| STOCKHOLDERS’ EQUITY | NOTE
7 – STOCKHOLDERS’ EQUITY Description
of Preferred and Common Stock Preferred
Stock The
preferred stock may be issued in one or more series. The Company’s board of directors are authorized to issue the shares of preferred
stock in such series and to fix from time to time before issuance thereof the number of shares to be included in any such series and
the designation, powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations or restrictions
thereof, of such series. Common
Stock The
rights of each share of common are the same with respect to dividends, distributions and rights upon liquidation. Holders of common stock
each have one vote per share in the election of directors and other matters submitted to a vote of the stockholders. Issuances
of Common Stock Common
Stock Issued for Services In
February 2023, we reached an agreement with the landlord of our Michigan facility to accept 52,800 1.25 partial payment of rent for the six-month period from October 2022 through March 2023. Those shares were issued
in March 2023. The landlord is a Related Party Sales
of Common Stock During the quarter ended March 31, 2023, the Company sold 74,806 93,507 74,626 1,492 2.25 During
the quarter ended March 31, 2024, the Company sold 73,334 55,000 Stock
Options No
options were granted or exercised during the period ended March 31, 2024. No options have been included in diluted earnings per share
as they would be anti-dilutive. SCHEDULE
OF STOCK OPTION PLAN ACTIVITY
Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value
Outstanding December 31, 2023 2,270,483 $ 0.67 2.72 $ 76,725
Exercised - -
Forfeited or expired (55,297 ) $ 0.65 - -
Granted - - - -
Balance Outstanding, March 31, 2024 2,215,186 $ 0.67 2.54 $ 19,332
Exercisable March 31, 2024 2,199,122 $ 0.67 2.54 $ 19,332 SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
March 31, 2024 December 31, 2023
Stock options 2,215,186 2,270,483
Stock warrants 7,525,265 7,525,265
Total 9,740,451 9,795,748 Warrants As
of March 31, 2024, there were outstanding and exercisable warrants to purchase 7,525,265 1.72 37.7 2021
Equity Incentive Plan On
March 2, 2021, our Board adopted the 2021 Nano Magic 2021 Equity Incentive Plan (the “Plan”) to allow equity compensation
for those who provide services to the Company and to encourage ownership in the Company by personnel whose service to the Company is
important to its continued progress, to encourage recipients to act as owners and thereby in the stockholders’ interest and to
enable recipients to share in the Company’s success. Initially, 85,000 2,500 2,500 200,000 100,000 130,700 0.80 0.60 15,000 0.80 0.60 On
April 12, 2023, the Company granted 47,610 0.65 175,071 0.65 No
options were granted in the three-month period ending on March 31, 2024 or the three-month period ending on March 31, 2023. |
