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SUMMARY OF STOCK OPTIONS
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK OPTIONS

NOTE 8 - SUMMARY OF STOCK OPTIONS

 

On July 21, 2017, the Company’s board of directors adopted The Crypto Company 2017 Equity Incentive Plan (the “Plan”), which was approved by its stockholders on August 24, 2017. The Plan is administered by the board of directors (the “Administrator”). Under the Plan, the Company may grant equity awards to eligible participants which may take the form of stock options (both incentive stock options and non-qualified stock options) and restricted stock awards. Awards may be granted to officers, employees, non-employee directors (as defined in the Plan) and other key persons (including consultants and prospective employees). The term of any stock option award may not exceed 10 years and may be subject to vesting conditions, as determined by the Administrator. Options granted generally vest over eighteen to thirty-six months. Incentive stock options may be granted only to employees of the Company or any subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Internal Revenue Code.

 

During the six-month period ended June 30, 2023, the Company did not issue any stock options.

 

5,000,000 shares of the Company’s common stock are reserved for issuance under the Plan. As of June 30, 2023, there are outstanding stock option awards issued from the Plan covering a total of 2,281,429 shares of the Company’s common stock and there remain reserved for future awards 2,718,571 shares of the Company’s common stock.

 

  

Weighted

Average

     
       Weighted   Remaining     
       Average   Contractual   Aggregate 
  

Number

of Shares

  

Exercise

Price

  

Term

(years)

  

Intrinsic

Value

 
Options outstanding, on December 31, 2022   2,281,429   $2.26    3.25    - 
Options granted   -    -    -    - 
Options canceled   -    -    -    - 
Options exercised   -    -    -    - 
Options outstanding, on June 30, 2023   2,281,429   $2.26    2.75   $- 
Vested and exercisable   2,281,429   $2.26    2.75   $- 

 

The Company recognized $0 for share-based compensation related to stock options for the six-month period ended June 30, 2023. There were no options exercised for the six months ended June 30, 2023.

 

The Company granted 1,665,157 shares of restricted stock during the six-month period ended June 30, 2023 (although such shares were not issued under the Plan).

 

The Company recognized $506,479 for share-based compensation related to restricted stock issued for the six month period ended June 30, 2023. As of June 30, 2023, there was $0 of unrecognized compensation costs related to stock options issued to employees and nonemployees, and the stock options had no intrinsic value since they were all “out of the money” as of June 30, 2023.