Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 8. Related Party Transactions

During the nine months ended September 30, 2021, the Company redeemed 26,250 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 $116,718 in additional compensation expense. During the nine months ended September 30, 2021, the Company issued 7,500 shares of common stock, $0.0001 par value per share (the “Common Stock”) to one member of the Board of Directors, upon exercise of a previously awarded stock option in exchange for payment of an exercise price of $11,320.

During the nine months ended September 30, 2020, the Company redeemed 11,250 previously awarded stock options nearing expiration from the Company’s COO. The redemption eliminated the stock options and resulted in a total of $8,857 in additional compensation expense. During the nine months ended September 30, 2020, the Company issued 22,500 shares of Common Stock to the CEO and one board member upon exercise of previously awarded stock options in exchange for payment of the exercise price of $19,965.