Annual report pursuant to Section 13 and 15(d)

Note 8 - Stock Warrants

v3.22.2.2
Note 8 - Stock Warrants
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Stock Warrants [Text Block]

NOTE 8  STOCK WARRANTS

 

The total outstanding balance of all stock warrants in the Company is 2,550,000 and 2,000,000 at December 31, 2021 and December 31 2020, respectively. There were 550,000 non-employee detached free-standing stock warrants granted during the year ended December 31, 2021. The fair value of these non-employee stock warrants granted during the year ended December 31, 2021 totaled $12,455, and was determined using the Black-Scholes option pricing model based on the following assumptions: 

 

 

   

 

 
Exercise price
    0.900 -1.0000  
Dividend yield
    0 %
Volatility
    59% - 60 %
Risk-free interest rate
    2.0% - 2.1 %

Life of warrants

    1 year from vesting  

 

A summary of the status of the Company’s outstanding stock warrants and changes during the years is presented below:

 

   

Shares available to purchase with warrants

   

Weighted

Average

Price

   

Weighted

Average

Fair Value

   

Weighted

Average

Contractual Term (years)

    Average Intrinsic Value  
                                         

Outstanding, December 31, 2019

    2,000,000     $ 1.05     $ 0.003       3.4     $ 0.05  

Issued

    -     $ -     $ -                  

Exercised

    -     $ -     $ -                  

Cancelled

    -     $ -     $ -                  

Expired

    -     $ -     $ -                  

Outstanding, December 31, 2020

    2,000,000     $ 1.05     $ 0.003       2.4     $ 0.75  

Issued

    550,000     $ 0.95     $ 0.023                  

Exercised

    -     $ -     $ -                  

Cancelled

    -     $ -     $ -                  

Expired

    -     $ -     $ -                  

Outstanding, December 31, 2021

    2,550,000     $ 1.03     $ 0.007       1.7     $ -  
                                         

Exercisable, December 31, 2021

    2,087,500     $ 1.05     $ 0.004       1.3     $ -