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12. STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
12. 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 March 31, 2021, 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. For the three months ended March 31, 2021 and 2020, total compensation costs for options issued recorded in the consolidated statement of loss were $0. During the three months ended March 31, 2021, there were no options issued to employees or non-employees. The following table summarizes all Company stock option transactions between January 1, 2021 and March 31, 2021.
|  | 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, 2021 |  |  | 121,600 |  |  |  | $7.09 |  |  |  | $3.57 - $7.27 |
Granted during the period |  |  | — |  |  |  | — |  |  |  | — |
Exercised during the period |  |  | — |  |  |  | — |  |  |  | — |
Expired during the period |  |  | — |  |  | $ | — |  |  | $ | — |
Balance, March 31, 2021 |  |  | 121,600 |  |  |  | $7.09 |  |  |  | $3.57 - $7.27 |
Stock Options and Warrants Outstanding and Exercisable
|  |  |  |  |  |  |  |  |  |  | Weighted Average |
|  |  |  |  |  |  |  |  |  |  | Remaining |
|  |  | Outstanding at March 31, 2021 |  |  |  | Range of Exercise Prices |  |  |  | Contractual Life (Years) |
Outstanding and exercisable |  |  | 121,600 |  |  |  | $3.57 - $7.27 |  |  |  | 0.41 |
The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2021 was $4,710. During the three months ended March 31, 2021 and 2020, there were no options exercised.

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- 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
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