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13. Stock Options

3 Months Ended

Mar. 31, 2021

Notes

13. Stock Options

13. Stock Options 

No options were granted in the first three months of 2020. In February 2021, the board granted 4,100,000 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $0.40 for 3 years. Total stock-based compensation recognized on these options during the three-month period ended March 31, 2021 was $604,571. 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 97.9%, risk-free interest rate of 0.19%, an expected term of three years, dividend rate of 0.00% and forfeiture rate of 0.00%. In March 2021, the Company granted 50,000 stock options to an individual for services rendered to the Company. These options vested immediately and are exercisable at $0.40 for 3 years. Total stock-based compensation recognized on these options was $9,860 during the three-month period ended March 31, 2021. 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 99.3%, risk-free interest rate of 0.33%, expected term of three years, dividend rate of 0.00% and forfeiture rate of 0.00%. In the 1^st quarter of 2021 625,000 options were exercised in a cashless exercise.

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

	Number of Options		Exercise Prices
Balance December 31, 2019	5,262,500	$	0.10-0.18
Exercised	(1,150,000)		0.10-0.18
Expired	(2,012,500)		0.10-0.18
Balance December 31, 2020	2,100,000		0.10-0.14
Exercised	(625,000)		0.14
Issued	4,150,000		0.40
Balance March 31, 2021	5,625,000		0.10-0.40
Exercisable at March 31, 2021	5,625,000	$	0.10-0.40

At March 31, 2021, outstanding stock options have a weighted average remaining term of approximately 2.39 years and an intrinsic value of approximately $240,000.

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Tabular disclosure of share-based payment arrangement.

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