STOCK OPTIONS

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

STOCK OPTIONS

NOTE 10 – STOCK OPTIONS

In connection with a consulting agreement dated March 7, 2022, the Company issued 200,000 options at an exercise price of $0.58 per share. These options vest one-fourth each six months over a period of two years and have a term of three years. The grant date fair value was $55,966. The Company recorded compensation expense in the amount of $11,089 and $ 18,318 for the periods ended June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, there was $26,559 and $37,648, respectively, of total unrecognized compensation cost related to non-vested portion of options granted.

As of June 30, 2023 and December 31, 2022, there are 200,000 options outstanding, of which 100,000 and 50,000 are exercisable as of June 30, 2023 and December 31, 2022, respectively. The weighted average remaining term is 0.81 years and 1.31 years for the periods ending June 30, 2023 and December 31, 2022, respectively.

Significant inputs and results arising from the Black-Scholes process are as follows for the options:

Quoted market price on valuation date	$	0.782
Exercise price	$	0.5765
Range of expected term		1.75 Years – 2.50 Years
Range of equivalent volatility		29.47% - 37.40%
Range of interest rates		1.55% - 1.68%