Quarterly report pursuant to Section 13 or 15(d)

Stock Grants

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Stock Grants
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Stock Grants

NOTE 7 – STOCK GRANTS

 

Director stock grants

 

During the six-months ended June 30, 2018, the Company granted its independent directors an aggregate of 469,274 shares of restricted common stock in the Company. As a result of the increase in Board Members by three members, the total fair value of this stock on the date of grant was $112,500 for the six-months ended June 30, 2018. These shares were fully vested upon issuance.

 

During the six-months ended June 30, 2017, the Company granted its independent directors an aggregate of 322,916 shares of restricted common stock in the Company. The total fair value of this stock on the date of grant was $50,000 for the six-months ended June 30, 2017. These shares were fully vested upon issuance.

 

Consultant stock grants

 

On April 10, 2017, the Company granted a consultant 100,000 shares of restricted common stock valued at $0.23 per share. These shares were subject to a risk of forfeiture and vested quarterly in arrears commencing on April 1, 2017. The Company recognized $5,750 and $0 in stock-based compensation related to this grant during the six-months ended June 30, 2018 and 2017, respectively.

 

On August 8, 2017, the Company granted a consultant 100,000 shares of restricted common stock valued at $0.175 per share. These shares were subject to a risk of forfeiture and vested 25% upon grant and quarterly in arrears thereafter commencing on September 1, 2017. The Company recognized $4,375 and $0 in stock-based compensation related to this grant during the six-months ended June 30, 2018 and 2017, respectively.