8. Stock Options and Warrants (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Stock options outstanding

Stock option activity for the period January 1, 2019 to December 31, 2020, was as follows:

	Options			Weighted Avg. Exercise Price
Options outstanding, December 31, 2018		35,301,300		$	0.22
Options granted		4,987,500			0.08
Options exercised		(538,197	)		0.13
Options cancelled		–			–
Options outstanding, December 31, 2019		39,750,603		$	0.20
Options granted		3,599,998			0.12
Options exercised		(60,000	)		0.05
Options cancelled		(10,810,000	)		0.25
Options outstanding, December 31, 2020		32,480,601		$	0.18

Options outstanding by Per Share Price

The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of December 31, 2020 were as follows:

	Outstanding Options						Exercisable Options
Option Exercise Price Per Share	Shares		Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$ 0.05 - $ 0.24		21,505,551		7.0	$	0.10		21,405,551	$	0.10
$ 0.25 - $ 0.49		10,353,552		2.5		0.30		10,353,552		0.30
$ 0.50 - $ 0.99		471,052		3.3		0.85		471,052		0.85
$ 1.00 - $ 2.00		150,446		2.6		1.18		150,446		1.18
		32,480,601		5.5	$	0.18		32,380,601	$	0.18

Assumptions used for option valuation

The Company used the following average assumptions in its calculation using the Black-Scholes Option Pricing model:

	Years Ended
	2020		2019
Expected life (years)		5.5		5.0
Risk free interest rate		1.7%		2.4%
Volatility		138%		123%
Expected dividend yield		0%		0%

Warrants outstanding

The following table summarizes certain information about the Company’s stock purchase warrants.

	Warrants			Weighted Avg. Exercise Price
Warrants outstanding, December 31, 2018		21,055,355		$	0.09
Warrants granted		11,180,084			0.07
Warrants exercised		(10,629,493	)		0.05
Warrants cancelled		(8,540,862	)		0.07
Warrants outstanding, December 31, 2019		13,065,084		$	0.11
Warrants granted		6,117,013			0.03
Warrants exercised		(1,155,000	)		0.05
Warrants cancelled		(9,343,420	)		0.07
Warrants outstanding, December 31, 2020		8,683,677		$	0.11

Warrants outstanding by Per Share Price

	Outstanding Warrants						Exercisable Warrants
Warrant Exercise Price Per Share	Shares		Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$ 0.05 - $ 0.24		6,613,677		0.8	$	0.04		6,580,344	$	0.04
$ 0.25 - $ 0.49		2,000,000		0.8		0.30		2,000,000		0.30
$ 0.50 - $ 1.00		70,000		3.3		0.80		70,000		0.80
		8,683,677		0.8	$	0.11		8,650,344	$	0.11