Common Stock Options

3 Months Ended

Mar. 31, 2022

Common Stock Options

Common Stock Options

Note 8 – Common Stock Options

Common Stock Options

Stock options are awarded to the Company’s employees, consultants and non-employee members of the board of directors under the 2016 Omnibus Incentive Plan (the “Omnibus Plan”) and are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The aggregate fair value of these stock options granted by the Company during the three months ended March 31, 2022 was determined to be $899,306 using the Black-Scholes-Merton option-pricing model based on the following assumptions: (i) volatility rate of 74% to 99%, (ii) discount rate of 0%, (iii) zero expected dividend yield, and (iv) expected life of 8-10 years. A summary of option activity under the Company’s Omnibus Plan as of March 31, 2022, and changes during the year then ended, is presented below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Balance outstanding at December 31, 2021		5,249,210		$	2.21		7.42
Granted		2,756,285			0.41		9.87
Exercised		-			-		-
Forfeited		-			-		-
Cancelled or expired		(40,769	)		-		-
Balance outstanding at March 31, 2022		7,964,726		$	1.59		8.10
Exercisable at March 31, 2022		2,940,158		$	2.32		6.00