Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 8. Related Party Transactions

During the six months ended June 30, 2022, the Company redeemed 17,500 previously awarded stock options nearing expiration from related parties consisting of the Company’s Co-CEO and COO.  The redemption eliminated the stock options and resulted in a total of $47,800 in additional compensation expense. During the six months ended June 30, 2022, one Board member purchased 5,000 shares of common stock, $0.0001 par value per share which was then issued to him for previously awarded stock options at an exercise price of $12,725 cash paid.

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 Co-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, one Board member purchased 5,000 shares of Common Stock, which was then issued to him for previously awarded stock options at an exercise price of $6,070 cash paid.