Stock Options (Tables)

12 Months Ended

Dec. 31, 2020

Stock Options Tables

Summary of stock option activity

The following table summarizes stock option activity for the year ended December 31, 2020:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Outstanding at December 31, 2019		2,317,500		$	3.41		5.68	$	1,460,507
Grants		3,615,570		$	2.31
Forfeited		(37,500	)	$	4.20
Outstanding at December 31, 2020		5,895,570		$	2.45		5.14	$	3,376,267
Vested and Exercisable at December 31, 2020		2,095,299		$	2.06		5.06	$	1,920,571
Unvested at December 31, 2020		3,800,271		$	2.66		5.18	$	1,455,696

Summary of assumption of stock option activity

The ranges of assumptions used in the Black-Scholes Model during the years ended December 31, 2020 and 2019 are set forth in the table below:

	Years Ended December 31,
	2020		2019
Risk-free interest rate		0.21- 1.67%		1.65	%
Expected term in years		3.25 - 6.00		3.33
Weighted Avg. Expected Volatility		97.20 – 110.71%		102	%
Expected dividend yield		0%		0	%

Summary of consolidated statement of operations

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

	Years Ended December 31,
	2020		2019
Research and development	$	1,536,168	$	-
General and administrative		2,670,084		191,255
Total	$	4,206,252	$	191,255