Quarterly report pursuant to Section 13 or 15(d)

Warrants

Warrants

9 Months Ended

Sep. 30, 2023

Note 11 - Warrants

The Company utilized a Black-Scholes options pricing model to value warrants at the issuance date. 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.

No warrants were exercised during the nine months ended September 30, 2023 and 2022.

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

				Weighted			Weighted Average
				Average			Remaining		Aggregate
	Number of			Exercise			Contractual		Intrinsic
	Shares			Price			Life (years)		Value
December 31, 2022		3,285,000		$	0.70			0.62	$	-

Grants		-			-			-		-
Expirations		(635,000	)		(0.70	)		-		-
Exercised		-			-			-		-
September 30, 2023		2,650,000		$	0.70			0.82	$	-

Warrants exercisable at:
September 30, 2023		2,650,000		$	0.70			0.82	$	-

The following table summarizes information about common stock warrants outstanding at September 30, 2023:

Outstanding and Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price

$	0.70		2,650,000		0.82	$	0.70

$	0.70		2,650,000		0.82	$	0.70