Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 8. Related Party Transactions

During the three months ended March 31, 2021 and 2020, the Company redeemed 5,000 and 0 previously awarded stock options nearing expiration from the Company’s CEO. The redemption eliminated the stock options and resulted in a total of $32,610 and $0 in additional compensation expense in 2021 and 2020, respectively.

During the three months ended March 31, 2021 and 2020, the Company redeemed 3,750 and 3,750 previously awarded stock options nearing expiration from the Company’s COO. The redemption eliminated the stock options and resulted in a total of $24,457 and $3,639 in additional compensation expense in 2021 and 2020, respectively.

During the three months ended March 31, 2021 and 2020, the Company issued 2,500 and 7,500 shares of common stock, $0.0001 par value per share (the “Common Stock”), to related parties consisting of the CEO and one member of the Board of Directors for previously awarded stock options at an exercise price of $3,620 and $6,300, respectively.