Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 8. Related Party Transactions

During the nine months ended September 30, 2022, the Company redeemed 22,500 previously awarded stock options nearing expiration from related parties consisting of the Company’s Co-CEO and former COO. The redemptions eliminated the stock options and resulted in a total of $50,090 in additional compensation expense. During the nine months ended September 30, 2022, one Board member and the Company’s former COO purchased 15,000 shares of common stock, $0.0001 par value per share (the “Common Stock”), pursuant to the exercise of previously awarded stock options at their respective exercise prices, for a total of $33,851.

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 Co-CEO and former 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, one Board member purchased 7,500 shares of Common Stock, pursuant to the exercise of previously awarded stock options at their respective exercise prices, for a total of $11,320.