Period

Period 

 end date(1) 

end date(2) 

Black -Scholes Assumptions

March 31, 2020

March 31, 2020

Exercise Price(1)(2)

$

0.014

$

0.014

Warrant Expiration Date (1)(2)

September 10, 2022

November 6, 2022

Stock Price (3)

$

0.014

$

0.014

Interest Rate (annual) (4)

0.26

%  

0.26

%

Volatility (annual) (5)

137.64

%  

137.64

%

Time to Maturity (Years)

2.45

2.60

Calculated fair value per share

$

0.01001

$

0.1003

Future Estimated Quarterly Dividend per share(6)

$

 —

$

 —

Year ending(1) 

Year ending(2) 

December 31, 

December 31, 

Black-Scholes Assumptions

2019

2019

Exercise Price(1)(2)

$

0.014

$

0.014

Warrant Expiration Date (1)(2)

September 10, 2022

November 6, 2022

Stock Price (3)

$

0.014

$

0.014

Interest Rate (annual) (4)

1.62

%  

1.62

%

Volatility (annual) (5)

137.47

%  

137.47

%

Time to Maturity (Years)

2.70

2.85

Calculated fair value per share

$

0.01045

$

0.01064

Future Estimated Quarterly Dividend per share(6)

$

 —

$

 —

(1)

Based on the terms provided in the warrant agreement related to the issuance of common stock of on September 10th, 2019

(2)

Based on the terms provided in the warrant agreement related to the issuance of common stock of on November 6th, 2019

(3)

Based on the observable transaction value of common stock of per the most recent stock issuance financing agreements.

(4)

Interest rate for U.S. Treasury Bonds, as of the issuance dates and each presented period ending date, as published by the U.S. Federal Reserve.

(5)

Based on the historical daily volatility of Guideline Public Companies and each presented period ending date.

(6)

Current estimated dividend payments beyond initial four quarters. At a future date, the company will review the working capital needs and make a final determination of any future dividend payments.

Warrants  

Fair Value 

Warrant Liability

Outstanding

per Share

Fair Value

Fair Value at initial measurement date of 9/10/2019

1,250,000

$

0.01091

$

14

Fair Value at initial measurement date of 11/6/2019

4,000,000

$

0.01085

$

43

Fair Value as of period ending 12/31/2019

$

56

Change in fair value of warrant liability

(2)

Fair Value as of period ending March 31, 2020

5,250,000

$

54