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Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Warrant Activity

The following is a summary of the warrant activity for the nine months ended September 30, 2022:

 Summary of Warrant Activity

		Number of Warrants				Average Exercise Price				Weighted Average Remaining Contractual Term in Years
Outstanding at January 1, 2022			1,225,959			$	3.50				5.02
Exercisable at January 1, 2022			-			$	-				-
Granted			-				-				-
Exercised / surrendered			-				-				-
Expired			-				-				-
Outstanding at September 30, 2022			1,225,959			$	3.50				4.27
Exercisable at September 30, 2022			1,225,959			$	3.50				4.27

Schedule of Stock Option Activity

Stock option activity under the Company’s stock-based compensation plans is shown below:

 Schedule of Stock Option Activity

	Number of Shares				Average Exercise Price per Share				Weighted Average Remaining Contractual Term in Years
Outstanding at January 1, 2022		340,500			$	5.97				1.32
Exercisable at January 1, 2022		340,500				5.97				1.32
Granted		-				-				-
Exercised		-				-				-
Forfeited		206,500				6.87				-
Outstanding at September 30, 2022		134,000				4.58				1.58
Exercisable at September 30, 2022		134,000				5.97				0.82

(1) The intrinsic value of the stock options at September 30, 2022 is the amount by which the market value of the Company’s common stock of $0.74 as of September 30, 2022 exceeds the average exercise price of the option. As of September 30, 2022, the intrinsic value of the outstanding and exercisable stock options was $0.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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-Name Accounting Standards Codification
-Topic 718
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-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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