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14. Stock Options

9 Months Ended

Sep. 30, 2021

Notes

14. Stock Options

14. Stock Options 

No options were granted in the second quarter of 2020 or 2021. 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 three and nine-month periods ending September 30, 2021 $0 and 725,000, respectively, options were exercised in cashless exercises for 444,737 shares of the Company’s common stock.

14. Stock Options (continued) 

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	(725,000)		0.14
Issued	4,150,000		0.40
Balance September 30, 2021	5,525,000		0.10-0.40
Exercisable at September 30, 2021	5,525,000	$	0.10-0.40

At September 30, 2021, outstanding stock options have a weighted average remaining term of approximately 1.91 years and an intrinsic value of approximately $253,750. Intrinsic value of the options exercised for the nine-month period ended September 30, 2021 was $164,000.

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