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Stock Options | 9 Months Ended
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Sep. 30, 2019
Share-based Payment Arrangement [Abstract] |
Stock Options | 14. Stock Options. The Company has a stock option plan (“Plan”). The purpose of this Plan is to provide additional incentives to key employees, officers, directors and consultants of the Company and its subsidiaries in order to help attract and retain the best available personnel for positions of responsibility and otherwise promote the success of the Company’s business. It is intended that options issued under this Plan constitute non-qualified stock options. The general terms of awards under the option plan are that 100% of the options granted will vest the year following the grant. The maximum term of options granted is 5 years and the exercise price of all options are issued for not less than fair market value at the date of the grant. The following table summarizes the Company’s stock option activities for the year ended December 31, 2017 and the nine month period ended September 30, 2019:
|  | Number of shares |  |  | Exercise price per share |  |  | Weighted average exercise price |
Balance, December 31, 2017 |  |  | 713,000 |  |  |  | $0.75 – 1.70 |  |  | $ | 1.21 |
Granted |  |  | 110,000 |  |  |  | $1.48 – 1.75 |  |  | $ | 1.74 |
Cancelled or expired |  |  | (61,334 | ) |  |  | $1.00 – 1.70 |  |  | $ | 1.09 |
Exercised |  |  | (101,666 | ) |  |  | $0.75 – 1.42 |  |  | $ | 1.01 |
Balance, December 31, 2018 |  |  | 660,000 |  |  |  | $0.75 – 1.75 |  |  | $ | 1.35 |
Granted |  |  | 153,000 |  |  | $ | 3.46 |  |  | $ | 3.46 |
Cancelled or expired |  |  | (49,112 | ) |  |  | $0.75 – 3.46 |  |  | $ | 1.46 |
Exercised |  |  | (289,888 | ) |  |  | $0.75 – 1.70 |  |  | $ | 1.16 |
Balance, September 30, 2019 |  |  | 474,000 |  |  |  | $0.75 – 3.46 |  |  | $ | 2.10 |
Exercisable, September 30, 2019 |  |  | 221,000 |  |  |  | $0.75 – 1.70 |  |  | $ | 1.34 |
The fair value of each option grant is calculated using the following weighted average assumptions:
|  | 2019 |  |  | 2018 |
Expected life – years |  |  | 3.0 |  |  |  | 3.0 |
Interest rate |  |  | 1.93 | % |  |  | 2.8 – 2.96 | %
Volatility |  |  | 43.89 | % |  |  | 47.59 – 51.85 | %
Weighted average fair value of options granted |  | $ | 1.0959 |  |  | $ | 0.4759 – 0.6313 |
During the nine months ended September 30, 2019, the Company granted 40,000 (2018 – nil) stock options to consultants and has applied ASC 718 using the Black-Scholes option-pricing model, which resulted in expenses of $29,224 (2018 - $nil). The Company granted 113,000 stock options to employees during the nine months ended September 30, 2019 (2018 – 5,000) which resulted in $82,558 in expenses (2018 - $2,219). Vesting of options granted in previous years resulted in expenses in the amount of $nil for employees (2018 - $55,070) during the nine months ended September 30, 2019 and $17,242 for consultants (2018 - $20,026). There were 204,000 employee and 85,888 consultant stock options exercised during the nine months ended September 30, 2019 (2018 – 23,000 employee and 10,000 consultant stock options). As of September 30, 2019, there was approximately $91,647 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 1.25 years. The aggregate intrinsic value of vested options outstanding at September 30, 2019 is $224,330.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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