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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

NOTE 11 – STOCK-BASED COMPENSATION

 

Stock-based compensation expense for the six months ended June 30, 2021 and 2020 was $590,407 and $992,549, respectively, based on the vesting schedule of the stock grants and options. Stock based compensation expense for the three months ended June 30, 2021 and 2020 was $299,602 and $559,904, 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 six months ended June 30, 2021:

 

         
Grants outstanding as of December 31, 2020     118,889  
Grants awarded     101,102  
Grants Vested     (16,667)  
Grants outstanding as of June 30, 2021     203,324  

 

As of June 30, 2021, the Company has $642,717 in unrecognized share-based compensation expense related to these stock grants.

 

Stock Options:

 

The following table shows stock option activity for the six months ended June 30, 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       4.51     $ 6.00  
Expired     (18,444)       4.82     $ 7.89  
Exercised     (4,777)       -     $ 6.78  
Stock options outstanding at June 30, 2021     670,890       7.55     $ 6.39  
Stock options exercisable at June 30, 2021     365,362       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 of $9.39 the remaining contractual term of the options of 5 years, risk-free interest rate of 1.61% and expected volatility of the price of the underlying common stock of 100%.

 

As of June 30, 2021, the Company has $515,320 in unrecognized share-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable at June 30, 2021 is $0.