13. STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

13. STOCK-BASED COMPENSATION

Pursuant to the Company’s 2019 Omnibus Equity Incentive Plan adopted and approved in 2019 (“ 2019 Plan”), awards under the 2019 Plan is limited in the aggregate to 2,068,398 shares of our common stock, inclusive of the awards that were previously issued and outstanding under the Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”). Upon adoption and approval of the 2019 Plan, the 2007 Plan was frozen, no new awards will be granted under the 2007 Plan, and outstanding awards under the 2007 Plan will continue to be governed by the terms and condition of the 2007 Plan and applicable award agreement. As of March 31, 2020, the number of shares of the Company’s common stock available for grant of stock  options and issuance under the 2019 Plan is 984,698 shares.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern.

For the three months ended March 31, 2020 and 2019, total compensation costs for options issued recorded in the consolidated statement of loss were $0.

During the three months ended March 31, 2020, there were no options issued to employees or non-employees.

The following table summarizes all Company stock option transactions between January 1, 2020 and March 31, 2020.

	Number of Option and Warrants Outstanding and exercisable			Weighted- Average Exercise price of Option and Warrants		Range of Exercise Price per Common Share
Balance, January 1, 2020		135,100			$7.21		$3.57 - $9.90
Exercised  during the period		-			-		-
Expired during the period		(2,500	)		$9.90		$9.90
Balance, March 31, 2020		132,600			$7.16		$3.57 - $9.50

Stock Options and Warrants Outstanding and Exercisable
			Weighted Average
			Remaining
	Outstanding at March 31, 2020	Range of Exercise Prices	Contractual Life  (Years)
Outstanding and exercisable	132,600	$3.57 - $9.50	1.33

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2020 and 2019 was $0.

During the three months ended March 31, 2020 and 2019, there were 0 and 19,394 shares in common stock issued upon cashless exercise of 0 and 49,000 options.

The aggregate intrinsic value of options exercised during the three months ended March 31, 2020 and 2019 was $0 and $114,415.