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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

SUMMARY OF STOCK OPTIONS OUTSTANDING

A summary of all stock option activity under the Plans for the six months ended June 30, 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			(23,750	)			(4.33	)
Outstanding at June 30, 2022			1,087,313			$	2.30
Exercisable at June 30, 2022			999,813			$	2.36

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 June 30, 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

8.1 years

652,500

8.0 years

$

2.50 to $3.49

310,313

5.8 years

310,313

5.8 years

$

3.50 to $4.49

37,000

3.3 years

37,000

3.3 years

1,087,313

7.3 years

999,813

7.1 years

SUMMARY OF RESTRICTED STOCK ACTIVITY

A summary of all restricted stock activity under the Plans for the six months ended June 30, 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			(65,000	)			(1.06	)
Nonvested balance, June 30, 2022			1,244,000			$	1.45

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 (July 1, 2022 through December 31, 2022)			119,500
2023			663,000
2024			279,000
2025			80,000
2026			72,500
2027			30,000

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

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-Name Accounting Standards Codification
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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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