Stock Options (Tables)

3 Months Ended

Mar. 31, 2022

Stock Options

Schedule of Stock-based Compensation

Total stock-based compensation is comprised of the following for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Stock-based compensation – stock option grants	$	76,500	$	—
Stock-based compensation – restricted stock grants		81,250		81,250
Stock-based compensation – warrants issued for services pursuant to USNG Letter Agreement (See Note 7)		72,156		—
Total stock-based compensation	$	229,906	$	81,250

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2022 and 2021:

	Number of Options			Weighted Average Exercise Price Per Share			Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2020		332,000		$	41.86			1.28 years	$	—
Granted		—			—
Exercised		—			—
Forfeited		(55,000	)		(50.25	)
Outstanding at March 31, 2021		277,000		$	39.75			1.27 years	$	—
Outstanding and exercisable at March 31, 2021		277,000		$	39.75			1.27 years	$	—
Outstanding and exercisable at December 31, 2021		1,892,000		$	1.93			9.07 years	$	—
Granted		—			—
Exercised		—			—
Forfeited		—			—
Outstanding at March 31, 2022		1,892,000		$	1.93			8.82 years	$	—
Outstanding and exercisable at March 31, 2022		92,000		$	30.00			1.79 years	$	—

Summary of Exercise Prices and Weighted Average Remaining Contractual Life

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of March 31, 2022:

		Outstanding options		Exercisable options
	Exercise price per share	Number of options	Weighted average remaining contractual life	Number of options	Weighted average remaining contractual life
$	0.50	1,800,000	9.18 years	—	—
$	30.00	92,000	1.79 years	92,000	1.79 years
	Total	1,892,000	8.82 years	92,000	1.79 years

Schedule of Stock Option Valuation Assumption

The following is the assumptions used in calculating the estimated grant-date fair value of the stock options granted during 2021:

	As of June 4, 2021 (issuance date)
Volatility – range		286.6	%
Risk-free rate		1.56	%
Contractual term		10.0 years
Exercise price	$	0.50
Number of options in aggregate		1,800,000

Schedule of Restricted Stock Unit Activity

A summary of all restricted stock activity under the equity compensation plans for the three months ended March 31, 2022 and 2021 is as follows:

	Number of Restricted shares			Weighted average grant date fair value
Nonvested balance, December 31, 2020		3,750,000		$	0.13
Granted		—			—
Vested		(625,000	)		(0.13	)
Forfeited		—			—
Nonvested balance, March 31, 2021		3,125,000		$	0.13
Nonvested balance, December 31, 2021		1,250,000		$	0.13
Granted		—			—
Vested		(625,000	)		(0.13	)
Forfeited		—			—
Nonvested balance, March 31, 2022		625,000		$	0.13

Schedule of Nonvested Restricted Stock Unit Activity

The nonvested balance of restricted stock vests as follows:

Years ended	Number of shares
2022		625,000
2023		—