Quarterly report pursuant to Section 13 or 15(d)

OPTIONS AND WARRANTS

v3.20.2
OPTIONS AND WARRANTS
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
OPTIONS AND WARRANTS

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.


 

 

September 30,
2020

 

 

December 31,
2019

 

Options outstanding and exercisable

 

 

4,542,500

 

 

 

5,042,500

 

Weighted-average exercise price

 

$

0.41

 

 

$

0.40

 

Aggregate intrinsic value

 

$

1,058,430

 

 

 

—

 

Weighted-average remaining contractual term (years)

 

 

2.10

 

 

 

4.66

 


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.


 

 

September 30,
2020

 

 

December 31,
2019

 

Warrants outstanding and exercisable

 

 

40,489,050

 

 

 

29,849,761

 

Weighted-average exercise price

 

$

0.26

 

 

$

0.23

 

Aggregate intrinsic value

 

$

15,821,830

 

 

$

1,956,750

 

Weighted-average remaining contractual term (years)

 

 

3.30

 

 

 

3.64

 


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.