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14. Stock Options | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Stock Options | Note 14: Stock Options On September 18, 2015, the Company adopted the Genius Brands International, Inc. 2015 Incentive Plan (the “2015 Plan”). The 2015 Plan was approved by the Company’s stockholders in September 2015. The 2015 Plan as approved by the stockholders authorized the issuance up to an aggregate of 150,000 shares of Common Stock. On December 14, 2015, the Board of Directors voted to amend the 2015 Plan to increase the total number of shares that can be issued under the 2015 Plan by 1,293,334 from 150,000 shares to 1,443,334 shares. The increase in shares available for issuance under the 2015 Plan was approved by stockholders on February 3, 2016. On May 18, 2017, the Board of Directors voted to amend the 2015 Plan to increase the total number of shares that can be issued under the 2015 Plan by 223,333 shares from 1,443,334 shares to an aggregate of 1,667,667 shares. The increase in shares available for issuance under the 2015 Plan was approved by the stockholders on July 25, 2017. On September 6, 2018, the Board of Directors voted to amend the 2015 Plan to increase the total number of shares that can be issued under the 2015 Plan by 500,000 shares from 1,667,667 shares to an aggregate of 2,167,667 shares. The increase in shares available for issuance under the 2015 Plan was approved by the Company’s stockholders on October 2, 2018. On June 25, 2020, the Company granted options to purchase 185,000 shares of Common Stock to certain employees and granted options to purchase 445,000 shares of Common Stock to consultants for services. These stock options generally vest in three years. The fair value of these options was determined to be $2,649,379 using the Black-Scholes option pricing model based on the following assumptions:
Exercise Price | $2.61 - $10.00
Dividend Yield | 0%
Volatility | 122%
Risk-free interest rate | 0.31%
Expected life of options | 5.0 years
The following table summarizes the changes in the Company’s stock option plan during the six months ended June 30, 2020:
|  | Options Outstanding Number Of Shares |  |  | Exercise Prices Per Share |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price Per Share |  |  | Aggregate Intrinsic Value |
Balance at December 31, 2019 |  |  | 1,289,866 |  |  | $ | 1.99 - 12.00 |  |  |  | 6.49 years |  |  | $ | 7.18 |  |  |  | – |
Options Granted |  |  | 630,000 |  |  | $ | 2.61 - 10.00 |  |  |  | 4.99 years |  |  | $ | 5.08 |  |  |  | – |
Options Exercised |  |  | – |  |  | $ | – |  |  |  | – |  |  | $ | – |  |  |  | – |
Options Cancelled |  |  | 2,000 |  |  | $ | 1.99 |  |  |  | 3.69 years |  |  | $ | 1.99 |  |  |  | – |
Options Expired |  |  | – |  |  | $ | – |  |  |  | – |  |  | $ | – |  |  |  | – |
Balance at June 30, 2020 |  |  | 1,917,866 |  |  | $ | 1.99 - 10.00 |  |  |  | 2.26 years |  |  | $ | 3.49 |  |  |  | – |
Exercisable December 31, 2019 |  |  | 1,176,416 |  |  | $ | 1.99 - 9.00 |  |  |  | 6.25 years |  |  | $ | 7.67 |  |  |  | – |
Exercisable June 30, 2020 |  |  | 1,321,142 |  |  | $ | 1.99 - 3.17 |  |  |  | 1.12 years |  |  | $ | 2.69 |  |  |  | – |
During the three and six months ended June 30, 2020, the Company recognized $328,497 and $352,311, respectively in share-based compensation expense. During the three and six months ended June 30, 2019, the Company recognized $80,800 and $116,549, respectively in share-based compensation expense. The unvested share-based compensation as of June 30, 2020 was $2,383,856 which will be recognized through the second quarter of 2025 assuming the underlying grants are not cancelled or forfeited.

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