Stock Options (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The following table summarizes stock option activity for the period ended June 30, 2020:

	Number of Options		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($)
Outstanding at December 31, 2019		2,317,500		2.68		5.68	$	1,460,507
Grants		2,470,571		1.90		-		-
Outstanding at June 30, 2020		4,788,071		2.28		5.49	$	827,500
Vested and Exercisable at June 30, 2020		1,242,500		1.96		5.40		441,250
Available for grant at June 30, 2020		14,970,194

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:

	Six Months Ended
	June 30, 2020
Risk-free interest rate	0.34%	-	1.67%
Expected life in years	3.25	-	4.98
Expected Volatility	105.71%	-	106.88%
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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Research and development	$	631,876	$	-	$	631,876	$	-
General and administrative		954,646		832		1,420,409		832
Total	$	1,586,522	$	832	$	2,052,285	$	832

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at June 30, 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		3.75		1.05
	1.25		7,500		5.21		1.25		7,500		4.96		1.25
	1.34		7,500		5.25		1.34		7,500		5.00		1.34
	1.40		1,550,000		5.90		1.40		775,000		5.90		1.40
	1.65		200,000		5.92		1.65		100,000		5.92		1.65
	1.70		7,500		5.54		1.70		7,500		5.29		1.70
	1.96		100,000		5.98		1.96		50,000		5.98		1.96
	2.28		7,500		6.30		2.28		7,500		6.05		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		4,788,071		5.49	$	2.28		1,242,500		5.40	$	1.96