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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

SUMMARY OF STOCK OPTIONS OUTSTANDING

A summary of all stock option activity under the Plans for the three months ended March 31, 2022 is as follows:

 SUMMARY OF STOCK OPTIONS OUTSTANDING

Options		Number of Shares				Weighted Average Exercise Price
Outstanding at December 31, 2021			1,086,063			$	2.37
Granted			25,000				0.98
Exercised			—				—
Forfeited			(15,000	)			(4.80	)
Outstanding at March 31, 2022			1,096,063			$	2.31
Exercisable at March 31, 2022			1,008,563			$	2.37

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION

 SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION

Volatility – range			111.67	%
Risk-free rate			1.8	%
Contractual term			10.0 years
Exercise price		$	0.98

SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of March 31, 2022:

 SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE

Outstanding options

Exercisable options

Exercise price range

Number of options

Weighted average remaining contractual life

Number of options

Weighted average remaining contractual life

$

0.01 to $2.49

740,000

8.4 years

652,500

8.2 years

$

2.50 to $3.49

310,314

6.1 years

310,314

6.1 years

$

3.50 to $4.49

45,750

2.9 years

45,750

2.9 years

1,096,064

7.5 years

1,008,564

7.3 years

SUMMARY OF RESTRICTED STOCK ACTIVITY

A summary of all restricted stock activity under the Plans for the three months ended March 31, 2022 is as follows:

 SUMMARY OF RESTRICTED STOCK ACTIVITY

		Number of Restricted shares				Weighted average grant date fair value
Nonvested balance, December 31, 2021			1,057,375			$	1.87
Granted			715,000				1.07
Vested			(463,375	)			(1.89	)
Forfeited			(15,000	)			(1.26	)
Nonvested balance, March 31, 2022			1,294,000			$	1.43

SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK

The nonvested balance of restricted stock vests as follows:

 SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK

Years ended		Number of shares
2022 (April 1, 2022 through December 31, 2022)			119,500
2023			668,000
2024			294,000
2025			90,000
2026			82,500
2027			40,000

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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