STOCK-BASED COMPENSATION (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Schedule of fair value of the stock options granted Black-Scholes option valuation model |
We have recognized tax benefits associated with stock-based compensation of $43,067 and $15,598 for the three months ended March
31, 2021 and 2020, respectively.
| |
|
March
31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
— |
|
| Expected Volatility |
|
|
74.01%-74.28% |
|
|
— |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 |
|
|
— |
|
| Risk-free rate |
|
|
1.2-1.62% |
|
|
— |
|
|
| Schedule of stock option plan |
The following table summarizes the
status of the Plan with respect to time based stock options:
| |
|
Three
Months Ended March 31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
2,922,494 |
|
$ |
2.46 |
|
|
3,647,000 |
|
$ |
1.32 |
|
| Granted |
|
1,250,000 |
|
$ |
3.94 |
|
|
— |
|
$ |
— |
|
| Exercised |
|
1,000,000 |
|
$ |
1.23 |
|
|
175,000 |
|
$ |
0.49 |
|
| Forfeited |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Outstanding at March 31 |
|
3,172,494 |
|
$ |
3.43 |
|
|
3,472,000 |
|
$ |
1.36 |
|
| Options exercisable at March 31 |
|
803,119 |
|
$ |
2.09 |
|
|
1,306,635 |
|
$ |
1.05 |
|
| Weighted
average fair value of options granted during the period |
|
— |
|
$ |
3.06 |
|
|
— |
|
$ |
— |
|
| Stock-based compensation expense |
|
|
|
$ |
1,086,681 |
|
|
|
|
$ |
175,239 |
|
|
| Schedule of information pertaining to options outstanding |
The following table presents information
pertaining to options outstanding at March 31, 2021:
| 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 |
|
3,172,494 |
|
8.1 years |
|
$ |
3.43 |
|
803,119 |
|
$ |
2.09 |
|
|
| Schedule of performance base share options |
Treasury issues with a term equal to the expected life of the option being valued.
| |
|
March
31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
— |
|
|
— |
|
| Expected Volatility |
|
|
— |
|
|
— |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
— |
|
|
— |
|
| Risk-free rate |
|
|
— |
|
|
— |
|
|
| Schedule of performance base options outstanding |
The following table summarizes the
status of the Plan with respect to performance based stock options:
| |
|
Three
months Ended March 31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
1,000,000 |
|
$ |
1.70 |
|
|
1,000,000 |
|
$ |
1.70 |
|
| Granted |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Exercised |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Forfeited |
|
1,000,000 |
|
$ |
1.70 |
|
|
— |
|
$ |
— |
|
| Outstanding at March 31 |
|
— |
|
$ |
— |
|
|
1,000,000 |
|
$ |
1.70 |
|
| Options exercisable at March 31 |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Weighted
average fair value of options granted during the period |
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
| Stock-based compensation expense |
|
— |
|
$ |
(408,747 |
) |
|
— |
|
$ |
125,727 |
|
|
| Schedule of information pertaining to performance base options outstanding |
The following table presents information
pertaining to performance-based options outstanding at March 31, 2021:
| Range
of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
— |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
|