Thursday, October 20, 2016 6:50:02 AM
they know perfectly the value
Warrants
The Company entered into private placement agreements with various individuals for the issuance of 5,947,000 shares
of common stock along with 5,947,000 warrants.
The Company received the proceeds of $ 1,486,750 for these units. The
warrants expire August 31, 2013 and have an exercise price of $0.50 per share. The warrants were valued using the
Black-Scholes method and were recorded as additional paid in capital - warrants of $896,510.
The criteria established
for the valuation of these warrants were as follows: risk free interest rate - 0.75%; dividend yield - 0%; volatility -
235%. The warrants were issued in May 2012.
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