Stock Options (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The following table summarizes stock option activity for the period ended March 31, 2020:

	Number of Options		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value ($)
Outstanding at December 31, 2019		2,317,500		2.68		5.68 years	$	1,460,507
Grants		620,571
Outstanding at March 31, 2020		2,938,071		2.80		5.50 years	$	11,625
Exercisable at March 31, 2020		317,500		3.41		4.17 years		11,625
Available for grant at March 31, 2020		16,820,194

Summary of assumption of stock option activity

The assumptions for volatility, expected life, dividend yield and risk-free interest rate for the options granted are as follows:

	Three Months Ended
	March 31, 2020
Risk-free interest rate		1.67	%
Expected life in years		3.30
Expected Volatility		107.35	%
Expected dividend yield		0	%

Summary of consolidated statement of operations

Stock-based compensation has been included in the consolidated statement of operations as follows:

	Three Months Ended
	March 31,
	2020		2019
Research and development	$	-	$	-
General and administrative		465,763		832
Total	$	465,763	$	832

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at March 31, 2020:

		Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices		Number of Shares Subject to Outstanding Options		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Number of Shares Subject to Options Exercise		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
	1.05		55,000		4.00		1.05		55,000		4.00		1.05
	1.25		7,500		5.21		1.25		7,500		5.21		1.25
	1.34		7,500		5.25		1.34		7,500		5.25		1.34
	1.70		7,500		5.54		1.70		7,500		5.54		1.70
	2.28		7,500		6.30		2.28		7,500		6.30		2.28
	4.20		232,500		4.03		4.20		232,500		4.03		4.20
	1.98		667,800		5.63		1.98		-		-		-
	2.48		667,800		5.63		2.48		-		-		-
	3.23		664,400		5.63		3.23		-		-		-
	3.23		620,571		5.76		3.23		-		-		-
	Total		2,938,071		5.50	$	2.80		317,500		4.17	$	3.41