2. STOCK BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Notes

2. STOCK BASED COMPENSATION

2.     STOCK BASED COMPENSATION

The following table summarizes our employee stock option activity for the three months ended March 31, 2022:

Schedule of Employee Stock Option Activity
	Options	Weighted average exercise price	Weighted average remaining contractual life (yrs)	Aggregate Intrinsic value
Options outstanding, December 31, 2021	2,342,629	$0.023	7.20	$1,522,619
Options canceled during the period	13,666	$0.017
Options outstanding March 31, 2022	2,328,963	$0.023	6.95	$1,280,840
Options exercisable March 31, 2022	1,825,303	$0.015	6.67	$977,435

During the three months ended March 31, 2022, no nonqualified employee stock options were granted.

During the three months ended March 31, 2022, no options were exercised.

Total stock-based compensation expense for the three months ended March 31, 2022 was $3,219, all of which is related to options issued in prior years. Stock-based compensation is measured at the grant date, based on the calculated fair value of the option, and is recognized as an expense on a straight-line basis over the requisite employee service period (generally the vesting period of the grant).