Capital Stock

3 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Capital Stock

NOTE 8 – CAPITAL STOCK

During the three month period ended June 30, 2019, we issued 1,256,833 shares of common stock as follows:

● 898,550 shares were sold to investors for $1,797,100

● 127,291 shares were issued for the conversion of Convertible Promissory Notes valued at $318,226

● 63,492 shares were issued for services valued at $200,000

● 167,500 shares valued at $333,250 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation

In December of 2018, we entered into a placement agreement to secure equity capital from qualified investors to provide funds to our operations. The offering consisted of Units priced at $2.00, which included one share of common stock and one five-year warrant to purchase an additional half-share of common stock for an exercise price of $2.40 per share. Effectively, every two units purchased provided the investor with a five-year warrant at an exercise price of $2.40 per share. Units sold under this agreement totaled 898,550 shares of common stock and 449,275 warrants for $1,797,100 for the three month period ended June 30, 2019.

For services provided under the placement agreements, the placement agent collected a 12% cash fee on the sale of every Unit and a fee payable in warrants equaling 12% of the total Units sold. These warrants have a term of five years and an exercise price of $2.00 per share. The cash fee totaled $164,567 for the three month period ended June 30, 2019, including reimbursed expenses.

At June 30, 2019, outstanding and exercisable stock purchase warrants consisted of the following:

	Number of Shares		Weighted Averaged Exercise Price		Weighted Average Life Remaining (Years)
Outstanding at March 31, 2019	$	8,143,115	$	2.09		4.35
Granted		503,101		2.36		4.80
Exercised		-		-		-
Forfeited or cancelled		-		-		-
Outstanding at June 30, 2019		8,646,216	$	2.11		4.13
Exercisable at June 30, 2019		8,646,216	$	2.11		4.13

As of June 30, 2019, we had 8,646,216 warrants outstanding. Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase an aggregate of 349,060 shares of Common Stock at an average price of $2.50 per share until March 2020; (2) warrants to purchase 966,494 shares of Common Stock at an exercise price of $1.65 per share until April 2025; (3) warrants to purchase 4,601,639 shares of our Common Stock at an exercise price of $2.00 per share over the next three to five years; and (4) warrants to purchase 2,729,023 shares of Common Stock at an exercise price of $2.40 over the next five years.