11. Subsequent Event

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent to March 31, 2021, the Company entered into a settlement agreement with the PBGC for $200,000 to settle the outstanding principal of $246,000 and accrued interest of approximately $73,000 as of April 30, 2021. The $200,000 is expected to be paid during the three months ended June 30, 2021. 95 days after payment is received the PBGC is expected to release the remaining principal and accrued interest owed.

Subsequent to March 31, 2021, the Company issued 200,000 shares to a consultant for services to be rendered from March 1, 2021 to February 28, 2023 as well as issued 50,000 shares to another consultant for services from April 1, 2021 to September 30, 2021. Expenses associated with the issuances will be recognized over the term of the respective agreements.

Subsequent to March 31, 2021, the Company issued options to an employee for 1,000,000 common shares at an exercise price of $0.245. 250,000 were vested immediately and 750,000 will be vested based upon reaching certain incentive goals. The expense recorded with respect to the vested options will be $35,550 during the three months ended June 30, 2021.