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OPTIONS (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
SCHEDULE OF ESTIMATE FAIR VALUE OF STOCK OPTIONS | The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of the grant. The following table summarizes the assumptions used to estimate the fair value of the stock options granted during the quarter ended September 30, 2021: SCHEDULE OF ESTIMATE FAIR VALUE OF STOCK OPTIONS
Expected dividend yield | 0 | %
Weighted-average expected volatility | 102-207 | %
Weighted-average risk-free interest rate | 0.25 | %
Expected life of options | 5 years |
SCHEDULE OF STOCK OPTION ACTIVITY | The following table represents stock option activity for the nine-month period ended September 30, 2021: SCHEDULE OF STOCK OPTION ACTIVITY
|  | Number Outstanding |  |  | Weighted Average Exercise Price |  |  | Contractual Life in Years |  |  | Intrinsic Value |
Options Outstanding as of December 31, 2020 |  |  | 425,817 |  |  | $ | 4.44 |  |  |  | 5.33 |  |  | $ | 597,322 |
Options Exercisable as of December 31, 2020 |  |  | 282,167 |  |  | $ | 4.52 |  |  |  | 4.56 |  |  | $ | 384,226 |
Options granted |  |  | 36,700 |  |  | $ | 5.74 |  |  |  | 4.44 |  |  |  | - |
Options forfeited |  |  | - |  |  | $ | - |  |  |  | - |  |  |  | - |
Options expired |  |  | - |  |  | $ | - |  |  |  | - |  |  |  | - |
Options exercised |  |  | (30,353 | ) |  | $ | 0.06 |  |  |  | - |  |  |  | - |
Options Outstanding as of September 30, 2021 |  |  | 432,164 |  |  | $ | 4.86 |  |  |  | 4.89 |  |  | $ | 368,613 |
Options Exercisable as of September 30, 2021 |  |  | 295,015 |  |  | $ | 4.90 |  |  |  | 4.58 |  |  | $ | 245,551 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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