Quarterly report pursuant to Section 13 or 15(d)

14. Stockholders??? Equity

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14. Stockholders’ Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
14. Stockholders’ Equity

14. Stockholders’ Equity

 

Pursuant to the acquisition of Engage IT Srl, as disclosed in Note 4 above, on January 29, 2023, the Company issued 3,018,461 shares of common stock valued at $1,753,615, in settlement of the purchase price. Effective July 17, 2023, in terms of an agreement entered into with the Sellers of Engage IT, Srl, the 3,018,461 shares of common stock issued to the Sellers were returned to the Company’s control. These shares were valued at $1,938,456.

 

On January 29, 2023, the Company issued 5,366,155 shares of restricted common stock valued at $3,085,339 from its 2018 Stock Incentive Plan to certain developers and project managers in its IT subsidiaries. These shares will vest equally and are amortized on a monthly basis over a thirty-six month period to incentivize these employees who are essential to the Company’s development efforts.

 

A summary of the vesting of restricted stock during the period January 1, 2023 to September 30, 2023 is as follows:

 

Vesting of Restricted Stock   Total
restricted
shares		   Weighted
average
fair market
value per
share		   Total
unvested
restricted
shares		   Weighted
average
fair market
value per
share		   Total vested
restricted
shares		   Weighted
average
fair market
value per share
Outstanding January 1, 2023     —       $ —         —       $ —         —       $ —    
Granted and issued     5,366,155       0.575       5,366,155       0.575       —         —    
Forfeited/Cancelled     —         —         —         —         —         —    
Vested     —         —         (1,192,488 )     (0.575 )     1,192,488       0.575  
Outstanding September 30, 2023     5,366,155     $ 0.575       4,173,667     $ 0.575       1,192,488     $ 0.575  

 

 

The restricted stock granted, issued and exercisable at September 30, 2023 is as follows:

 

      Restricted Stock Granted and Vested  
Grant date Price     Number Granted     Weighted Average Fair Value per Share  
$ 0.575       5,366,155     $ 0.575  
                     

  

 

In lieu of $60,000 of director’s fees due and outstanding, the Company approved the issuance of 67,416 shares of common stock, respectively, under the 2018 equity incentive plan.

  

The Company has recorded a restricted stock expense of $685,688 for the nine months ended September 30, 2023.