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Stock Options
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 13 – STOCK OPTIONS

 

Our stockholders approved our 2014 Equity Incentive Plan in June 2014 (the “2014 Plan”), our 2015 Equity Incentive Plan in December 2015 (the “2015 Plan”), our 2016 Equity Incentive Plan in October 2016 (“2016 Plan”), our 2017 Equity Incentive Plan in December 2016 (“2017 Plan” and together with the 2014 Plan, 2015 Plan, 2016 Plan, the “Prior Plans”) and our 2018 Equity Incentive Plan in June 2018 (the “2018 Plan”, and together with the Prior Plans, the “Plans”). The Prior Plans are identical, except for the number of shares reserved for issuance under each. As of June 30, 2020, the Company had granted an aggregate of 64,310,000 securities under the Plans, with 190,000 shares available for future issuances.

 

The Plans provide for the grant of incentive stock options to our employees and our subsidiaries’ employees, and for the grant of stock options, stock bonus awards, restricted stock awards, performance stock awards and other forms of stock compensation to our employees, including officers, consultants and directors. The Prior Plans also provide that the grant of performance stock awards may be paid out in cash as determined by the committee administering the Prior Plans.

 

Stock options outstanding and exercisable as of June 30, 2020 are as follows:

 

Exercise Price  Number of
Options		   Remaining Life
In Years		   Number of Options
Exercisable		 
$0.01 – 0.25   13,306,786    7.76    13,306,786 
0.26 – 0.50   1,939,631    6.76    1,939,631 
0.51 – 0.75   1,820,112    6.18    1,820,112 
0.76 – 1.00   9,926,072    6.21    9,926,072 
1.01 – 2.00   629,164    6.11    629,164 
    27,621,765         27,621,765 

 

A summary of the stock option activity for the six months ended June 30, 2020 is as follows:

 

   Shares   Weighted-
Average
Exercise
Price		   Weighted-
Average
Remaining
Contractual
Term		   Aggregate
Intrinsic
Value		 
Outstanding at January 1, 2020   27,621,765   $0.49    7.24   $- 
Grants   -                
Exercised   -                
Expired/Canceled   -                
Outstanding at June 30, 2020   27,621,765   $0.49    6.99   $- 
Exercisable at June 30, 2020   27,621,765   $0.49    6.99   $- 

 

The aggregate intrinsic value of outstanding stock options was $0, based on options with an exercise price less than the Company’s stock price of $0.0040 as of June 30, 2020, which would have been received by the option holders had those option holders exercised their options as of that date.

 

Option valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option pricing model with a volatility figure derived from historical data. The Company accounts for the expected life of options based on the contractual life of the options.

 

The fair value of all options that vested during the six months ended of June 30, 2020 and 2019 was $0 and $14,000, respectively. Unrecognized compensation expense of $0 at June 30, 2020 will be expensed in future periods.