| Schedule of fair value of the stock options granted Black-Scholes option valuation model |
The risk-free interest
rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued:
| |
|
September
30, |
|
| |
|
2018 |
|
2017 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
62.8 - 65.2% |
|
|
70.1 - 72.20% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
5 Years |
|
|
5 Years |
|
| Risk-free rate |
|
|
2.80 - 2.90% |
|
|
2.30 - 2.48% |
|
|
The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal
to the expected life of the option being valued:
| |
|
|
|
|
|
|
|
| |
|
December
31, 2017 |
|
February
28, 2017 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
70.1%-72.2% |
|
|
59.00%-70.90% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
5 Years |
|
|
5 Years |
|
| Risk-free rate |
|
|
2.30%-2.36% |
|
|
2.17%-2.48% |
|
|
| Schedule of stock option plan |
The following table summarizes
the status of the Plan:
| |
|
Nine
months Ended September 30, |
|
| |
|
2018 |
|
2017 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
1,038,000 |
|
$ |
0.41 |
|
|
905,000 |
|
$ |
0.37 |
|
| Granted |
|
1,018,000 |
|
$ |
1.23 |
|
|
568,000 |
|
$ |
0.41 |
|
| Exercised |
|
125,000 |
|
$ |
0.41 |
|
|
— |
|
$ |
— |
|
| Forfeited |
|
12,000 |
|
$ |
0.87 |
|
|
310,000 |
|
$ |
0.36 |
|
| Outstanding at September 30 |
|
1,919,000 |
|
$ |
0.85 |
|
|
1,163,000 |
|
$ |
0.40 |
|
| Options exercisable at September 30 |
|
666,969 |
|
$ |
0.40 |
|
|
573,000 |
|
$ |
0.38 |
|
| Stock-based compensation expense |
|
— |
|
$ |
51,592 |
|
|
— |
|
$ |
(13,979 |
) |
|
The following table summarizes
the status of the Company’s stock option plan:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December
31, 2017 |
|
February
28, 2017 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at March 1 |
|
|
1,345,000 |
|
$ |
0.39 |
|
|
1,060,000 |
|
$ |
0.37 |
|
| Granted |
|
|
318,000 |
|
$ |
0.49 |
|
|
500,000 |
|
$ |
0.41 |
|
| Exercised |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Forfeited |
|
|
625,000 |
|
$ |
0.39 |
|
|
215,000 |
|
$ |
0.36 |
|
| Outstanding at year end |
|
|
1,038,000 |
|
$ |
0.41 |
|
|
1,345,000 |
|
$ |
0.39 |
|
| Options exercisable |
|
|
737,010 |
|
$ |
0.38 |
|
|
— |
|
$ |
— |
|
| Weighted
average fair value of options granted during the period |
|
|
— |
|
$ |
0.29 |
|
|
— |
|
$ |
0.21 |
|
| Stock-based compensation expense |
|
|
— |
|
$ |
(4,417 |
) |
|
— |
|
$ |
115,828 |
|
|
| Schedule of information pertaining to options outstanding |
The following table presents information
pertaining to options outstanding at September 30, 2018:
| Range
of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $0.36 - $1.33 |
|
1,919,000 |
|
5 years |
|
$ |
0.85 |
|
666,969 |
|
$ |
0.40 |
|
|
The following table presents information
pertaining to options outstanding at December 31, 2017:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Range
of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $0.36-0.50 |
|
1,038,000 |
|
5 years |
|
$ |
0.41 |
|
737,010 |
|
$ |
0.38 |
|
|