XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.21.1

13. STOCK-BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
13. STOCK-BASED COMPENSATION | Pursuant to the Company’s 2019 Omnibus Equity Incentive Plan adopted and approved in 2019 (“ 2019 Plan”), awards under the 2019 Plan is limited in the aggregate to 2,068,398 shares of our common stock, inclusive of the awards that were previously issued and outstanding under the Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”). Upon adoption and approval of the 2019 Plan, the 2007 Plan was frozen, no new awards will be granted under the 2007 Plan, and outstanding awards under the 2007 Plan will continue to be governed by the terms and condition of the 2007 Plan and applicable award agreement. As of December 31, 2020, the number of shares of the Company’s common stock available for grant of stock options and issuance under the 2019 Plan is 515,648 shares. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern. On April 1, 2019, the Company granted to one employee options to purchase 30,000 shares of the Company’s common stock, at an exercise price of $4.55 per share and the options vested immediately. The options were valued at $45,900 fair value, with assumed 45.26% volatility, a four-year expiration term with an expected tenor of 1.60 years, a risk free rate of 2.37% and no dividend yield. For the year ended December 31, 2020 and 2019, total compensation costs for options issued recorded in the consolidated statement of comprehensive income (loss) were $0 and $45,900. There were no related tax benefits as a full valuation allowance was recorded in the years ended December 31, 2020 and 2019. The following table summarizes all Company stock option transactions between January 1, 2020 and December 31, 2020.
|  | Number of Option and Warrants Outstanding and exercisable |  | Weighted- Average Exercise price of Option and Warrants |  | Range of Exercise Price per Common Share
Balance, January 1, 2020 |  |  | 135,100 |  |  |  | $7.21 |  |  |  | $3.57 - $9.9 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (13,500) |  |  |  | $8.20 |  |  |  | $7.20-$9.90 |
Balance, December 31, 2020 |  |  | 121,600 |  |  |  | $7.09 |  |  |  | $3.57 - $7.27 |
Stock and Warrants Options Exercisable and Outstanding
|  |  |  |  |  | Weighted Average Remaining
|  | Outstanding at December 31, 2020 |  | Range of Exercise Prices |  | Contractual Life (Years)
Exercisable and outstanding |  | 121,600 |  | $3.57 - $7.27 |  | 0.65
All options exercisable and outstanding at December 31, 2020 are fully vested. As of December 31, 2020, there was no unrecognized compensation cost related to outstanding stock options, The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2020 and 2019 was $3,330 and $0. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlining options and the stock price of $4.12 and $2.55 for the Company's common stock on December 31, 2020 and 2019. The aggregate intrinsic value of options exercised during the years ended December 31, 2020 and 2019 was $0 and $922,429. During the year ended December 31, 2020 and 2019, 0 and 151,856 shares of common stock were issued upon cashless exercise of 0 and 379,400 options.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration