NOTE 11 – OPTIONS AND WARRANTS

Stock Options:

The following table summarizes all option grants outstanding to consultants, directors and employees as of September 30, 2020 and December 31, 2019 and the related changes during these periods are presented below.

The Company chose the “straight-line” attribution method for allocating compensation costs of each stock option over the requisite service period using the Black-Scholes Option Pricing Model to calculate the grant date fair value.

During the nine months ended September 30, 2020, no options were issued or exercised.  500,000 options were cancelled on May 30, 2020 upon expiration.

Stock Warrants:

The following table summarizes all warrant grants outstanding to consultants, directors and employees as well as investors as of September 30, 2020 and December 31, 2019 and the related changes during these periods are presented below.

During the nine months ended September 30, 2020, 12,139,289 five-year warrants were issued.  During the three months ended September 30, 2020, 500,000 warrants were exercised and 1,000,000 warrants were cancelled.

During the three months ended September 30, 2020 and 2019, total stock-based compensation expense amounted to $78,590 and $252,510 respectively. During the nine months ended September 30, 2020 and 2019, total stock-based compensation expense amounted to $78,590 and $1,371,847 respectively.