Issuance of Common Stock

Subsequent to September 30, 2019, the Company issued 114,804 shares of Common Stock to vendors for services rendered with a fair value of $112,000. These shares of Common Stock were valued based on the market value of the Company’s stock price at the issuance date or the date the Company entered into the agreement related to the issuance.

Grant of Stock Options

Subsequent to September 30, 2019, the Company granted stock options to an employee to purchase a total of 26,000 shares of Common Stock for services rendered. The options have an average exercise price of $1.05 per share, expire in five years, and vest over a period of one to four years from grant date. The total fair value of these options at the grant date was $28,000 using the Black-Scholes option pricing model.