Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)

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STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
SUMMARY OF STOCK OPTION ACTIVITY

A summary of stock option activity and related information during the years ended December 31, 2021 and 2020 is as follows:

 

    Options     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term     Aggregate Intrinsic Value  
Outstanding as of December 31, 2019     340,619     $ 3.00       3.9     $ -  
Granted     128,000     $ 0.50       8.9     $ -  
Outstanding as of December 31, 2020     468,619     $ 1.75       5.6     $ -  
Granted     644,000     $ 0.36       10.0     $ -  
Outstanding as of December 31, 2021     1,112,619     $ 0.76       7.9     $ -  
Exercisable as of December 31, 2021     468,619     $ 1.31       5.5     $ -  
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS GRANTED USING THE ASSUMPTIONS

The assumptions that were used in Black-Scholes option pricing model for the year ended December 31, 2021 were as follows:

 

    For the years ended  
    2021       2020  
Expected term (years)     5.38       5.0  
Expected volatility     153.9 %     149.67 %
Risk-free interest rate     0.94 %     1.610 %
Expected dividend yield     0.0 %     0.0 %