the Company issued 100,000 shares to Dr. Stephen T. Chen, Chairman, CEO, President, and CFO (Stephen T. Chen et al Trust), and 12,000 shares to Bernard Cohen, Vice President; both distributions were compensation. On March 26, 2019, the Company issued 115,000 shares of common stock at $0.25 per share representing aggregate payment of a finder’s fee in the amount of $28,750. On April 26, 2019, the Company made the following stock compensation distributions by issuing shares to three employees and one consultant: ( 1 ) Stephen T Chen Trust (Dr. Stephen T. Chen, Chairman, CEO, President, and CFO) - 67,377 shares; ( 2 ) Bernard Cohen – 8,085 shares; ( 3 ) Dr. Celee Spidel – 4,043 shares; and ( 4 ) Lawrence Lin (Consultant) – 16,170. The price per share for this distribution was $0.3710. On July 10, 2019, the Company issued 533,333 Common shares at $.1875 per share pursuant to a private transaction. Also on July 10, 2019, the Company issued 18,819 shares at $.1680 per share to Dr. Stephen T. Chen, Chairman, CEO, President, and CFO (Stephen T. Chen et al Trust). We have not paid any dividends to our common stock shareholders to date, and have no plans to do so in the immediate future.