Warrants to Purchase Common Stock

Costs attributable to the issuance of warrants to purchase common stock are measured at fair value at the date of issuance and offset with a corresponding increase in ‘Additional Paid in Capital' at the time of issuance. The fair value cost is computed utilizing the Black-Scholes model and assuming volatility based on U.S. Treasury yield rates for a similar period. The cost of these warrants was

not

recognized in the financial statements because they were granted in connection with raising capital for the Company. When the options or warrants are exercised, the receipt of consideration will be reported as an increase in stockholders' equity.

Concurrently with the execution of certain securities purchase agreements, the Company issued warrants to purchase Common Stock. Each warrant is exercisable for a period of

five

years from the date of the securities purchase agreement. The fair value cost at the date of issuance of these warrants was

$639,194.

In conjunction with the issuance of convertible notes payable as described in Note

a warrant for the purchase of up to

115,385

shares of common Stock exercisable for a

one

-year period was issued at an exercise price of

$0.01

per share and another warrant for the purchase of up to

360,000

shares of Common Stock exercisable for a

five

-year period was issued at an exercise price of

$1.00

per share. During the year ended

December 31, 2020,

the warrants for the purchase of

115,385

shares of Common Stock were exercised at

$0.01

and as of

March 31, 2021,

there are warrants for the purchase of up to

479,554

shares of Common Stock outstanding.

	Number of Shares			Exercise Price			Weighted Average Remaining Life (in year)
Warrants as of December 31, 2019		84,295			$1.95			4.53
Issued during 2020		-		$0.01	-	$1.95
Exercise during 2020		(115,385	)		$0.01

Warrants as of December 31, 2021		479,554			$0.97
Warrants as of March 31, 2021		479,554			$0.97			3.86