Stock Options

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

STOCK OPTIONS

NOTE 7 – STOCK OPTIONS

The following table summarizes all stock option activity for the year ended December 31, 2019:

	Shares		Weighted- Average Exercise Price Per Share
Outstanding, December 31, 2018		162,044	$	16.09
Granted		50,000		2.09
Forfeited		-		-
Outstanding, December 31, 2019		212,044	$	12.79

The following table discloses information regarding outstanding and exercisable options at December 31, 2019:

		Outstanding						Exercisable
Exercise Prices		Number of Option Shares		Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Number of Option Shares		Weighted Average Exercise Price
$	54.00		25,000	$	54.00		0.25		25,000	$	54.00
	21.00		47,044		21.00		1.49		47,044		21.00
	3.00		90,000		3.00		4.71		60,000		3.00
	2.09		50,000		2.09		2.24		50,000		2.09
			212,044	$	12.79		1.39		182,044	$	14.40

The following table summarizes all stock option activity for the year ended December 31, 2018:

	Shares			Weighted- Average Exercise Price Per Share
Outstanding, December 31, 2017		105,378		$	39.27
Granted		90,000			3.00
Forfeited		(33,334	)		54.00
Outstanding, December 31, 2018		162,044		$	16.09

The following table discloses information regarding outstanding and exercisable options at December 31, 2018:

		Outstanding						Exercisable
Exercise Prices		Number of Option Shares		Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Number of Option Shares		Weighted Average Exercise Price
$	54.00		25,000	$	54.00		1.25		25,000	$	54.00
	21.00		47,044		21.00		1.49		47,044		21.00
	3.00		90,000		3.00		4.71		30,000		3.00
			162,044	$	16.09		2.73		102,044	$	23.79

On March 21, 2019, the Company issued 50,000 options to its Chief Financial Office. The options carry an exercise price of $2.09 per share. All the options were vested immediately. The Options are exercisable until March 20, 2024. The Company has estimated the fair value of such options at a value of $103 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

Common stock price	2.09
Dividend yield	0	%
Risk-free interest rate	2.18	%
Expected term (years)	5
Expected volatility	281	%

On September 13, 2018, the Company issued 60,000 options to its President and Chief Executive Office. The options carry an exercise price of $3 per share. A third of the options vested immediately with the remaining vesting over the course of two years. The Options are exercisable until September 12, 2023. The Company has estimated the fair value of such options at a value of $302 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

Common stock price	5.05
Dividend yield	0	%
Risk-free interest rate	2.87	%
Expected term (years)	5
Expected volatility	374.26	%

On September 13, 2018, the Company issued 30,000 options to its member of the Board. The options carry an exercise price of $3 per share. Third of the options vested immediately with the remaining vesting over the course of two years. The Options are exercisable until September 12, 2023. The Company has estimated the fair value of such options at a value of $151 at the date of issuance using the Black-Scholes option pricing model using the following assumptions:

Common stock price	5.05
Dividend yield	0	%
Risk-free interest rate	2.87	%
Expected term (years)	5
Expected volatility	374.26	%

During the year ended December 31, 2019, the Company recorded an option-based compensation expense of $218, leaving an unrecognized expense associated with these grants of $120 as of December 31, 2019.

During the year ended December 31, 2018, the Company recorded an option-based compensation expense of $218, leaving an unrecognized expense associated with these grants of $235 as of December 31, 2018.