EQUITY TRANSACTIONS

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

EQUITY TRANSACTIONS

NOTE 12 – EQUITY TRANSACTIONS

Common Stock:

Three Months Ended March 31, 2021

During the three months ended March 31, 2021, the Company issued an aggregate of 1,400,000 shares of restricted common stock to employees with a total fair value of $215,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $215,000 upon issuance. The shares issued were valued at the date earned under the respective agreement based upon closing market price of the Company’s common stock. The Company also issued 3,000,000 for outside consulting with a fair value of $371,000.

Three Months Ended March 31, 2022

During the three months ended March 31, 2022, the Company issued an aggregate of 12,015,019 shares of restricted common stock to employees with a total fair value of $695,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $696,000 upon issuance. The shares issued were valued at the date earned under the respective agreement based upon closing market price of the Company’s common stock.

The Company also issued 8,700,000 common shares for outside consulting with a fair value of $539,000.

The Company also issued 5,015,994 common shares for settlements to Collier Investments, and separately with Richard Kelly Clark, Harald Zink, and Misty Seals with an aggregate fair market value of $282,000.

The company also issued 3,361,289 common shares in conversion of $54,000 in notes payable.

The Company also has the obligation to issue 9,000,000 shares in director compensation, and 1,886,792 common shares for consulting services that has not been issued as of the date of this filing. The fair value of these issuances are $518,000 and $30,000 respectively.

Options:

The following table summarizes common stock options activity:

	Options		Weighted Average Exercise Price
December 31, 2021		4,379,900	$	0.88
Granted		—		—
Exercised		—		—
Expired		—		—
Outstanding, March 31, 2022		4,379,900	$	0.88
Exercisable, March 31, 2020		4,379,900	$	0.88

The weighted average exercise prices, remaining lives for options granted, and exercisable as of March 31, 2022 were as follows:

	Outstanding Options				Exercisable Options
Options Exercise Price Per Share	Shares		Life (Years)	Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.50		8,000,000	0.42	$0.50		8,000,000	$0.50
$1.00		1,149,900	0.07 – 1.85	$1.00		1,149,900	$1.00
		9,149,900		$0.56		9,149,900	$0.56

At March 31, 2022, the Company’s closing stock price was $0.03 per share. As all outstanding options had an exercise price greater than $0.03 per share, there was no intrinsic value of the options outstanding at March 31, 2022.

Warrants:

The following table summarizes common stock warrants activity:

	Warrants		Weighted Average Exercise Price
Outstanding, December 31, 2021		7,200,000	$	0.39
Granted		—		—
Exercised		—		—
Expired		1,200,000
Cancelled		200,000		—
Outstanding, March 31, 2022		5,800,000	$	0.33
Exercisable, March 31, 2022		5,800,000	$	0.33

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of March 31, 2022, were as follows:

		Outstanding and Exercisable Warrants
Warrants Exercise Price Per Share		Shares		Life (Years)
$	0.25		3,500,000		3.65
$	0.50		2,300,000		1.28
			5,800,000

Shares Reserved:

At March 31, 2022, the Company has no reserved shares of common stock in connection with convertible notes or warrants.