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NOTE 11 – STOCKHOLDERS’ EQUITY (Tables)
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
The ranges of assumptions used in the Black-Scholes Model during the nine months ended September 30, 2020 and 2019 are set forth in the table below.

 

The valuation methodology used to determine the fair value of stock options is the Black-Scholes Model. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the risk-free interest rate, and the expected life of the stock options. The ranges of assumptions used in the Black-Scholes Model during the nine months ended September 30, 2020 and 2019 are set forth in the table below. 

 

   September 30,  
2020		   September 30,  
2019		 
Weighted average grant date fair value  $0.95   $1.84 
Risk-free interest rate   0.34-1.68%    1.83-2.54% 
Volatility    63.53-67.92%    61.25-64.49% 
Term (in years)   6-6.8    5.5-6.5 
Dividend yield   0.00%   0.00% 
A summary of option activity under the 2009, 2012 and 2019 Plans and related information during the nine months ended September 30, 2020 is as follows

 

A summary of option activity under the 2009, 2012 and 2019 Plans and related information during the nine months ended September 30, 2020 is as follows:

 

   Number of Shares Under Options   Weighted Average Exercise Price   Weighted Average Remaining Contractual Life in Years   Aggregate Intrinsic Value 
Balance at December 31, 2019   25,030,234   $4.65    5.84   $3,668,171 
  Granted   736,500   $1.58           
  Exercised   (1,182,195)  $0.23        $1,738,740 
  Expired   (361,109)  $3.66           
  Cancelled/Forfeited   (330,250)  $3.69           
Balance at September 30, 2020   23,893,180   $4.80    5.46   $379,535 
Vested and Exercisable at September 30, 2020   19,827,306   $5.06    4.83   $218,370 
Unvested at September 30, 2020   4,065,874   $3.55    8.53   $161,165 
Schedule of restricted stock units and performance stock units

 

Schedule of restricted stock units and performance stock units

    Restricted Stock Units   Performance Stock Units 
    Number of Shares   Weighted Average Grant Date Fair Value   Number of Shares   Weighted Average Grant Date Fair Value 
Balance at December 31, 2019    1,240,000   $3.56    —   $— 
Granted    5,102,817   $1.40    2,585,745   $1.08 
Vested/Released    (301,500)  $1.78    (151,500)  $1.14 
Forfeited    (11,360)  $1.07    (11,360)  $1.07 
Balance at September 30, 2020    6,029,957   $1.83    2,422,885*  $1.08 

 

*The number of performance stock units (PSUs) represents the base number of PSUs that may vest. The actual number of PSUs that will vest will be between zero and two times the base number of PSUs depending on the Company's achievement of break-even quarterly EBITDA.