OPTIONS AND WARRANTS

3 Months Ended

Mar. 31, 2020

A summary of the Company’s stock option activity and related information is as follows:

	Number of Options		Exercise Price Per Share		Weighted Average Exercise Price		Number of Options Exercisable
Outstanding as of December 31, 2019		22,075,000	$	0.07	$	.07		22,075,000
Granted		-		-		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding as of March 31, 2020		22,075,000	$	0.07	$	0.07		22,075,000

Exercise prices and weighted-average contractual lives of 22,075,000 stock options outstanding as of March 31, 2020 are as follows:

				Options Outstanding		Options Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life		Number Exercisable
$	0.05		3,000,000		5.24		3,000,000
$	0.06		6,000,000		4.62		6,000,000
$	0.07		9,000,000		1.13		9,000,000
$	0.08		575,000		0.68		575,000
$	0.14		3,000,000		4.24		3,000,000
$	0.02		500,000		4.25		500,000

The fair value for options granted were determined using the Black-Scholes option-pricing model.

Warrants:

The Company issued the following warrants at the corresponding weighted average exercise price as of March 31, 2020.

	Number of Warrants			Exercise Price Per Share		Weighted Average Exercise Price		Number of Warrants Exercisable
Outstanding as of December 31, 2019		9,700,000		$	0.07	$	0.07		9,700,000
Granted		-			-		-		-
Exercised		-			-		-		-
Expired		(2,500,000	)		0.12		0.12		(2,500,000	)
Outstanding as of March 31, 2020		7,200,000							7,200,000

Grant date	Number of Warrants		Exercise Price		Contractual Life Remaining	Number of Shares Exercisable
April 2012		6,000,000	$	0.05	0.6 years		6,000,000
July 2015		300,000	$	0.05	0.2 years		300,000
August 2015		300,000	$	0.05	0.3 years		300,000
September 2015		300,000	$	0.05	0.4 years		300,000
October 2015		300,000	$	0.05	0.5 years		300,000

		7,200,000					7,200,000

The fair value for warrants granted were determined using the Black-Scholes option-pricing model.