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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | NOTE 11 – STOCK-BASED COMPENSATION Stock-based compensation expense for the nine months ended September 30, 2021 and 2020 was $1,096,441 and $1,391,807, respectively, based on the vesting schedule of the stock grants and options. Stock based compensation expense for the three months ended September 30, 2021 and 2020 was $506,034 and $399,258, 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 nine months ended September 30, 2021: SCHEDULE OF STOCK GRANT ACTIVITY
G |  |  | 2021 |
Grants outstanding as of December 31, 2020 |  |  | 118,889 |
Grants awarded |  |  | 101,102 |
Grants Vested |  |  | 16,667 |
Grants outstanding as of September 30, 2021 |  |  | 203,324 |
As of September 30, 2021, the Company has $620,811 in unrecognized share-based compensation expense related to these stock grants. Stock Options: The following table shows stock option activity for the nine months ended September 30, 2021: SCHEDULE OF STOCK OPTION ACTIVITY
|  | 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 | ) |  |  | - |  |  | $ | 7.89 |
Exercised |  |  | (4,777 | ) |  |  | - |  |  | $ | 6.78 |
Stock options outstanding as of September 30, 2021 |  |  | 670,890 |  |  |  | 7.55 |  |  | $ | 6.40 |
Stock options exercisable as of September 30, 2021 |  |  | 404,140 |  |  |  | 7.69 |  |  | $ | 6.46 |
The fair value of the stock 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 September 30, 2021, the Company has $368,061 in unrecognized share-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable as of September 30, 2021 is $0.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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- References No definition available. + Details
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