Quarterly report pursuant to Section 13 or 15(d)

15. Stock Options (Tables)

v3.20.2
15. Stock Options (Tables)
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of assumptions used

The fair value of these options was determined to be $2,649,379 using the Black-Scholes option pricing model based on the following assumptions:

 

Exercise Price $2.61 - $10.00
Dividend Yield 0%
Volatility 122%
Risk-free interest rate 0.31%
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 nine months ended September 30, 2020:

 

    Options Outstanding Number Of Shares     Exercise Prices Per Share     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price Per Share     Aggregate Intrinsic Value  
Balance at December 31, 2019     1,289,866     $ 1.99 - 12.00       6.49 years     $ 7.18           –  
Options Granted     630,000     $ 2.61 - 10.00       4.74 years     $ 5.08        
Options Exercised         $           $        
Options Cancelled     2,000     $ 1.99       3.44 years     $ 1.99        
Options Expired         $           $        
Balance at September 30, 2020     1,917,866     $ 1.99 - 10.00       2.01 years     $ 3.49        
                                         
Exercisable December 31, 2019     1,176,416     $ 1.99 - 9.00       6.25 years     $ 7.67        
Exercisable September 30, 2020     1,321,142     $ 1.99 - 3.17       0.87 years     $ 2.69        

 

Exercise Price $1.99
Dividend Yield 0%
Volatility 125%
Risk-free interest rate 2.44%
Expected life of options 3 years