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 |
|
|