WARRANTS

6 Months Ended

Jun. 30, 2023

WARRANTS

WARRANTS

NOTE 7 - WARRANTS

During the year ended December 31, 2021, the Company issued 146,667 warrants with an exercise price of $1.50 per common share, for a period of 5 years (Note 5).

The Company determined that the warrants qualify for derivative accounting as a result of the reset feature, which led to no explicit limit to the number of shares to be delivered upon future settlement of the conversion options.

The following summarizes the Company’s warrant activity:

	Warrants		Weighted average exercise price		Weighted average remaining life (Year)
Outstanding - December 31, 2021		293,334	$	1.50		4.03
Granted		-		-		-
Outstanding - December 31, 2022		293,334	$	1.50		3.03
Granted		-		-		-
Outstanding – June 30, 2023		293,334	$	1.50		2.53

The intrinsic value of the warrants as of June 30, 2023 is $0. All of the outstanding warrants are exercisable as of June 30, 2023.