Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity

Note 6. Equity

The Company is currently authorized to issue up to 200,000,000 shares of common stock with a par value of $0.0001. In addition, the Company is authorized to issue 20,000,000 shares of preferred stock with a par value of $0.0001. The specific rights of the preferred stock, when so designated, shall be determined by the board of directors.

On January 5, 2024, the Company issued 500,000 shares of common stock to a consultant for services. The shares vest upon issuance. Based on the $0.135 per share fair value using the cash selling price at the time of issuance, the Company recognized an expense of $67,500 related to the issuance of shares.

During the nine months ended September 30, 2024, the Company sold 8 Units at a price of $10,000 per Unit to investors for total proceeds of $80,000. Each Unit consists of 100,000 shares of the Company’s common stock and 100,000 warrants. Each warrant allows the holder to purchase one share of the Company's common stock at a price of $1.00 per share at any time on or before December 31, 2025.

Stock Warrants

The following table summarizes the stock warrant activity for the nine months ended September 30, 2024:

	Number of Warrants		Weighted Average Exercise Price Per Share
Outstanding at December 31, 2023		–		1,687,500	$	1.88
Granted		–		800,000		1.00
Exercised		–		–		–
Forfeited and expired		–		–		–
Outstanding at September 30, 2024		–		2,487,500	$	1.60

As of September 30, 2024, all outstanding warrants are exercisable and have a weighted average remaining term of 0.65 years. There was no intrinsic value of the outstanding warrants as of September 30, 2024.

Stock Options

The following table summarizes the stock option activity for the nine months ended September 30, 2024:

	Number of Options		Weighted Average Exercise Price Per Share
Outstanding at December 31, 2023		8,350,000	$	0.10
Granted		2,000,000		0.10
Exercised		–		–
Forfeited and expired		–		–
Outstanding at September 30, 2024		10,350,000	$	0.10

During the nine months ended September 30, 2024, the Company recognized $370,575 of expense related to outstanding stock options leaving $566,889 of unrecognized expenses related to options. As of September 30, 2024, the outstanding stock options have a weighted average remaining term of 8.34 years with no aggregate intrinsic value.