11. Stockholder's Equity

6 Months Ended

Jun. 30, 2020

Stockholders' equity:

Stockholder's Equity

During the six month periods ended June 30, 2020 and June 30, 2019, the Company accrued $65,625 and $62,500, respectively, in directors’ fees payable that will be paid in common stock.

During the six months ended June 30, 2020, the Company issued 250,000 shares of common stock to John Lawrence, the Company’s previous president, upon exercise of a warrant.

Warrants

At December 31, 2019, warrants for purchase of 250,000 shares of the Company’s common stock for $0.25 per share were outstanding and have no expiration date. These warrants were owned by the Company’s previous president. The warrants were exercised on March 18, 2020.

Warrants for purchase of 452,041 shares of the Company’s common stock were sold with shares of common stock in 2019.    The warrants have an exercise price of $0.65 per share and expire in 2022.   None have been exercised and all are outstanding at June 30, 2020 and December 31, 2019.