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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2021
Compensation Related Costs [Abstract]  
STOCK-BASED COMPENSATION

NOTE 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 June 30, 2021, the number of shares of the Company’s common stock available for grant of awards under the 2019 Plan is 159,248 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.

 

In April 2021, the Company and certain management staff and directors mutually agreed to cancel certain unexercised stock options previously granted for an aggregate of 115,600 shares of the Company’s common stock underlying those stock options, having exercise prices at $7.27 per share, without consideration.

 

For the three months ended June 30, 2021 and 2020, total compensation costs for options issued recorded in the consolidated statement of loss were $0.

 

During the three and six months ended June 30, 2021, there were no options granted to employees or non-employees.

 

The following table summarizes all Company stock option transactions between January 1, 2021 and June 30, 2021.

 

   Number of Option
Outstanding and exercisable		  Weighted- Average Exercise price of Option  Range of
Exercise Price per Common Share
Balance, January 1, 2021   121,600   $7.09    $3.57 - $7.27 
Exercised during the period   —    —    — 
Expired during the period   (115,600)   —   $7.27 
Balance, June 30, 2021   6,000   $3.57   $3.57 

  

Stock Options  Outstanding and Exercisable
              Weighted Average 
              Remaining 
    Outstanding at June 30, 2021    

Range of

Exercise Prices

    

Contractual Life

 (Years)

 
Outstanding and exercisable   6,000   $3.57    0.67 

 

The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2021 was $4,710.

 

During the three and six months ended June 30, 2021 and 2020, there were no options exercised.