STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

[1]             Stock option plans: The Company currently has two non-statutory stock option plans, the Fiscal 2001 Non-statutory Stock Option Plan (the “2001 Plan”) and the 2013 Equity Compensation Plan (the “2013 Plan”). Both plans have been adopted by our Board of Directors and approved by our shareholders. Both the 2001 Plan and the 2013 Plan have options available for future issuance. Any common shares issued as a result of the exercise of stock options would be new common shares issued from our authorized issued shares.

[2]             Stock options: During Fiscal 2020, the Company issued 0 options to purchase shares of common stock. During Fiscal 2019, the Company issued four stock option grants to non-employee members of our board of directors (under the Fiscal 2001 Plan) to purchase 20,000 shares of common stock (each); for a total of 80,000 common shares.

As of December 31, 2020, there were 1,987,000 options issued and outstanding under the 2001 Plan. There were no options issued under the 2013 Plan, making the total issued and outstanding options 1,987,000 as of December 31, 2020. Of the total options issued and outstanding, 1,987,000 were fully vested as of December 31, 2020. As of December 31, 2020, there were 1,730,000 options available for issuance under the 2001 Plan and 4,000,000 options available under the 2013 Plan.

Stock option activity for Fiscal 2020 and Fiscal 2019 is summarized as follows: (the figures contained within the tables below have been rounded to the nearest thousand)

	Year Ended December 31, 2020							Year Ended December 31, 2019
	Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value as of December 31, 2020		Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value as of December 31, 2019
Options outstanding at beginning of year		2,252,000		$	0.13				2,222,000		$	0.13
Granted		0		NA					80,000		$	0.07
Exercised		0		NA					0		NA
Cancelled/expired		(265,000	)	$	0.10				(50,000	)	$	0.20
Options outstanding at end of year		1,987,000		$	0.13	$	291,324		2,252,000		$	0.13	$	1,000
Options exercisable at end of year		1,987,000		$	0.13				2,172,000		$	0.13

The following table presents information relating to stock options outstanding as of December 31, 2020:

		Options Outstanding						Options Exercisable
		Shares		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Shares			Weighted Average Exercise Price
$	0.07 - $0.11		910,000	$	0.11		5.59		910,000	$	0.11
$	0.12 - $0.16		780,000	$	0.13		3.68		780,000	$	0.13
$	0.18 - $0.26		297,000	$	0.19		1.68		297,000	$	0.19
	Total		1,987,000	$	0.13		4.26		1,987,000	$	0.13

The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during Fiscal 2020 and Fiscal 2019:

	Year Ended December 31
	2020		2019
Volatility		NA		85	%
Expected term (years)		NA	10 years
Risk-free interest rate		NA		2.01	%
Dividend yield		NA		0	%

The Company recognized $2,000 in share based payment expense related to stock options in Fiscal 2020, and $5,000 in share based payment expense related to stock options in Fiscal 2019. As of December 31, 2020, there was $0 of total unrecognized share based payment expense related to stock options.

[3]             Warrants:

Warrant activity for Fiscal 2020 and Fiscal 2019 is summarized as follows. Any common shares issued as a result of the exercise of warrants would be new common shares issued from our authorized issued shares.

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value	Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value
Warrants outstanding at beginning of year		2,000,000		$	0.18			2,000,000		$	0.18
Granted		0		NA				0		NA
Exercised		0		NA				0		NA
Cancelled/expired		(2,000,000	)	NA				(0	)	NA
Warrants outstanding at end of year		0		NA		None		2,000,000		$	0.18	None
Warrants exercisable at end of year		0		NA				2,000,000		$	0.18

The Company recognized $0 in debt issuance and deferred finance costs related to the issuance of these warrants outstanding in Fiscal 2020 and Fiscal 2019. As of December 31, 2020, there was $0 of total unrecognized expense.