XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value of Each Option Award Estimated Assumption

For stock options requiring an assessment of value during the six months ended June 30, 2022, 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   3.03%
Expected dividend yield   0%
Expected volatility   153.17%
Expected life   3.5 years 

 

For stock options requiring an assessment of value during the six months ended June 30, 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   198.79%
Expected life   3.5 to 3.6 years 
Summary of Stock-based Compensation Costs

A summary of stock-based compensation costs for the three months and six months ended June 30, 2022 and 2021 is as follows:

  

   2022   2021   2022   2021 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   2022   2021 
                 
Related parties  $424,094   $850,804   $763,766   $1,506,836 
Non-related parties   —    —    —    — 
Total stock-based compensation costs  $424,094   $850,804   $763,766   $1,506,836 
Summary of Stock Option Activity Including Options Form of Warrants

A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2022 is presented below.

  

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Weighted

Average
Remaining Contractual

Life (in Years)

 
             
Stock options outstanding at December 31, 2021   2,666,667   $3.738      
Granted   750,000    0.740      
Exercised   —    —      
Expired/Forfeited   (91,667)   2.962      
Stock options outstanding at June 30, 2022   3,325,000   $3.083    3.48 
                
Stock options exercisable at June 30, 2022   2,225,000   $3.570    2.99 
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants

The exercise prices of common stock options outstanding and exercisable, including options issued in the form of warrants, at June 30, 2022 are as follows:

  

Exercise

Prices

  

Options

Outstanding
(Shares)

  

Options

Exercisable
(Shares)

 
          
$0.740    750,000    125,000 
$0.900    33,333    33,333 
$1.680    33,333    33,333 
$2.060    200,000    200,000 
$2.800    250,000    187,500 
$3.000    666,667    666,667 
$3.030    500,000    250,000 
$3.200    250,000    187,500 
$3.210    150,000    150,000 
$6.000    166,667    166,667 
$6.600    41,667    41,667 
$7.140    200,000    100,000 
$12.000    83,333    83,333 
      3,325,000    2,225,000 

 

Based on a fair market value of $0.74 per share on June 30, 2022, there was no intrinsic value attributed to exercisable but unexercised in-the-money common stock options at June 30, 2022.

 

Outstanding stock options to acquire 1,100,000 shares of the Company’s common stock had not vested at June 30, 2022.

 

The Company expects to satisfy such stock obligations through the issuance of authorized but unissued shares of common stock.