Annual report pursuant to Section 13 and 15(d)

14. Stock Options (Tables)

v3.21.1
14. Stock Options (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of assumptions used

During the year ended December 31, 2019, the Company granted options to purchase 81,000 shares of common stock to officers. These stock options generally vest between one and three years. The fair value of these options was determined to be $117,797 using the Black-Scholes option pricing model based on the following assumptions:

 

Exercise Price $1.99
Dividend Yield 0%
Volatility 125%
Risk-free interest rate 2.44%
Expected life of options 3.0 years

 

During the year ended December 31, 2020, the Company granted options to purchase 8,880,000 shares of common stock to officers. These stock options generally vest between one and three years. The fair value of these options was determined to be $12,231,185 using the Black-Scholes option pricing model based on the following assumptions:

 

Exercise Price $1.39 - $10.00
Dividend Yield 0%
Volatility 121% - 122%
Risk-free interest rate 0.31% -0.39%
Expected life of options 5.0 years
Schedule of stock option activity

The following table summarizes the changes in the Company’s stock option plan during the year ended December 31, 2019 and December 31, 2020:

 

    Options Outstanding Number Of Shares   Exercise Prices Per Share     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price Per Share  
Balance at December 31, 2018     1,259,415     $ 2.09 - 12.00       2.50 years     $ 7.39  
Options Granted     81,000     $ 1.99       3 years     $ 1.99  
Options Exercised     –     $ –       –     $ –  
Options Cancelled     50,549     $ 1.99 - 2.70       4.51 years     $ 6.34  
Options Expired     –     $ –       –     $ –  
                                 
Balance at December 31, 2019     1,289,866     $ 1.99 - 12.00       6.49 years     $ 7.18  
Options Granted     8,880,000     $ 1.39 - 10.00       4.91 years     $ 1.66  
Options Exercised     –     $ –       –     $ –  
Options Cancelled     2,000     $ 1.99       3.18 years     $ 1.99  
Options Expired     1,051,690     $ 2.70 - 2.82       –     $ 2.71  
Balance at December 31, 2020     9,116,176     $ 1.39 - 10.00       4.84 years     $ 1.69  
                                 
Exercisable December 31, 2019     1,176,416     $ 1.99 - 9.00       6.25 years     $ 7.67  
Exercisable December 31, 2020     6,449,452     $ 1.39 - 3.17       4.87 years     $ 1.44