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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2023
Compensation Related Costs [Abstract]  
STOCK-BASED COMPENSATION

NOTE 14 – 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 September 30, 2023, the number of shares of the Company’s common stock available for grant of awards under the 2019 Plan was 856,801 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 September 30, 2023 and 2022, total compensation costs for options issued recorded in the consolidated statement of loss were $0.

 

During the three and nine months ended September 30, 2023, there were no options granted to employees or non-employees.

 

 The following table summarizes all Company stock option transactions between January 1, 2023 and September 30, 2023.

 

    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, 2023     —     $ —       —  
Granted during the period     —       —       —  
Exercised during the period     —       —       —  
Expired during the period     —     $ —     $ —  
Balance, September 30, 2023     —     $ —       —  

 

Stock Options and Warrants Outstanding and Exercisable
                      Weighted Average  
                      Remaining  
      Outstanding at September  30, 2023      

Range of

Exercise Prices

      

Contractual Life

 (Years)

  
Outstanding and exercisable     —       —       —  

 

All options exercisable and outstanding at September 30, 2023 are fully vested. As of September 30, 2023 there was no unrecognized compensation cost related to outstanding stock options,

 

The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2023 was $0.

 

During the three and nine months ended September 30, 2023 and 2022, there were no options exercised.