Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value of Each Option Award Estimated Assumption

For stock options requiring an assessment of value during the nine months ended September 30, 2021, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     0.89 %
Expected dividend yield     0 %
Expected volatility     198.79 %
Expected life     3.5 to 3.6 years  

 

 

For stock options requiring an assessment of value during the nine months ended September 30, 2020, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     0.23% to 0.31 %
Expected dividend yield     0 %
Expected volatility     207.67 %
Expected life     4 to 5 years  
Summary of Stock-based Compensation Costs

A summary of stock-based compensation costs for the three months and nine months ended September 30, 2021 and 2020 is as follows:

    2021     2020     2021     2020  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2021     2020     2021     2020  
                         
Related parties   $ 347,222     $ 394,031     $ 1,854,058     $ 394,031  
Non-related parties           670,715             670,715  
Total stock-based compensation costs   $ 347,222     $ 1,064,746     $ 1,854,058     $ 1,064,746  
Summary of Stock Option Activity Including Options Form of Warrants

A summary of stock option activity, including options issued in the form of warrants, during the nine months ended September 30, 2021 is presented below.

 

   

Number of

Shares

   

Weighted

Average

Exercise

Price

   

Weighted

Average
Remaining Contractual

Life (in Years)

 
                   
Stock options outstanding at December 31, 2020     1,475,000     $ 4.136          
Granted     1,200,000       3.048          
Exercised     (208,334 )     0.965          
Expired                    
Rounding adjustment attributable to reverse stock split     1                
Stock options outstanding at September 30, 2021     2,466,667     $ 3.032       3.66  
                         
Stock options exercisable at September 30, 2021     1,710,417     $ 3.971       1.83  
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants

The exercise prices of common stock options outstanding and exercisable, including options issued in the form of warrants, at September 30, 2021 are as follows:

 

Exercise

Prices

   

Options

Outstanding
(Shares)

   

Options

Exercisable
(Shares)

 
               
$ 0.900       33,333       33,333  
$ 1.680       66,667       66,667  
$ 2.800       250,000       140,625  
$ 3.000       666,667       666,667  
$ 3.030       500,000       62,500  
$ 3.200       250,000       140,625  
$ 3.210       200,000       200,000  
$ 6.000       166,667       166,667  
$ 6.600       50,000       50,000  
$ 7.140       200,000       100,000  
$ 12.000       83,333       83,333  
          2,466,667       1,710,417