STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 8 – STOCKHOLDERS’ EQUITY

The Company is authorized to issue 300,000,000 shares of Common Stock, and 50,000,000 shares of Preferred Stock.

Preferred stock

As at March 31, 2023, no preferred shares have been designated nor issued.

Common stock

As at January 1, 2022, and at March 31, 2022 the Company had 110,840,998 shares of common stock issued and outstanding.

As at January 1, 2023 there were 123,252,235 shares of common stock issued and outstanding.

On January 4, 2023 the Company issued 93,750 shares of Common Stock against $30,000, or $0.32/share, shown as stock subscription in the December 31, 2022 stockholders’ equity statement.

On February 10, 2023 the Company issued 156,250 shares of Common Stock against $50,000, or $0.32/share

As at March 31, 2023, the Company has 123,502,235 shares of common stock issued and outstanding.

Common Stock Warrants

For the 3 months ended March 31, 2023 the Company did not issue any Warrants. For the 3 months ended March 31, 2022, in connection with the issuance of the convertible notes, the Company issued 264,060 5-year warrants exercisable at $0.25/share, valued at $0.16, based on Black and Scholes Option Pricing Model, for a total value of $42,250.

The fair value of stock warrants granted for the 3 months ended March 31, 2022 was calculated with the following assumptions:

	March 31, 2022
Risk-free interest rate		1.53	%
Expected dividend yield		0	%
Volatility factor (monthly)		169.27	%
Expected life of warrant		5 years

The following table summarizes the Company’s common stock warrant activity for the 3 months ended March 31, 2023 and 2022:

	Number of Warrants*		Weighted Average Exercise Price		Weighted- Average Remaining Expected Term
Outstanding as at January 1, 2022		272,000	$	2.00		2.9
Granted		264,030		0.26		5.0
Exercised		—		—		—
Forfeited/Canceled		—		—		—
Outstanding as at March 31, 2022		536,030		1.14		3.7
Outstanding as at January 1, 2023		542,030	$	0.42		4.1
Granted		—		—		—
Exercised		—		—		—
Forfeited/Canceled		—		—		—
Outstanding as at March 31, 2023		542,030	$	1.14		3.8

* The warrant agreements issued in 2019 for a total of 50,000 warrants include provisions for dilutive issuance and cash-less exercise. If exercised at December 31, 2022 the provisions would have resulted in an issuance of 1,130,114 shares at an average conversion price of $0.09, or 1,050,114 shares in a cash-less exercise. In order to mitigate the Company’s risk an administrative hold has been placed on one shareholder’s stock in the event of future exercise.

The following table summarizes information about stock warrants that are vested or expected to vest at March 31, 2023:

		Warrants Outstanding								Exercisable Warrants
Number of Warrants		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value		Number of Warrants		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	492,030		0.26		4.1	$	81,184		492,030		0.26		4.1	$	81,184
	50,000	$	2.00		1.6	$	—		50,000	$	2.00		1.6	$	—
	542,030	$	1.14		3.9	$	81,184		542,030	$	1.14		3.9	$	81,184

There were no warrants issued for the three months ended at March 31, 2023. The following table sets forth the status of the Company’s non-vested warrants as at March 31, 2022:

	Number of Warrants		Weighted-Average Grant-Date Fair Value
Non-vested as at January 1, 2022		—	$	—
Granted		264,030		0.25
Forfeited		—		—
Vested		—		—
Non-vested as at March 31, 2022		264,030	$	0.25