Quarterly report pursuant to Section 13 or 15(d)

Warrants

Warrants

3 Months Ended

Mar. 31, 2019

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 of 100%, a risk free interest rate and the life of the warrant for the exercise period.

The following table summarizes information about common stock warrants outstanding at March 31, 2019:

Outstanding									Exercisable
Exercise Price		Number Outstanding			Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
	0.87		1,303,300			0.11		0.87		1,303,300		0.87
	0.70		860,000			4.30		0.65		860,000		0.65
	0.45		150,000			1.67		0.45		150,000		0.45
	0.35		1,792,098	*		1.29		0.35		1,792,098		0.35
$	0.50 - $3.30		4,105,398			1.56				4,105,398

Note * 916,720 warrants exercisable at $0.35 contain dilution protections that increase the number of shares purchasable at exercise upon the issuance of securities at a price below the current exercise price.