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16. Stock Options | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock Options | Note 16: Stock Options On September 18, 2015, the Company adopted the Genius Brands International, Inc. 2015 Incentive Plan (the “2015 Plan”). The total number of shares that can be issued under the 2015 Plan is 2,167,667 shares. On September 1, 2020, the Company adopted the Genius Brands International, Inc. 2020 Incentive Plan (the “2020 Plan”). On August 4, 2020, the Board of Directors voted to adopt the 2020 Plan. The shares available for issuance under the 2020 Plan was approved by stockholders on August 27, 2020. The 2020 Plan as approved by the stockholders increased the maximum number of shares available for issuance up to an aggregate of 32,167,667 shares of Common Stock. During the three months ended March 31, 2021, the Company granted options to purchase 520,000 shares of common stock to employees and granted to each of the members of the Board of Directors 20,000 options to purchase shares of the Company’s Common Stock with an option price of $3.06 per share. The options vest on January 27, 2022 and have a five-year term. The fair value of these options was determined to be $1,801,800 using the Black-Scholes option pricing model based on the following assumptions:
Exercise Price | $3.06
Dividend Yield | 0%
Volatility | 143%
Risk-free interest rate | 0.41%
Expected life of options | 5.0 years
The following table summarizes the changes in the Company’s stock option plan during the three months ended March 31, 2021:
|  | 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, 2020 |  |  | 9,116,176 |  |  | $ | 1.39 - 10.00 |  |  |  | 9.37 years |  |  | $ | 1.69 |  |  |  | – |
Options Granted |  |  | 660,000 |  |  | $ | 3.06 |  |  |  | 4.83 years |  |  | $ | 3.06 |  |  |  | – |
Options Exercised |  |  | – |  |  | $ | – |  |  |  | – |  |  | $ | – |  |  |  | – |
Options Cancelled |  |  | 45,000 |  |  | $ | 2.61 |  |  |  | 4.24 years |  |  | $ | 2.61 |  |  |  | – |
Options Expired |  |  | – |  |  | $ | – |  |  |  | – |  |  | $ | – |  |  |  | – |
Balance at March 31, 2021 |  |  | 9,731,176 |  |  | $ | 1.39 - 10.00 |  |  |  | 8.86 years |  |  | $ | 1.78 |  |  |  | – |
Exercisable December 31, 2020 |  |  | 6,449,452 |  |  | $ | 1.39 - 9.00 |  |  |  | 6.25 years |  |  | $ | 7.67 |  |  |  | – |
Exercisable March 31, 2021 |  |  | 6,434,452 |  |  | $ | 1.39 - 3.17 |  |  |  | 9.43 years |  |  | $ | 1.44 |  |  |  | – |
During the three months ended March 31, 2021, and March 31, 2020, the Company recognized $1,158,624 and $23,814, respectively in share-based compensation expense. The unvested share-based compensation as of March 31, 2021 was $4,510,315, which will be recognized through the fourth quarter of 2023 assuming the underlying grants are not cancelled or forfeited.

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