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WARRANTS
6 Months Ended
Jun. 30, 2024
WARRANTS  
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:

 

 

 

 Number of

Shares

 

 

 Weighted- Average Exercise Price

 

Balances as of December 31, 2022

 

 

5,637,133,523

 

 

$0.0001

 

Granted

 

 

184,883,994

 

 

 

0.0005

 

Redeemed

 

 

-

 

 

 

-

 

Exercised

 

 

(227,308,705)

 

 

0.0001

 

Forfeited

 

 

-

 

 

 

-

 

Balances as of December 31, 2023

 

 

5,594,708,812

 

 

$0.0002

 

Granted

 

 

1,010,000,000

 

 

 

0.0002

 

Redeemed

 

 

-

 

 

 

-

 

Exercised

 

 

(71,078,114)

 

 

0.0001

 

Forfeited

 

 

-

 

 

 

-

 

Balances as of June 30, 2024

 

 

6,533,630,698

 

 

$0.0002

 

 

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:

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2024

 

Exercise price

 

$0.0002

 

Expected term

 

5 years

 

Expected average volatility

 

 

350%

Expected dividend yield

 

 

-

 

Risk-free interest rate

 

 

4.47%

 

The following table summarizes information relating to outstanding and exercisable warrants as of June 30, 2024:

 

Warrants Outstanding

 

 

Warrants Exercisable

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

Number

 

 

Remaining Contractual

 

 

Weighted Average

 

 

Number

 

 

Weighted Average

 

of Shares

 

 

life (in years)

 

 

Exercise Price

 

 

of Shares

 

 

Exercise Price

 

 

6,533,630,698

 

 

 

2.08

 

 

$0.0002

 

 

 

4,450,000,000

 

 

$0.0001

 

 

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.