NOTE 10. WARRANTS

6 Months Ended

Jun. 30, 2022

NOTE 10. WARRANTS

The Company concluded that it only has sufficient shares to satisfy the conversion of some but not all of the outstanding convertible instruments. The initial fair value of the warrants issued during the period was calculated using the Binomial Model as described in Note 7.

The following table summarizes the continuity of share purchase warrants:

	Number of warrants		Weighted average exercise price $
Balance, December 31, 2021		115,048,858		0.00597
Cancelled		—		—
Granted		—		—
Exercised		—		—
Balance, June 30, 2022		115,048,858		0.00597

As at June 30, 2022, the following share purchase warrants were outstanding:

Date		Number			Number			Exercise			Weighted Average Remaining Contractual		Expiration		Proceeds to Company if
Issued		Outstanding			Exercisable			Price $			Life (Years)		Date		Exercised
	12/3/2018		500,000			500,000	*		0.10			1.44		12/3/2023		50,000
	3/31/2019		104,548,858	*		104,548,858	*		0.00035	*		1.70		03/13/2024		36,592
	8/26/2020		10,000,000			10,000,000			0.06			3.16		8/26/2025		600,000
			115,048,858			115,048,858									$	686,592

*The number of warrants outstanding and exercisable is variable based on adjustments to the exercise price of the warrant due to dilutive issuances.

The intrinsic value of warrants outstanding at June 30, 2022 was $852,073.

PCT LTD 10-Q