STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 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.
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|
|
|
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|
| |
|
September
30, |
|
| |
|
2020 |
|
2019 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
62.11 – 62.18% |
|
|
56.10 – 60.70% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 Years |
|
|
10 Years |
|
| Risk-free rate |
|
|
0.63 – 0.64% |
|
|
1.60 – 2.72% |
|
|
| Schedule of stock option plan |
The following table summarizes
the status of the Plan with respect to time based stock options:
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|
|
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|
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|
Nine
Months Ended September 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 |
|
360,000 |
|
$ |
9.54 |
|
1,650,000 |
|
$ |
1.92 |
|
| Exercised |
|
747,006 |
|
$ |
0.65 |
|
160,000 |
|
$ |
0.37 |
|
| Forfeited |
|
200,000 |
|
$ |
2.09 |
|
12,000 |
|
$ |
0.87 |
|
| Outstanding at September 30 |
|
3,059,994 |
|
$ |
2.40 |
|
3,897,000 |
|
$ |
1.41 |
|
| Options exercisable at September 30 |
|
1,009,629 |
|
$ |
1.36 |
|
1,037,885 |
|
$ |
0.81 |
|
| Weighted average fair value of options granted
during the period |
|
— |
|
$ |
6.53 |
|
— |
|
$ |
1.33 |
|
| Stock-based compensation expense |
|
— |
|
$ |
572,775 |
|
— |
|
$ |
473,139 |
|
|
| Schedule of information pertaining to options outstanding |
The following table presents
information pertaining to options outstanding at September 30, 2020:
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|
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|
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|
|
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|
|
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|
|
|
| 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 |
|
3,059,994 |
|
7.5 years |
|
$ |
2.40 |
|
1,009,629 |
|
$ |
1.36 |
|
|
| 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.
| |
|
|
|
|
|
|
|
| |
|
September
30, |
|
| |
|
2020 |
|
2019 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
— |
|
|
0.00% |
|
| Expected Volatility |
|
|
— |
|
|
58.90% |
|
| 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:
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine
Months Ended September 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 September 30 |
|
1,000,000 |
|
$ |
1.70 |
|
1,000,000 |
|
$ |
1.70 |
|
| Options exercisable at September 30 |
|
333,333 |
|
$ |
1.70 |
|
— |
|
$ |
— |
|
| Weighted average fair value of options granted
during the period |
|
— |
|
$ |
— |
|
— |
|
$ |
1.16 |
|
| Stock-based compensation expense |
|
— |
|
$ |
438,365 |
|
— |
|
$ |
167,636 |
|
|
| Schedule of information pertaining to performance base options outstanding |
The following table presents
information pertaining to performance based options outstanding at September 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 |
|
8.7 years |
|
$ |
1.70 |
|
333,333 |
|
$ |
1.70 |
|
|