On March 23, 2018, Board of Directors approved the 2018 Performance Boost Stock Option Plan in order to retain and recruit certain selected employee, consultants, and directors. The Board acknowledged that the Company’s stock options are one major component of compensation that could help retain and motivate employees, consultants, and directors toward achieving our performance goal. The Board determined that this stock option program shall consists of options to purchase a total of 2,000,000 shares of Common Stock, and shall be granted to employees, consultants, and directors that have the ability to contribute to the business development of the company.

On March 23, 2018, incentive stock options to purchase a total of 2,000,000 shares of Common Stock were granted to certain employees exercisable at $0.15 per share, the closing price on March 22, 2018 (the “Options”). The Options follows a vesting schedule that vests ratably over a ten-year period starting at the grant date and expires ten years after the grant date. For the quarter ended March 31, 2018, the Company recognized approximately $500 in share-based compensation as a result of these option grants.

A summary of the Company’s warrant activity and related information for the nine months ended March 31, 2018 are shown below:

The fair value of stock option grants was estimated on the grant date using the black-Scholes option-pricing model with the following weighted-average assumptions:

As of March 31, 2018, there was approximately $299,500 of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 10 years.