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Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

NOTE 11 – STOCK-BASED COMPENSATION

Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $290,805 and $432,645, respectively, based on the vesting schedule of the stock grants and options. No cash flow effects are anticipated for stock grants.

Stock Grants:

The following table shows stock grant activity for the three months ended March 31, 2021:

Grants outstanding as of December 31, 2020			118,889
Grants awarded			40,000
Grants outstanding as of March 31, 2021			158,889

As of March 31, 2021, the Company has $329,448 in unrecognized share-based compensation expense related to these stock grants.

Stock Options:

The following table shows stock option activity for the three months ended March 31, 2021:

	Number of Shares		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price
Stock options outstanding as of December 31, 2020		638,278		7.72	$	6.48
Issued		55,833		4.76	$	6.00
Expired		18,444		5.07	$	7.89
Stock options outstanding at March 31, 2021		675,667		7.55	$	6.40
Stock options exercisable at March 31, 2021		369,305		7.69	$	6.46

The fair value of the options is calculated using the Black-Scholes pricing model based on the market value of the underlying common stock at the valuation measurement date $6.00, the remaining contractual term of the options of 5 years, risk-free interest rate of 0.36% and expected volatility of the price of the underlying common stock of 100%.

As of March 31, 2021, the Company has $673,086 in unrecognized share-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable at March 31, 2021 is $0.