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STOCK OPTIONS AND WARRANTS
 3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
NOTE 10 - STOCK OPTIONS AND WARRANTS

On January 1, 2017 the Company entered into a two-year agreement whereby the employee was granted compensation of €1,000 per month and an annual retainer of 25,000 stock options as compensation for being appointed the International Finance Manager of the Company. On January 1, 2018, 25,000 options were granted to the employee. These options have an exercise period of four years with an exercise price of $1.00. In the event that he ceases to work for the Company for any reason, he will be entitled to a pro rata portion of the annual options. The options vest monthly, with a total of 6,250 options fully vested as of March 31, 2018. The options were valued at $242,002 using the Black Scholes Option Pricing Model with the following inputs: stock price on measurement date: $10.20; Exercise price: $1.00; Option term: 4 years; Computed volatility: 120.92%. The fair value of the options will be amortized over a year with $59,671 expensed during the three months ended March 31, 2018.

 

As of March 31, 2018, there were 74,000 options outstanding and 55,250 options exercisable with expiration dates commencing October 2020 and continuing through January 2022. 

 

A summary of the Company’s option activity during the three months ended March 31, 2018 is presented below:

 

Options   Number of Shares     Weighted Average Exercise
Price		     Weighted Average Remaining Contractual Term     Aggregate Intrinsic Value  
Balance Outstanding, December 31, 2017     49,000     $ 1.49       3.19     $ 426,800  
Granted     25,000       1.00       4.00       -  
Forfeited     -       -       -       -  
Exercised     -       -       -       -  
Expired     -       -       -       -  
Balance Outstanding, March 31, 2018     74,000     $ 1.32       3.22       567,260  
                                 
Exercisable, March 31, 2018     55,250     $ 1.43       3.04     $ 417,448  

  

As of March 31, 2018, there were 599,640 warrants outstanding and 10,040 warrants exercisable with expiration dates commencing April 2018 and continuing through May 2023. 

 

A summary of the Company’s warrant activity during the three months ended March 31, 2018 is presented below:

 

Warrants   Number of Shares     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term     Aggregate Intrinsic Value  
Balance Outstanding, December 31, 2017     599,640     $ 7.65       5.29     $ -  
Granted     -       -       -       -  
Forfeited     -       -       -       -  
Exercised     -       -       -       -  
Expired     -       -       -       -  
Balance Outstanding, March 31, 2018     599,640     $ 7.65       5.04     $ 1,012,504  
                                 
Exercisable, March 31, 2018     10,040     $ 30.00       .06     $ -