During the six months ended June 30, 2019 and the year ended December 31, 2018, in conjunction with the issuance of convertible notes, the Company issued warrants to purchase 324,833,333 and 145,000,000 shares of common stock, exercisable for five years from issuance at $0.0003 per share, respectively.

The below table summarizes the activity of warrants exercisable for shares of common stock during the six months ended June 30, 2019 and the year ended December 31, 2018:

	Number of Shares		Weighted- Average Exercise Price
Balances as of December 31, 2017		-	$	-
Granted		145,000,000		0.0003
Exercised		-		-
Forfeited		-		-
Balances as of December 31, 2018		145,000,000	$	0.0003
Granted		324,833,333		0.0003
Exercised		-		-
Forfeited		-		-
Balances as of June 30, 2019		469,833,333	$	0.0003

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 options granted during the six months ended June 30, 2019:

	Six months ended
	June 30,
	2019
Exercise price	$	0.0003
Expected term	5 years
Expected average volatility	288% - 340		%
Expected dividend yield		-
Risk-free interest rate	1.76% - 2.24		%

The following table summarizes information relating to outstanding and exercisable warrants as of June 30, 2019:

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

469,833,333

4.53

0.0003

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, 2019 for those warrants for which the quoted market price was in excess of the exercise price (“in-the-money” warrants). As of June 30, 2019, the aggregate intrinsic value of warrants outstanding was approximately $0 based on the closing market price of $0.0001 on June 30, 2019.

The Company determined that the warrants qualify for derivative accounting as a result of the related issuance of the convertible note during the six months ended June 30, 2019. As of June 30, 2019 and December 31, 2018, the Company valued the fair value on the 469,833,333 units and 145,000,000 units of share purchase warrants granted at $46,946 and $14,468 based on Black-Scholes option valuation model, respectively. <see Note 7>