Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)

v3.23.1
STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF VESTED DESCRIPTION
Vesting Description  

Number of

Options

  
       
      87,500  
50% 12 months after issuance and the balance 24 months after issuance     87,500  
100% 10 months after issuance     25,000  
34% 12 months after issuance, 33% 24 months after issuance, and the remaining 36 months after issuance     25,000  
Performance conditions set by Board of Directors     12,500  
SUMMARY OF STOCK OPTION ACTIVITY

A summary of stock option activity and related information during the years ended December 31, 2022 and 2021 is as follows:

 

    Options     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term     Aggregate Intrinsic Value  
Outstanding as of December 31, 2020     11,715     $ 70.00       5.6     $            -  
Granted     16,100     $ 14.40       -     $ -  
Outstanding as of December 31, 2021     27,815     $ 30.40       7.9     $ -  
Granted     150,000     $ 9.25       -     $ -  
Outstanding as of December 31, 2022     177,815     $ 12.57       8.8     $ -  
Exercisable as of December 31, 2022     56,565     $ 30.46       8.0     $ -  
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, 2022 and 2021 were as follows:

 

 

    For the years ended  
    2022     2021  
Expected term (years)     5.50       5.38  
Expected volatility     130.6% - 166.7 %     153.9 %
Risk-free interest rate     1.65% - 1.86 %     0.94 %
Expected dividend yield     0.0 %     0.0 %