XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.1
8. Stock Option Plans and Agreements
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Option Plans and Agreements

The Company has approved stock options plans and agreements covering up to an aggregate of 12,842,000 shares of common stock. Such options may be designated at the time of grant as either incentive stock options or nonqualified stock options. Stock based compensation consists of charges for stock option awards to employees, directors and consultants.

 

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. 385,000 options were granted for the three months ended March 31, 2021. 75,000 options were granted for the three months ended March 31, 2020. The following assumptions were used for the three months ended March 31, 2021.

 

Risk-free interest rate     0.16%-0.21 %
Expected dividend yield     0 %
Expected stock price volatility     100 %
Expected life of options     2.75 year s

 

The Company recorded expense for options issued to employees and independent service providers of $28,248 and $2,130 for the three months ended March 31, 2021 and 2020, respectively.

 

At March 31, 2021, there was no unrecognized compensation cost related to non-vested options. 655,000 options vested during the three months ended March 31, 2021.

 

A summary of all stock option activity for the three months ended March 31, 2021 follows:

 

    Number of Options Outstanding     Weighted Average Exercise Price   Remaining Contractual Term   Aggregate Intrinsic Value  
Outstanding at December 31, 2020     12,430,500     $ .05          
    Granted     385,000       .13          
     Forfeited     (280,000 )     .05          
     Expired     0       .00          
Outstanding at March 31, 2021     12,535,500     $ .06   3.1 years   $ 2,180,700  
                           
At March 31, 2021 - vested or                          
expected to vest and exercisable     12,535,500     $ .06   3.1 years   $ 2,180,700