Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 8. Related Party Transactions

During the six months ended June 30, 2021, the Company redeemed 17,500 previously awarded stock options nearing expiration from related parties consisting of the Company’s CEO and COO. The redemption eliminated the stock options and resulted in a total of $116,717 in additional compensation expense. During the six months ended June 30, 2021, the Company issued 5,000 shares of common stock, $0.0001 par value per share (The “Common Stock”) to one member of the Board of Directors, for previously awarded stock options at an exercise price of $6,070 cash paid.

During the six months ended June 30, 2020, the Company redeemed 7,500 previously awarded stock options nearing expiration from the Company’s COO. The redemption eliminated the stock options and resulted in a total of $12,864 in additional compensation expense. During the six months ended June 30, 2020, the Company issued 15,000 shares of common stock, $0.0001 par value per share consisting of the CEO and one board member, for previously awarded stock options at an exercise price of $13,215 cash paid.