Related Party Transactions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2023 | ||||
| Related Party Transactions [Abstract] | ||||
| RELATED PARTY TRANSACTIONS |
The following transactions were entered into with related parties:
James Fuller
On September 13, 2022, the Company granted Mr. Fuller ten-year options exercisable for 200,000 shares of Common Stock at an exercise price of $0.04 per share.
The option expense for Mr. Fuller was $0 and $7,993 for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively.
Mr. Fuller voluntarily resigned as a member of the Board of Directors effective as of our 2022 annual meeting of shareholders which occurred on November 3, 2022.
William Corbett
On July 11, 2022, the Company granted Mr. Corbett ten-year options exercisable for 15,000,000 shares of Common Stock at an exercise price of $0.15 per share.
The option expense for Mr. Corbett was $66,587 and $1,090,201 for the three months ended March 31, 2023 and the year ended December 31, 20221, respectively.
Clifford Henry
Mr. Henry has an oral consulting arrangement with the Company whereby he is paid $3,500 per month for financial and capital markets advice. This consulting agreement commenced in May, 2021 and was approved and ratified by the Board in March 2022. This consulting agreement and related payments were terminated in September 2022.
On September 13, 2022, the Company granted Mr. Henry, immediately vesting, ten-year options exercisable for 200,000 shares of Common Stock at an exercise price of $0.04 per share, valued at $7,993 using a Black Scholes valuation model.
The option expense for Mr. Henry was $0 and $7,993 for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively.
Madisson Corbett
On September 13, 2022, the Company granted Ms. Corbett, immediately vesting, ten-year options exercisable for 200,000 shares of Common Stock at an exercise price of $0.04 per share, valued at $7,993 using a Black Scholes valuation model.
The option expense for Ms. Corbett was $0 and $7,993 for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively.
David Rios
On September 13, 2022, the Company granted Mr. Rios, immediately vesting, ten-year options exercisable for 200,000 shares of Common Stock at an exercise price of $0.04 per share, valued at $7,993 using a Black Scholes valuation model.
The option expense for Mr. Rios was $0 and $7,993 for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively. Richard Rosenblum
On July 11, 2022, the Company granted Mr. Rosenblum 2,000,000 restricted shares of Common Stock valued at $110,000, all of which are vested.
The option expense for Mr. Rosenblum was $27,879 and $111,514 for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively. |