Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.20.2
Warrants
3 Months Ended
Mar. 31, 2020
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 of 100%, a risk-free interest rate and the life of the warrant for the exercise period.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2020

 

 

5,690,378

 

 

$ 0.63

 

 

 

3.72

 

 

$ -

 

Grants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

Expirations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

March 31, 2020

 

 

5,690,378

 

 

$ 0.63

 

 

 

3.47

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants exercisable at:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

5,690,378

 

 

$ 0.63

 

 

 

3.47

 

 

$ -

 

 

The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $0.16 as of March 31, 2020, which would have been received by the option holders had all option holders exercised their options as of that date.

 

The following table summarizes information about common stock warrants outstanding at March 31, 2020:

 

Outstanding and Exercisable

Exercise Price

 

 

Number

Outstanding

 

 

Weighted

 Average

 Remaining

Contractual

 Life (years)

 

 

Weighted

Average

Exercise

Price

 

$

0.70

 

 

 

4,460,000

 

 

 

4.20

 

 

$ 0.70

 

 

0.45

 

 

 

150,000

 

 

 

0.67

 

 

 

0.45

 

 

0.35

 

 

 

1,080,378

*

 

 

0.88

 

 

 

0.35

 

$

0.35-$0.70

 

 

 

5,690,378

 

 

 

3.47

 

 

$ 0.63

 

 

* 205,000 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.