Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.21.2
Equity (Tables)
9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Purchase Warrants Issued and Outstanding

Continuity of the Company’s common stock purchase warrants issued and outstanding is as follows:

 

    Warrants    

Weighted Average

Exercise Price

 
Outstanding at January 1, 2019     51,066,864     $ 0.20  
Granted     12,250,000       0.15  
Exercised     (125,000 )     0.09  
Expired     (6,148,028 )     0.25  
Outstanding at December 31, 2019     57,043,836     $ 0.14  
Granted     12,650,000       0.16  
Exercised     (1,650,000 )     0.08  
Expired     (21,916,666 )     0.23  
Outstanding at September 30, 2020     46,127,170     $ 0.16  
Schedule of Warrants Issuances During Period

The table below summarizes warrant issuances during the nine months ended September 30, 2020 and year ended December 31, 2019:

 

    September 30, 2020     December 31, 2019  
Warrants granted:                
Board of Directors and Advisory Board service     4,500,000       7,000,000  
Private placements           3,750,000  
Pursuant to financing arrangements     750,000       1,500,000  
Pursuant to consulting agreements     7,400,000        
Total     12,650,000       12,250,000  
Schedule of Fair Value of Assumptions

The warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical data of the Company.

 

    September 30, 2020     December 31, 2019  
Risk-free interest rate     1.40% to 1.59 %     1.94% to 2.39 %
Expected life     2.0 -3.5 years       1.0 - 3.0 years  
Expected dividend rate     0 %     0 %
Expected volatility     224% - 226 %     240% - 283 %