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Options | 3 Months Ended
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Mar. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Options | Note 13 – Options The 2020 Equity Plan was approved by written consent of a majority of shareholders of record as of November 12, 2019 and adopted by the Board on December 5, 2019, as provided in the definitive information statement filed with Securities and Exchange Commission on January 10, 2020 (the “DEF 14C”). The description of the 2020 Equity Plan is qualified in its entirety by the text of the 2020 Equity Plan, a copy of which was attached as Annex C to the DEF 14C. On September 29, 2020, January 4, 2021, and March 19, 2021, the Board of Directors adopted and approved amendments that in aggregate increase the number of shares reserved for issuance under the 2020 Equity Plan to an aggregate total of 814,150 shares and such amendments were approved by a majority of shareholders of record on September 3, 2021. Outstanding Options Options to purchase an aggregate total of 546,942 shares of common stock at a weighted average strike price of $5.26, exercisable over a weighted average life of 8.61 years were outstanding as of March 31, 2022. Options Granted On March 30, 2022, a total of sixteen employees and consultants were granted options to purchase an aggregate 19,436 shares of the Company’s common stock, having an exercise price of $2.75 per share, exercisable over a 10-year term. The options will vest 60% on the third anniversary, and 20% each anniversary thereafter until fully vested. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 407% and a call option value of $2.6435, was $51,380. The options are being expensed over the vesting period, resulting in $25 of stock-based compensation expense during the three months ended March 31, 2022. As of March 31, 2022, a total of $51,355 of unamortized expenses are expected to be expensed over the vesting period. On March 25, 2022, a newly appointed advisory board member was granted options to purchase an aggregate 6,382 shares of the Company’s common stock, having an exercise price of $2.35 per share, exercisable over a 10-year term. The options will vest 20% on each anniversary over a five year period, until fully vested. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 406% and a call option value of $2.2584, was $14,413. The options are being expensed over the vesting period, resulting in $47 of stock-based compensation expense during the three months ended March 31, 2022. As of March 31, 2022, a total of $14,366 of unamortized expenses are expected to be expensed over the vesting period. The Company recognized a total of $134,261 and $121,221 of compensation expense during the three months ended March 31, 2022 and 2021, respectively, related to common stock options issued to Officers, Directors, Employees and Advisors that are being amortized over the implied service term, or vesting period, of the options. The remaining unamortized balance of these options is $1,665,080 as of March 31, 2022. Options Exercised No options were exercised during the three months ended March 31, 2022 and 2021. Options Forfeited A total of 20,063 options with a weighted average exercise price of $4.07 were forfeited during the three months ended March 31, 2022.

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