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STOCK OPTIONS AND WARRANTS
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
NOTE 11 - 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 12,500 options fully vested as of June 30, 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 $120,006 expensed during the six months ended June 30, 2018.

 

As of June 30, 2018, there were 74,000 options outstanding and 61,500 options exercisable with expiration dates commencing October 2020 and continuing through January 2022.

 

A summary of the Company’s option activity during the six months ended June 30, 2018 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
Options   Shares     Price     Term     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, June 30, 2018     74,000     $ 1.32       2.97       376,340  
                                 
Exercisable, June 30, 2018     61,500     $ 1.39       2.86     $ 308,715  

 

As of June 30, 2018, there were 589,600 warrants outstanding and exercisable with expiration dates of May 2023.

 

A summary of the Company’s warrant activity during the six months ended June 30, 2018 is presented below:

  

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
Warrants   Shares     Price     Term     Value  
Balance Outstanding, December 31, 2017     599,640     $ 7.65       5.29     $ -  
Granted     -       -       -       -  
Forfeited     -       -       -       -  
Exercised     -       -       -       -  
Expired     (10,040 )     -       -       -  
Balance Outstanding, June 30, 2018     589,600     $ 7.27       4.88     $ 75,576  
                                 
Exercisable, June 30, 2018     589,600     $ 7.27       4.88     $ 75,576