Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Note 14 - Subsequent Events

On October 8, 2018, the Company granted a nonqualified stock option to acquire 10,000 shares of the Company’s common stock under the Company’s 2017 Equity Plan to Frederick Van Zijl, who was appointed a director of the Company on that date. The option granted is exercisable at 0.24 per share, representing the fair market value of the common stock on the date of grant as determined under the 2017 Equity Plan. The option is fully vested and exercisable as of the date of grant and will expire five years thereafter. Based on a Black-Scholes valuation model, this option was valued at $1,726 in accordance with FASB ASC Topic 718.

 

On October 31, 2018, the Company granted nonqualified stock options to acquire an aggregate of 92,681 shares of the Company’s common stock under the Company’s 2017 Equity Plan to certain executive officers, employees and others. The options granted are exercisable at $0.20 per share, representing the fair market value of the common stock on the date of grant as determined under the 2017 Equity Plan. The options are fully vested and exercisable as of the date of grant and will expire five years thereafter. Based on a Black-Scholes valuation model, these options were valued at $14,010 in accordance with FASB ASC Topic 718.

 

On October 31, 2018, the Company issued an additional 2018 Unsecured Note totaling $100,000 and warrants to an unaffiliated accredited investor. A discount on the notes payable of $11,450 was recorded based on the fair value of the warrants issued with this note.