General form of registration statement for all companies including face-amount certificate companies

Common Stock Warrants (Tables)

v3.23.4
Common Stock Warrants (Tables)
12 Months Ended
Dec. 31, 2022
Common Stock Warrants  
Schedule of Warrants to Purchase Common Stock Outstanding

The following is a summary of information about our warrants to purchase common stock outstanding at December 31, 2022.

 

Shares Underlying Warrants Outstanding    

Shares Underlying

Warrants Exercisable

 
 

Range of

Exercise

Prices

     

Shares

Underlying

Warrants

Outstanding

     

Weighted

Average

Remaining

Contractual

Life

     

Weighted

Average

Exercise

Price

     

Shares

Underlying

Warrants

Exercisable

     

Weighted

Average

Exercise

Price

 
$ 0.25-$0.50       11,511,650       2.43 years     $ 0.25-$0.50       11,511,650     $ 0.25-$0.50  
Schedule of Fair value Assumption of Warrants

The fair value of each warrant grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants under the fixed option plan:

 

    December 31,     December 31,  
    2022     2021  
                 
Average risk-free interest rates     3.79 %     0.47 %
Average expected life (in years)     5.00       3.00  
Volatility     157 %     197 %
Schedule of Warrants Activity

The following is a summary of activity of outstanding common stock warrants:

 

          Weighted  
          Average  
    Number     Exercise  
    of Shares     Prices  
Balance, December 31, 2020     7,511,650     $ 0.25  
Warrants granted     3,500,000       0.39  
Balance, December 31, 2021     11,011,650       0.30  
Warrants granted     500,000       0.25  
Balance, December 31, 2022     11,511,650     $ 0.29  
                 
Exercisable, December 31, 2022     11,511,650     $ 0.29  

 

Schedule of Effective Income Tax Rate

    2022     2021  
    December 31,  
    2022     2021  
Federal statutory income tax rate     21 %     21 %
State income taxes     - %     - %
Change in valuation allowance     (21 %)     (21 %)
Net effective income tax rate     -       -  
Schedule of Deferred Tax Asset

The components of the Company’s deferred tax asset are as follows:

 

    2022     2021  
    December 31,  
    2022     2021  
Deferred tax assets:                
Net operating loss carry forwards   $ 1,950,000     $ 1,535,000  
                 
Net deferred tax assets before valuation allowance   $ 1,950,000     $ 1,535,000  
Less: Valuation allowance     (1,950,000 )     (1,535,000 )
Net deferred tax assets   $ -     $ -