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10. STOCK OPTIONS AND WARRANTS
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS AND WARRANTS
10. STOCK OPTIONS AND WARRANTS

 

Stock Options

 

During the three months ended March 31, 2021, there were no stock options granted.

 

During the three months ended March 31, 2021 and 2020, the Company recorded non-cash stock option based compensation expense of $68,944 and $27,068, respectively. As of March 31, 2021, there was $703,866 of unrecognized stock option-based compensation expense that will be recognized over the next 3.5 years.

 

During the three months ended March 31, 2021, 2,300 stock options were exercised on a cashless basis for 1,063 shares of common stock at a weighted average exercise price of $13.97. The Company withheld shares to cover income and payroll taxes totaling $46,963, which was charged to additional paid in capital.

 

There were stock options outstanding to purchase 337,633 shares of common stock at a weighted average exercise price of $11.13 at March 31, 2021. During the three months ended March 31, 2021, 1,875 stock options terminated.

 

Warrants

 

During the three months ended March 31, 2021, 388,638 warrants to purchase shares of the Company’s common stock were exercised generating $2,469,543. At March 31, 2021, there were warrants outstanding to purchase up to 576,946 shares of the Company’s common stock at a weighted average exercise price of $6.31.