WARRANTS |
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WARRANTS | NOTE 5 – WARRANTS
The below table summarizes the activity of warrants exercisable for shares of common stock during the six months ended June 30, 2024 and year ended December 31, 2023:
During the six months ended June 30, 2024, the Company issued 57,915,500 shares of common stock for the exercise of 71,078,114 units of share purchase warrants.
The fair value of each warrant on the date of grant is estimated using the Black-Scholes option valuation model. The following weighted-average assumptions were used for warrants granted during the six months ended June 30, 2024:
The following table summarizes information relating to outstanding and exercisable warrants as of June 30, 2024:
Aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the warrants at June 30, 2024 for those warrants for which the quoted market price was in excess of the exercise price (“in-the-money” warrants). As of June 30, 2024, the aggregate intrinsic value of warrants outstanding was approximately $445,000 based on the closing market price of $0.0003 on June 30, 2024.
The Company determined that the warrants qualify for derivative accounting as a result of the related issuance of the convertible notes. As of June 30, 2024 and December 31, 2023, the Company valued the fair value on the 6,533,630,698 and 5,594,708,812 units of common stock purchase warrants granted at $1,296,925 and $1,093,440 based on Black-Scholes option valuation model, respectively. |