STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 8 – STOCKHOLDERS’ EQUITY

a) Preferred stock

The Company is authorized to issue a total number of 25,000,000 shares of “blank check” preferred stock with a par value of $0.001. As of March 31, 2023, and December 31, 2022, there were no shares of preferred stock issued or outstanding.

b) Common stock

The Company is authorized to issue a total number of 300,000,000 shares of common stock with a par value of $0.001.

As of March 31, 2023, there were 40,768,191 (December 31, 2022 - 40,528,191) shares of common stock issued and outstanding. During the three months ended March 31, 2023, the Company issued 240,000 shares of common stock to Nicholas DeVito as part of the Confidential Settlement Agreement, dated November 18, 2022 (Note 10).

c) Options

On May 18, 2021, the Company’s Board of Directors approved the Marizyme, Inc. Amended and Restated 2021 Stock Incentive Plan (“SIP”). The SIP incorporates stock options issued prior to May 18, 2021. The SIP authorized 5,300,000 options for issuance. On December 27, 2022, the Board of Directors requested that stockholders ratify an amendment to the SIP to increase the maximum number of shares of common stock available for issuance pursuant to awards granted under the SIP by 1,900,000 to 7,200,000, which was approved by the stockholders. As of March 31, 2023, there remains 2,924,057 options available for issuance (December 31, 2022 – 2,924,057).

During the three months ended March 31, 2022, the Company granted Nil (December 31, 2022 – 400,000) share purchase options to directors of the Company.

The summary of option activity for the three months ended March 31, 2023, is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Contractual Life		Total Intrinsic Value
Outstanding at December 31, 2021		3,650,943		$	1.24		8.34
Granted		400,000			2.20
Expired		(62,502	)		1.25
Forfeited		(62,498	)		1.25
Outstanding at December 31, 2022		3,925,943		$	1.33		6.06	$	-
Granted/forfeited		-			-		-		-
Outstanding at March 31, 2023		3,925,943			1.33		5.81
Exercisable at March 31, 2023		3,336,775		$	1.23		5.27	$	-

As of March 31, 2023, the Company had the following options outstanding:

Exercise Price		Number of Options Outstanding		Number of Options Exercisable		Weighted Average Remaining Contractual Years		Intrinsic Value
$	1.01		1,985,943		1,985,943		3.25	$	-
	1.25		540,000		530,832		7.91		-
	1.37		200,000		200,000		7.39		-
	1.75		800,000		440,000		8.66		-
	2.20		400,000		180,000		9.19		-
$	1.33		3,925,943		3,336,775		5.81	$	-

d) Restricted Share Units

During the year ended December 31, 2021, the Company granted restricted share awards for an aggregate of 350,000 shares of common stock to directors, senior officers and consultants of the Company, with underlying performance conditions. As of March 31, 2023, only two out of four performance conditions have been achieved. Compensation cost of $Nil for the restricted share awards was recognized in stock-based compensation for the three months ended March 31, 2023 (March 31, 2022 - $295,750).

e) Warrants

As of March 31, 2023 and December 31, 2022, there were 20,048,487 warrants outstanding, respectively.

	Number			Weighted Average Price
December 31, 2021		12,144,834		$	2.90
Issued pursuant to Unit Purchase Agreement		8,360,147			2.25
Issued		878,398			1.16
Exercised		(300,000	)		0.01
Expired		(113,637	)		3.00
Cancelled pursuant to FINRA		(578,398	)		1.75
Cancelled as part of debt extinguishment		(342,857	)		2.25
December 31, 2022 and March 31, 2023		20,048,487		$	2.64

f) Stock-based compensation

During the three months ended March 31, 2023, the Company recorded $210,966 in non-cash share-based compensation (March 31, 2022 - $716,432).