|6 Months Ended|
Jun. 30, 2020
|Stockholders' Equity Attributable to Parent [Abstract]|
The Company has authorized 500,000,000 common shares with a par value of $0.0001 each. The Company has issued and outstanding 163,142,595 and 128,902,124 shares of common stock as of June 30, 2020 and December 31, 2019.
The following common shares were issued by the Company during the six months ended June 30, 2020.
The following restricted stock awards were made during the six months ended June 30, 2020.
The restricted stock granted and exercisable at June 30, 2020 is as follows:
The Company has recorded an expense of $62,765 and $376,596 for the three months and six months ended June 30, 2020, respectively, relating to the restricted stock awards.
The Company has authorized 25,000,000 shares of preferred stock with a par value of $0.0001 authorized, no preferred stock is issued and outstanding as of June 30, 2020 and December 31, 2019.
In connection with the subscription agreement entered into with an investor, a three year warrant exercisable over 1,000,000 shares of common stock was granted to the investor, together with 1,000,000 shares of common stock for subscription proceeds of $25,000.
The fair value of the warrants issued were determined by allocating the proceeds received using the relative fair value method after the warrants were valued using a Black Scholes valuation model using the following assumptions:
A summary of warrant activity during the period January 1, 2019 to June 30, 2020 is as follows:
The warrants outstanding and exercisable at June 30, 2020 are as follows:
The warrants outstanding have an intrinsic value of $0 and $0 as of June 30, 2020 and December 31, 2019.
On June 18, 2018, the Company established its 2018 Stock Incentive Plan. The purpose of the plan is to promote the interests of the Company and the stockholders of the Company by providing directors, officers, employees and consultants of the Company with appropriate incentives and rewards to encourage them to enter into and continue in the employ or service of the Company, to acquire a proprietary interest in the long-term success of the Company and to reward the performance of individuals in fulfilling long-term corporate objectives. The plan terminates after a period of ten years in June 2028.
The Plan is administered by the Board of Directors or a Committee appointed by the Board of Directors who have the authority to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan.
The maximum number of securities available under the plan is 800,000 shares of common stock. The maximum number of shares of common stock awarded to any individual during any fiscal year may not exceed 100,000 shares of common stock.
No options were granted for the three and six months ended June 30, 2020.
A summary of option activity during the period January 1, 2019 to June 30, 2020 is as follows:
The options outstanding and exercisable at June 30, 2020 are as follows:
The options outstanding have an intrinsic value of $0 and $0 as of June 30, 2020 and December 31, 2019.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef