Stock Options

3 Months Ended

Mar. 31, 2019

Share-based Payment Arrangement [Abstract]

STOCK OPTIONS

NOTE 18 – STOCK OPTIONS

The Company has reserved 2,400,000 shares under its 2018 Stock Incentive Plan (the "Plan"). The Plan was adopted by the board of directors on March 28, 2018, retroactive to February 23, 2018, as a vehicle for the recruitment and retention of qualified employees, officers, directors, consultants, and other service providers. The Plan is administered by the Board of Directors. The Company may issue, to eligible persons, restricted common stock, incentive and non-statutory options, stock appreciation rights and restricted stock units. The terms and conditions of awards under the Plan will be determined by the Board of Directors.

On February 23, 2018, the Board approved the grant of an aggregate of 2,400,000 non-statutory options under the 2018 Plan exercisable at $0.40 per share which expire February 23, 2023 in the amounts and to the following:

● Rick Havenstrite, President and CEO – 1,000,000 options

● Howard Crosby, Director – 1,000,000 options

● John Ryan, Director – 200,000 options

● Linde Havenstrite, Project Engineer – 200,000 options

The options were fully vested on the date of grant. The fair value of the options, calculated using the Black Scholes model, of $456,000 was recognized as stock based compensation cost for the three-month period ended March 31, 2018, which was included in general and administrative expenses.

Outstanding options at March 31, 2019 are 2,400,000, have a remaining life of 3.9 years, and had no intrinsic value. No options were granted, expired, or were exercised during the three-month period ended March 31, 2019.