Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.22.2.2
Warrants
6 Months Ended
Jun. 30, 2022
Warrants  
Warrants

Note 13 - Warrants

 

Sold and issued warrants are subject to the provisions of FASB ASC 815-10, the Company utilized a Black-Scholes options pricing model to value the warrants sold and issued. This model requires the input of highly subjective assumptions such as the expected stock price volatility and the expected period until the warrants are exercised. When calculating the value of warrants issued, the Company uses a volatility factor, a risk-free interest rate and the life of the warrant for the exercise period.

 

From January 23, 2021 to February 16, 2021, the Company issued 705,166 shares of common stock to certain warrant holders upon the cash exercise of warrants to purchase an aggregate of 705,166 shares of common stock at an exercise price of $0.35 per share or $246,808 in the aggregate.

 

On February 17, 2021, the Company issued 97,675 shares of common stock to a certain warrant holder upon the cashless exercise of a warrant to purchase 150,000 shares of common stock at an exercise price of $0.45 per share based upon a market value of $1.29 per share as determined under the terms of the warrant.

 

On March 8, 2021, the Company issued an aggregate of 97,015 shares of common stock to certain warrant holders upon the cashless exercise of warrants to purchase an aggregate of 175,000 shares of common stock at an exercise price of $0.70 per share based upon market values from $1.44 to $1.63 per share as determined under the terms of the warrants.

 

The following is a summary of the Company’s warrant activity:

 

 

 

Number of

Shares

 

 

Weighted

 Average

Exercise

Price

 

 

Weighted

Average

Remaining Contractual

Life (years)

 

 

Aggregate

Intrinsic

Value

 

December 31, 2021

 

 

4,285,000

 

 

$ 0.63

 

 

 

2.47

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expirations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

June 30, 2022

 

 

4,285,000

 

 

$ 0.70

 

 

 

1.98

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants exercisable at:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

4,285,000

 

 

$ 0.70

 

 

 

1.98

 

 

$ -

 

The following table summarizes information about common stock warrants outstanding at June 30, 2022:

 

Outstanding and Exercisable

Exercise Price

 

 

Number Outstanding

 

 

Weighted Average

Remaining

Contractual

Life (years)

 

 

Weighted Average

Exercise Price

 

$

0.70

 

 

 

4,285,000

 

 

 

1.98

 

 

$ 0.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.70

 

 

 

4,285,000

 

 

 

1.98

 

 

$ 0.70