CAPITAL STOCK

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

CAPITAL STOCK

NOTE 10 - CAPITAL STOCK

Common stock

The Company is authorized to issue 300,000,000 shares of common stock, $0.001 par value, with such designations, rights and preferences as may be determined from time to time by the Board of Directors.

As of September 30, 2024 and December 31, 2023, there were 202,044,872 and 198,724,868 shares issued and outstanding, respectively.

During the nine months ended September 30, 2024, the Company sold a total of 4,620,004 shares of common stock to accredited investors for total cash proceeds of $640,000, with 1,000,000 of these shares of common stock not yet issued as of September 30, 2024.

As part of the license agreement disclosed in Note 4, the Company agreed to issue 300,000 restricted shares of common stock with a fair value of $15,000. The shares have not been issued to date, and the fair value is included in subscriptions payable on the Company’s consolidated balance sheet.

During the period ended September 30, 2023, the Company issued a total of 5,231,310 shares of common stock to accredited investors for total cash proceeds of $392,349.

Preferred stock

The Company is authorized to issue 10,000,000 shares of preferred stock, $0.001 par value, with such designations, rights and preferences as may be determined from time to time by the Board of Directors, of which 10,000,000 shares are designated Series A Convertible Preferred.

On June 15, 2014, the Company designated the Series A Convertible Preferred so that each share shall hold with it conversion rights of 100 shares of common stock for every share of Series A Preferred stock held, and that each share of Series A Preferred stock will also hold with it the same number of common share votes prior to conversion as it would if fully converted to be used in voting on any company matter requiring a vote of shareholders. At September 30, 2024 and December 31, 2023, there were 8,957,500 shares issued and outstanding.

Warrants

The following table represents warrant activity during the nine months ended September 30, 2024:

	Number of Options		Weighted Average Exercise Price
Outstanding at December 31, 2023		17,262,656	$	1.50
Granted		-		-
Forfeited, cancelled		-		-
Outstanding at September 30, 2024		17,262,656	$	1.50
Exercisable at September 30, 2024		17,262,656	$	1.50

The warrants had a weighted average remaining life of 3.90 years and no intrinsic value as of September 30, 2024.

Stock Options

The following is a summary of activity of outstanding stock options during the nine months ended September 30, 2024:

			Weighted
			Average
	Number		Exercise
	of Options		Prices
Balance, December 31, 2023		4,650,685	$	0.36
Granted		-		-
Cancelled		-		-
Balance, September 30, 2024		4,650,685	$	0.36
Exercisable, September 30, 2024		4,650,685	$	0.36

The options had a weighted average remaining life of 9.19 years and no intrinsic value as of September 30, 2024.