Stock Options

3 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock Options

NOTE 9 - STOCK OPTIONS

During the three months ended June 30, 2020 and 2019 the Company issued 0 and 100,000 stock options, respectively at an exercise price of $0 and $.38, respectively; to directors as compensation for their service.

The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the assumptions outlined below. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees.

A summary of stock option activity for the three months ended June 30, 2020 is summarized below:

	June 30, 2020
	Number of Options		Weighted Average Exercise Price
Stock Options:
Balance at beginning of period		2,230,000	$	0.26
Granted		-		-
Exercised		-		-
Forfeited		-		-
Balance at end of period		2,230,000	$	0.26
Options exercisable at end of period		2,230,000	$	0.26

The following table summarizes information about employee stock options outstanding at June 30, 2020

Range of Exercise Price		Number Outstanding at June 30, 2020		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at June 30, 2020		Weighted Average Exercise Price
$	.04 - $.38		1,650,000		4.1		0.17		1,650,000		0.17
$	.47 - $.55		580,000		7.6		0.50		580,000		0.50
	*		2,230,000						2,230,000

* Total number of options outstanding as of June 30, 2020 includes 1,080,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.