STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| 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.
| |
|
June
30, |
|
| |
|
2020 |
|
2019 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
62.1% |
|
|
58.9-60.3% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 Years |
|
|
10 Years |
|
| Risk-free rate |
|
|
0.63% |
|
|
2.12-2.72% |
|
|
| Schedule of stock option plan |
The following table summarizes
the status of the Plan with respect to time based stock options:
| |
|
Six
Months Ended June 30, |
|
| |
|
2020 |
|
2019 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
3,647,000 |
|
$ |
1.32 |
|
|
2,419,000 |
|
$ |
1.00 |
|
| Granted |
|
60,000 |
|
$ |
9.76 |
|
|
1,300,000 |
|
$ |
1.66 |
|
| Exercised |
|
722,000 |
|
$ |
0.58 |
|
|
65,000 |
|
$ |
0.38 |
|
| Forfeited |
|
200,000 |
|
$ |
2.09 |
|
|
— |
|
$ |
— |
|
| Outstanding at June 30 |
|
2,785,000 |
|
$ |
1.64 |
|
|
3,654,000 |
|
$ |
1.24 |
|
| Options exercisable at June 30 |
|
812,760 |
|
$ |
1.37 |
|
|
804,260 |
|
$ |
0.63 |
|
| Weighted average fair value of options granted
during the period |
|
|
|
$ |
6.68 |
|
|
— |
|
$ |
1.16 |
|
| Stock-based compensation expense |
|
— |
|
$ |
290,991 |
|
|
— |
|
$ |
274,731 |
|
|
| Schedule of information pertaining to options outstanding |
The following table presents
information pertaining to options outstanding at June 30, 2020:
| Range
of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $0.50 – 9.76 |
|
2,785,000 |
|
7.6 years |
|
$ |
1.64 |
|
812,760 |
|
$ |
1.37 |
|
|
| Schedule of performance base share options |
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.
| |
|
June
30, |
|
| |
|
2020 |
|
2019 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
— |
|
|
0.00% |
|
| Expected Volatility |
|
|
— |
|
|
58.9% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
— |
|
|
10 Years |
|
| Risk-free rate |
|
|
— |
|
|
2.07% |
|
|
| Schedule of performance base options outstanding |
The following table summarizes
the status of the Plan with respect to performance based stock options:
| |
|
Six
Months Ended June 30, |
|
| |
|
2020 |
|
2019 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
1,000,000 |
|
$ |
1.70 |
|
|
— |
|
$ |
— |
|
| Granted |
|
— |
|
$ |
— |
|
|
1,000,000 |
|
$ |
1.70 |
|
| Exercised |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Forfeited |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Outstanding at June 30 |
|
1,000,000 |
|
$ |
1.70 |
|
|
1,000,000 |
|
$ |
1.70 |
|
| Options exercisable at June 30 |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Weighted average fair value of options granted
during the period |
|
— |
|
$ |
— |
|
|
— |
|
$ |
1.16 |
|
| Stock-based compensation expense |
|
— |
|
$ |
373,826 |
|
|
— |
|
$ |
41,909 |
|
|
| Schedule of information pertaining to performance base options outstanding |
The following table presents
information pertaining to performance based options outstanding at June 30, 2020:
| Range
of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $1.70 |
|
1,000,000 |
|
8.9 years |
|
$ |
1.70 |
|
— |
|
$ |
1.70 |
|
|