STOCKHOLDERS EQUITY

6 Months Ended

Jun. 30, 2023

STOCKHOLDERS EQUITY

STOCKHOLDERS' EQUITY

NOTE 6 – STOCKHOLDERS' EQUITY

The Company issued a total of 6,776,000 and 5,506,000 shares of common stock to consultants as stock grants pursuant to two-year consulting agreements with the consultants entered into in May 2021 and August 2021, respectively, of which 11,912,000 shares were issued pursuant to the 2020 equity incentive plan (the “Plan”) and 370,000 were issued as restricted stock grants outside of the Plan. The agreements provide for the consultants to perform services described in the contracts for the two-year period commencing May 25, 2021 and August 23, 2021. The shares were valued at $19,311,600 and $12,113,200, based on the market price of the common stock on the respective dates of the agreements, which was $2.85 and $2.20 per share, respectively, and is being amortized over the two-year period starting from the date of agreement using the straight-line method. During the six months ended June 30, 2023 and 2022, the Company recorded stock-based compensation of $7,051,550 and $7,856,200, respectively, and during the three months ended June 30, 2023 and 2022, the Company recorded stock-based compensation of $3,123,450 and $3,928,100, respectively. The Company had deferred stock compensation of $1,009,433 and $8,060,983 as of June 30, 2023 and December 31, 2022, respectively, which will be recognized over the balance of the agreements, which terminate in the third quarter of 2023.