Annual report pursuant to Section 13 and 15(d)

EQUITY (Tables)

v3.22.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [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 year ended December 31, 2018     51,066,864       0.20  
Granted     12,250,000       0.15  
Exercised     (125,000 )     0.09  
Expired     (6,148,028 )     0.25  
Outstanding at year ended December 31, 2019     57,043,836     $ 0.14  
Granted     18,650,000       0.15  
Exercised     (1,650,000 )     0.08  
Expired     (33,279,170 )     0.19  
Outstanding at year ended December 31, 2020     40,764,666       0.13  
SCHEDULE OF WARRANTS ISSUANCE DURING PERIOD

The table below summarizes warrant issuances during the years ended December 31, 2020 and 2019:

 

   

Year ended

December 31,

  
    2020     2019  
Warrants granted:                
Board of directors and advisory board service     5,250,000       7,000,000  
Private placements             3,750,000  
Pursuant to employment agreements     1,000,000       —  
Pursuant to financing arrangements     1,000,000       1,500,000  
Pursuant to consulting agreements     250,000       —  
Pursuant to loan agreements     11,150,000       —  
Total     18,650,000       12,250,000  
SCHEDULE OF FAIR VALUE OF ASSUMPTION

Warrants granted in the years ended December 31, 2020 and 2019 were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical exercise data of the Company.

 

    December 31, 2020     December 31, 2019  
Risk-free interest rate     1.65% to 2.38 %     1.94% to 2.39 %
Expected life     1.0 - 3.0 years       1.0 - 3.0 years  
Expected dividend rate     0 %     0 %
Expected volatility     240% - 274 %     240% - 283 %