4. WARRANT ACTIVITY

9 Months Ended

Sep. 30, 2020

Notes

4. WARRANT ACTIVITY

4.     WARRANT ACTIVITY

The following table summarizes the Company’s warrant activity for the nine months ended September 30, 2020:

	Warrants		Weighted average exercise price	Weighted average remaining contractual life (yrs)		Aggregate Intrinsic value
Warrants outstanding December 31, 2019	290,000	$ 0.004		3.41
Warrants exercisable December 31, 2019	290,000	$ 0.004		3.41	$7,550
Warrants issued during the period	100,000	$ 0.004
Warrants exercised during the period	(100,000)	$ 0.004
Warrants outstanding September 30, 2020	290,000	$ 0.004		2.66
Warrants exercisable September 30, 2020	290,000	$ 0.004		2.66	$27,879

During the nine months ended September 30, 2020, 100,000 common stock purchase warrants were granted with an exercise price of $0.004 per warrant. The warrants were valued using the Black-Scholes warrant pricing model on the date of issuance and the fair value of the shares was determined to be $1,958, which was recognized as expense for the nine months ended September 30, 2020. These warrants vested immediately upon grant (June 2, 2020) and were subsequently exercised during the nine months ended September 30, 2020.