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9. STOCK OPTIONS AND WARRANTS | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
STOCK OPTIONS AND WARRANTS |
9. | STOCK OPTIONS AND WARRANTS
Stock Options During the three months ended March 31, 2020, an option was granted to an employee to purchase up to 49,104 shares of the Company’s common stock. These options will vest over 4 years and have an exercise price of $4.57 per share. The Company estimated the fair value of these options at $222,612 utilizing the Black-Scholes pricing model. The assumptions used in the valuation of these options include volatility of 198.91% based on historical volatility, expected dividends of 0.0%, a discount rate of 1.79% and expected term of 7.0 years based on the simplified method. During the three months ended September 30, 2020, an option was granted to an employee to purchase up to 20,000 shares of the Company’s common stock. These options will vest over 4 years and have an exercise price of $12.76 per share. The Company estimated the fair value of these options at $204,185 utilizing the Black-Scholes pricing model. The assumptions used in the valuation of these options include volatility of 96.2% based on historical volatility, expected dividends of 0.0%, a discount rate of 0.46% and expected term of 7.0 years based on the simplified method. During the three months ended September 30, 2020, 3,000 stock options were exercised on a cashless basis for 2,199 shares of common stock at an exercise price of $4.09. During the nine months ended September 30, 2020 and 2019, the Company recorded non-cash stock option based compensation expense of $81,204 and $12,092, respectively. As of September 30, 2020, there was $534,157 of unrecognized stock option-based compensation expense that will be recognized over the next four years. There were stock options outstanding to purchase 305,308 shares of common stock at September 30, 2020. During the nine months ended September 30, 2020, 3,000 stock options were exercised for 2,199 shares of common stock at an exercise price of $4.09, there were 500 options forfeited and there were no options that expired. Warrants During the three months ended September 30, 2020, 102,179 warrants to purchase shares of the Company’s common stock were exercised generating $749,727 of proceeds and during the nine months ended September 30, 2020, 151,450 warrants to purchase shares of the Company’s common stock were exercised generating $1,066,913 At September 30, 2020, there were warrants outstanding to purchase up to 2,384,340 shares of the Company’s common stock at a weighted average exercise price of $6.37.

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