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STOCK OPTIONS AND WARRANTS
 9 Months Ended
Sep. 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 18,750 options fully vested as of September 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 $181,004 expensed during the nine months ended September 30, 2018.

 

As of September 30, 2018, there were 74,000 options outstanding and 67,750 options exercisable with expiration dates commencing October 2020 and continuing through January 2022.

 

A summary of the Company’s option activity during the nine months ended September 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, September 30, 2018     74,000     $ 1.32       2.97       235,000  
                                 
Exercisable, September 30, 2018     67,750     $ 1.35       2.86     $ 213,125  

 

As of September 30, 2018, there were 972,990 warrants outstanding and 589,600 warrants exercisable with expiration dates from May 2023 through March 2024.

 

A summary of the Company’s warrant activity during the nine months ended September 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     383,390       -       -       -  
Forfeited     -       -       -       -  
Exercised     -       -       -       -  
Expired     (10,040 )     -       -       -  
Balance Outstanding, September 30, 2018     972,990     $ 7.32       4.92     $ -  
                                 
Exercisable, September 30, 2018     589,600     $ 7.27       4.88     $ -