Note 13 – Changes in Stockholders’ Equity

Preferred Stock

The Company has 10,000,000 authorized shares of $0.001 par value preferred stock. No shares had been issued as of March 31, 2020.

Common Stock

The Company is authorized to issue an aggregate of 300,000,000 shares of common stock with a par value of $0.001. As of March 31, 2020, there were 45,710,305 shares of common stock issued and outstanding.

Common Stock Issued on Subscriptions Payable

On January 6, 2020, the Company issued 500,000 shares of common stock on a Subscriptions Payable for the December 31, 2019 sale of common stock at $0.50 per share for proceeds of $25,000.

Common Stock Issued for Services

On various dates between January 4, 2020 and February 4, 2020, the Company awarded an aggregate of 406,000 shares of common stock to four consultants for services provided. The aggregate fair value of the common stock was $422,000 based on the closing price of the Company’s common stock on the date of grant.

Amortization of Stock-Based Compensation

A total of $141,278 of stock-based compensation expense was recognized from the amortization of options to purchase common stock over their vesting period during the three months ended March 31, 2020.