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13. Stock Options
 9 Months Ended
Sep. 30, 2020
Notes  
13. Stock Options

13. Stock Options 

No options were granted in the first nine months of 2020. In June 2019, the board granted 2,100,000 stock options to non-officer employees. These options vested immediately and are exercisable at $0.14 for 3 years. Total stock based compensation recognized on these options was $190,019. The weighted average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows: volatility of 98.6%, risk-free interest rate of 1.81%, and an expected term of three years.

Activity in the Company’s stock options is as follows:

 

 

Number of Options

 

Exercise Prices

Balance December 31, 2018

7,054,500

$

0.10-0.18

Granted

2,100,000

 

0.14

Expired

(3,892,000)

 

0.10-0.15

Balance December 31, 2019

5,262,500

 

0.10-0.18

Expired

(650,000)

 

0.15

Balance September 30, 2020

4,612,500

 

0.10-0.18

Exercisable at September 30, 2020

4,612,500

$

0.10-0.18

At September 30, 2020, outstanding stock options have a weighted average remaining term of approximately 1.06 years and an intrinsic value of approximately $780,000.