13. STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 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 September 30, 2020, the number of shares of the Company’s common stock available for grant of stock options and issuance under the 2019 Plan is 509,648 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 and nine months ended September 30, 2020 and 2019, total compensation costs for options granted recorded in the consolidated statement of loss were $0 and $45,900.

During the three and nine months ended September 30, 2020, there were no options granted to employees or non-employees.

 The following table summarizes all Company stock option transactions between January 1, 2020 and September 30, 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		(7,500	)	$	9.17		—
Balance, September 30, 2020		127,600		$	7.09		$3.57 - $7.27

Stock Options and Warrants Outstanding and Exercisable
			Weighted Average
			Remaining
	Outstanding at September 30, 2020	Range of Exercise Prices	Contractual Life  (Years)
Outstanding and exercisable	127,600	$3.57 - $7.27	0.87

The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2020 was $10,710.

During the three months ended September 30, 2020 and 2019, there were 0 shares of common stock issued upon cashless exercise of 0 options.

During the nine months ended September 30, 2020 and 2019, there were 0 and 151,856 shares of common stock issued upon cashless exercise of 0 and 379,400 options.

The aggregate intrinsic value of options exercised during the three months ended September 30, 2020 and 2019 was $0.

The aggregate intrinsic value of options exercised during the nine months ended September 30, 2020 and 2019 was $0 and $922,429.