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STOCK OPTIONS AND WARRANTS | 12 Months Ended
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Dec. 31, 2019
STOCK OPTIONS AND WARRANTS |
NOTE 15 - 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 per year as compensation for being appointed the International Finance Manager of the Company. The 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 25,000 options fully vested as of December 31, 2017 and December 31, 2018, respectively. The options issued in the year ended December 31, 2017 were valued at $195,307 using the Black Scholes Option Pricing Model with the following inputs: stock price on measurement date: $8.20; Exercise price: $1.00; Option term: 4 years; Computed volatility: 136.76%. The fair value of the options was amortized over a year with $195,307 expensed during the year ended December 31, 2017. The options issued during the year ended December 31, 2017 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 was amortized over a year with $242,002 expensed during the year ended December 31, 2018. As of December 31, 2019, there were 74,000 options outstanding and 74,000 options exercisable with expiration dates commencing October 2020 and continuing through January 2022. A summary of the Company’s option activity during the years ended December 31, 2019 and 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 |  |  | $ | - |
Granted |  |  | 25,000 |  |  |  | 1.00 |  |  |  | 4.00 |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance Outstanding, December 31, 2018 |  |  | 74,000 |  |  | $ | 1.32 |  |  |  | 2.47 |  |  | $ | 198,000 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance Outstanding, December 31, 2019 |  |  | 74,000 |  |  | $ | 1.32 |  |  |  | 1.47 |  |  | $ | 64,800 |
Exercisable, December 31, 2019 |  |  | 74,000 |  |  | $ | 1.32 |  |  |  | 1.47 |  |  | $ | 64,800 |
In connection with a private placement that took place on April 7, 2017, the Company issued warrants for a total of 10,040 common shares of the Company at a 1:1 ratio for shares purchased by investors. The warrants were valued using the Black Scholes valuation model with stock prices ranging from $7.60 to $8.50, exercise price of $30.00, volatility ranging from 76.66% to 90.86% based on the Company’s stock price, an expected term of 1 year and a risk-free rate ranging from 1.07% to 1.11%. These warrants expired during the year ended December 31, 2018. On September 4, 2018, in connection with the $2,233,333 Securities Purchase Agreement, the Company issued warrants for 357,334 common shares of the Company (See Note 16). The fair value of the warrants was determined using a Black Scholes valuation model with a stock price of $6.40, exercise price of $7.50, volatility of 111.51% based on the Company’s stock price, an expected term of 5 years and a risk free rate of 2.78%. The value of the warrants of $910,078 was recognized as interest expense during the year ended December 31, 2018. The warrants became exercisable on March 4, 2019. On September 4, 2018, in connection with the $2,233,333 Securities Purchase Agreement (See Note 16), Roth Capital Partners, LLC (“Roth”), as the Company’s exclusive placement agent, was issued warrants for 26,056 common shares of the Company. The fair value of the warrants was determined using a Black Scholes valuation model with a stock price of $6.40, exercise price of $5.00, volatility of 169.29% based on the Company’s stock price, an expected term of 5 years and a risk free rate of 2.78%. The value of the warrants of $157,969 was recognized as interest expense during the year ended December 31, 2018. The warrants became exercisable on March 4, 2019. The significant assumptions used to determine the fair values of warrants issued, using a Black-Scholes valuation model are as follows:
|  | 2018 |
Market value of underlying stock |  | $ | 6.40 |
Volatility |  |  | 111.51%-254.07 | %
Expected term (in years) |  |  | 5 – 5.5 |
Risk-free interest rate |  |  | 2.77% -2.78 | %
Expected dividend yield |  |  | None |
A summary of the Company’s warrant activity for the years ending December 31, 2019 and 2018 is as follows:
|  |  |  |  |  |  |  | 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 |  |  | $ | 1,725,921 |
Granted |  |  | 1,111,073 |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | (536,000 | ) |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | (10,040 | ) |  |  | - |  |  |  | - |  |  |  | - |
Balance Outstanding, December 31, 2018 |  |  | 1,164,673 |  |  | $ | 6.41 |  |  |  | 5.01 |  |  | $ | - |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance Outstanding, December 31, 2019 |  |  | 1,164,673 |  |  | $ | 6.41 |  |  |  | 4.01 |  |  | $ | - |
Exercisable, December 31, 2019 |  |  | 1,164,673 |  |  | $ | 6.41 |  |  |  | 4.01 |  |  | $ | - |

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