Annual report pursuant to Section 13 and 15(d)

4. Equity (Tables)

v3.20.4
4. Equity (Tables)
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Stock Option Activity

The following table summarizes the stock option activity for the years ended December 31, 2020 and 2019:

 

     

 

 

Options

   

Weighted-Average Exercise Price

Per Share

 
Outstanding, December 31, 2018       675,000     $ 0.91  
Granted       1,189,500       2.50  
Exercised              
Forfeited       (100,000 )     2.00  
Expired              
Outstanding, December 31, 2019       1,764,500     $ 1.92  
Granted       561,236       2.27  
Exercised              
Forfeited       (125,000 )     2.20  
Expired              
Outstanding, December 31, 2020       2,200,736     $ 2.00  
Schedule of Options by exercise price

The following table discloses information regarding outstanding and exercisable options at December 31, 2020:

 

      Outstanding     Exercisable  

 

Exercise Price

    Number of Options     Weighted Average Exercise Price     Weighted Average Remaining Life (Years)     Number of Option Shares     Weighted Average Exercise Price  
$4.00       300,000               8.85       75,000          
$2.47       186,236               9.45                
$2.21       175,000               9.20                
$2.06       75,000               9.70                
$2.00       789,500               8.49       197,375          
$1.50       400,000               7.42       300,020          
$0.045       275,000               6.89       256,250          
Total       2,200,736     $ 2.00       8.32       828,645     $ 1.40  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The aggregate fair value of the options measured during the years ended December 31, 2020 and 2019 were calculated using the Black-Scholes option pricing model based on the following assumptions:

 

   

Year Ended

December 31, 2020

   

Year Ended

December 31,2019

 
Fair value of common stock on measurement date     $2.06 to $2.47 per share       $2.00 to $4.00 per share  
Risk free interest rate (1)     0.33% to 0.82%       1.74% to 2.00%  
Volatility (2)     122.79% to 128.57%       102.55% to 106.71%  
Dividend yield (3)     0%       0%  
Expected term (in years)     5.5 - 6.3       10  

 

(1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
(2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
(3) The Company does not expect to pay a dividend in the foreseeable future.
Schedule of warrants activity

The following table summarizes the stock warrant activity for the years ended December 31, 2020 and 2019:

 

     

 

 

Warrants

      Weighted-Average Exercise Price Per Share  
Outstanding, December 31, 2018     3,674,130       4.08  
Granted     312,500       2.87  
Exercised            
Forfeited            
Expired            
Outstanding, December 31, 2019     3,986,630       3.99  
Granted     2,875,000       2.20  
Exercised            
Forfeited            
Expired            
Outstanding, December 31, 2020     6,861,630       $3.24  
Schedule of warrants by exercise price

The following table discloses information regarding outstanding and exercisable warrants at December 31, 2020:

 

      Outstanding     Exercisable  

 

Exercise Price

    Number of Warrant Shares     Weighted Average Exercise Price     Weighted Average Remaining Life (Years)     Number of Warrant Shares     Weighted Average Exercise Price  
$11.00       1,206,059               1.64       1,206,059          
$4.00       148,750               3.85       148,750          
$2.20       2,875,000               4.99       2,875,000          
$2.00       63,750               3.43       63,750          
$1.75       100,000               3.29       100,000          
$1.50       14,000               2.45       14,000          
$0.70       2,454,071               3.00       2,454,071          
Total       6,861,630     $ 3.24       3.62       6,861,630     $ 3.24