SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2019

Disclosure of terms and conditions of share-based payment arrangement [abstract]

10. SHARE-BASED PAYMENTS

The following is a summary of stock options granted by the Company in 2019 and 2018 and fair value assigned to each grant. The fair value was calculated at the time of grant using the Black-Scholes option pricing model and the following inputs and assumptions.

		June 18,		April 23,		February 21,
Inputs and assumptions		2019		2019		2018

Stock options granted		1,675,000		400,000		2,325,000
Exercise price	$	0.90	$	0.75	$	1.20

Market price	$	0.78	$	0.72	$	1.13
Expected option term (years)		3.0		3.0		3.0
Expected stock price volatility		51.8%		51.6%		59.9%
Average risk-free interest rate		1.36%		1.56%		1.94%
Expected forfeiture rate		-		-		-
Expected dividend yield		-		-		-

FAIR VALUE ASSIGNED	$	409,000	$	100,000	$	1,038,000