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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Valuation Assumption of Stock Option

For stock options requiring an assessment of value during the year ended December 31, 2021, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     0.89 %
Expected dividend yield     0 %
Expected volatility     309.92 % to 366.13 %
Expected life     3 to 5 years  

 

For stock options requiring an assessment of value during the year ended December 31, 2020, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     0.12 %
Expected dividend yield     0 %
Expected volatility     2933 %
Expected life     1.5 years  
Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2021 and 2020 is presented below:

 

          Weighted  
    Number     Average  
    of     Exercise  
    Options     Price  
             
Stock options outstanding at December 31, 2019     5,116       363.17  
Granted     32,000       1.05  
Exercised     -       -  
Expired or forfeited     -       -  
Stock options outstanding at December 31, 2020     37,116       50.93  
Granted     150,000       2.83  
Exercised     -       -  
Expired or forfeited     -       -  
Stock options outstanding at December 30, 2021     187,116     $ 12.38  
Stock options exercisable at December 31, 2021     187,116     $ 12.38  
Schedule of Options Summarized by Exercise Price

The exercise prices of common stock options outstanding and exercisable at December 31, 2021 are as follows:

 

Exercise

Prices

   

Options

Outstanding

(Shares)

   

Options

Exercisable

(Shares)

 
               
$ 1.05       32,000       32,000  
$ 2.50       50,000       50,000  
$ 3.00       100,000       100,000  
$ 363.17       5,116       5,116  
          187,116       187,116