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STOCK OPTIONS
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 7 – STOCK OPTIONS

 

The following table summarizes stock option activity:

 

   Number of   Weighted
Average Exercise		 
   Options   Price 
Outstanding, December 31, 2020   140,000   $5.22 
Granted   —    — 
Exercised   —    — 
Outstanding, September 30, 2021 (unaudited)   140,000   $5.22 
Exercisable, September 30, 2021 (unaudited)   140,000   $5.22 

 

Effective July 8, 2016 the Company’s board of directors approved the Polar Power 2016 Omnibus Incentive Plan (the “2016 Plan”), authorizing the issuance of up to 1,754,385 shares of common stock as incentives to employees and consultants to the Company with awards limited to a maximum of 350,877 shares in any calendar year.

 

At September 30, 2021, the Company had total outstanding options of 140,000, which are fully vested, with exercise prices ranging from $4.84 to $5.60 per share. Option exercisable into 30,000 shares expire in December 2027 and the remaining options exercisable into 110,000 shares expire in April 2028.

 

The intrinsic value of the outstanding options at September 30, 2021 was approximately $45.