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STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

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:

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:

	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.