This spell allows you to use Creating Spell Slots from  Font of Magic  to be used on some one you touch for the remainder of the round.

I.E. A sorcerer can cast this spell and then as part of their bonus action they can use 2 Spell point can give the person they touch to give them a first level spell slot.  This does not give them a way to cast spell unless they can from another way like being a spell caster or ability to use slots like a feat or Race ability.