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Warrants (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Warrants and Rights Note Disclosure [Abstract]    
Summary of Assumptions Used to Estimate Fair Value of Warrants Granted

The following table summarizes the assumptions used to estimate the fair value of the warrants granted during the nine months ended September 30, 2019.

 

    2019  
Expected dividend yield     0 %
Weighted-average expected volatility     217 %
Weighted-average risk-free interest rate     2.75 %
Expected life of warrants     5 years  

The following table summarizes the assumptions used to estimate the fair value of warrants granted during the years ended December 31, 2018 and 2017:

 

    2018     2017  
Expected dividend yield     0 %     0 %
Weighted-average expected volatility     231-632 %     200 %
Weighted-average risk-free interest rate     2.55-2.75 %     1.81-1.84 %
Expected life of warrants     5-8 years       5 years  

Schedule of Outstanding and Exercisable Warrants

The Company’s outstanding and exercisable warrants as of September 30, 2019 are presented below:

 

   

Number

Outstanding

   

Weighted

Average

Exercise Price

   

Contractual Life

in Years

    Intrinsic Value  
Warrants Outstanding as of December 31, 2018     2,880,141     $ 0.08       3.74     $ 782,385  
Warrants granted     300,000     $ 0.01       -       -  
Warrants forfeited     -       -       -       -  
Warrants exercised     (16,666 )   $ 0.01       -       -  
                                 
Warrants Outstanding as of September 30, 2019     3,163,475     $ 0.08       3.02     $ 3,574,954  

The Company’s outstanding and exercisable warrants as of December 31, 2018 and 2017 are presented below:

 

    Number Outstanding     Weighted Average Exercise Price     Contractual Life in Years     Intrinsic Value  
Warrants Outstanding as of December 31, 2016     2,647,446     $ 0.24       4.24     $ 930,751  
Warrants granted     115,650     $ 0.18       5.0       -  
Warrants forfeited     -       -       -       -  
Warrants exercised     (25,000 )   $ 0.01       -       -  
                                 
Warrants Outstanding as of December 31, 2017     2,738,096     $ 0.24       3.28     $ 937,567  
Warrants granted     577,045     $ 0.02       7.11          
Warrants forfeited     (435,000 )     -       -       -  
Warrants exercised     -       -       -       -  
                                 
Warrants Outstanding as of December 31, 2018     2,880,141     $ 0.08       3.74     $ 782,385