Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

v3.20.2
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

NOTE 6: STOCKHOLDERS’ EQUITY


Common Stock


During January 2020, in conjunction with the issuance of a convertible note payable to a related party, the Company recognized a $4,150 debt discount to additional paid-in capital.


During April 2020, the Company issued 1,250,000 shares of common stock for the conversion of $100,000 in principal of a convertible note payable due to a related party.


Between May and September 2020, the Company issued a total of 115,370,419 shares of common stock for the conversion of $1,072,739 in principal, $69,758 in accrued interest and $4,750 in conversion fees on eight convertible notes payable.


During July and August 2020, the Company issued 479,123 shares of common stock for services valued at $7,859 and 13,275,153 shares of common stock to officers and directors for bonuses valued at $172,549. Common stock issued for services was valued at the market prices of the Company’s common stock on the date of grant.


Common Stock Warrants


There were no common stock warrants issued during the nine months ended September 30, 2020 or the year ended December 31, 2019. The following table presents the common stock warrant activity during the nine months ended September 30, 2020:


           

Weighted

   

Weighted

 
           

Average

   

Average

 
   

Warrants

   

Exercise Price

   

Remaining Term

 

Outstanding - December 31, 2019

    2,852,329     $ 0.11       1.25  

Granted

    -       -       -  

Forfeited/expired

    -       -       -  

Exercised

    -       -       -  

Outstanding – September 30, 2020

    2,852,329     $ 0.11       0.24  
                         

Exercisable – September 30, 2020

    2,852,329     $ 0.11       0.24  

The intrinsic value of the exercisable warrants as of September 30, 2020 was $0.