Note 8 - Common Stock

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

8

– COMMON STOCK

The Company is authorized to issue

70

million shares at a

$0.01

par value. As of

December 31, 2019,

and

December 31, 2018,

the Company had

28,480,567

and

24,654,911

shares issued and outstanding, respectively.

In

January 2013,

the Company revised its then existing agreement with the law firm of Brownstein Hyatt Farber Schreck LLP (“Brownstein”), a related party.  Under this agreement, the Company is to issue up to a total of

400,000

shares of the Company’s common stock, with

100,000

shares earned upon the achievement of each of

four

enumerated milestones as follows:

i. 100,000 shares earned upon the execution of the revised agreement, which was earned in 2013;

ii. 100,000 shares earned upon receipt by the Company of a final judicial order dismissing all legal challenges to the Final Environmental Impact Report for the Project, which was earned in 2016;

iii. 100,000 shares earned upon the signing of binding agreements for more than 51% of the Project’s annual capacity, which was not yet earned; and

iv. 100,000 shares earned upon the commencement of construction of all of the major facilities contemplated in the Final Environmental Impact Report necessary for the completion and delivery of the Project, which was not yet earned.

All shares earned upon achievement of any of the

four

milestones will be payable

three

years from the date earned.  

Additionally, the Company incurred direct expenses to Brownstein of approximately

$2.3

million and

$1.9

million in

2019

and

2018,

respectively.