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EQUITY (Tables)
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
SUMMARY OF BLACK-SCHOLES OPTION PRICING TO ESTIMATE FAIR VALUE

 

  

Number

of Options

(in shares)

  

Weighted

Average

Exercise

Price Per

Share

  

Weighted

Average

Remaining

Contractual Life

 

Aggregate

Intrinsic

Value

 
Outstanding at December 31, 2021   833,020   $0.39   4.7 years  $291,000 
Granted   145,770    0.55         
Exercised                
Forfeited or expired                
Outstanding at June 30, 2022   978,790   $0.41   4.6 years  $126,000 
Exercisable at June 30, 2022   737,579   $0.38   4.1 years  $114,000 
SCHEDULE OF STOCK OPTIONS FAIR VALUE ASSUMPTIONS ESTIMATED USING BLACK-SCHOLES PRICING MODEL

The fair value of the options granted of $54,000 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

 

     
Risk-free interest rate   1.8%
Expected term of options   3.9 years 
Expected annual volatility   93.6%
Expected dividend yield   %
SUMMARY OF WARRANT ACTIVITY

The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows:

 

  

Number

of Warrants

(in shares)

  

Weighted

Average

Exercise

Price Per

Share

  

Weighted

Average

Remaining

Contractual

Life

Outstanding at December 31, 2021   35,000   $0.13   14.5 months
Granted           
Exercised           
Forfeited or expired           
Outstanding at June 30, 2022   35,000   $0.13   8.5 months