General form of registration statement for all companies including face-amount certificate companies

STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)

v3.21.2
STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
SUMMARY OF COMMON STOCK OPTIONS ISSUED UNDER OPTION PLANS  

 

   

Number

Outstanding

    

Weighted

Avg. Exercise

Price

    

Weighted

Avg.

Remaining

Contractual

Life (Years)

  
Balance, December 31, 2019     340,619     $ 3.00       3.9  
Options issued     128,000       0.50       8.9  
Balance, December 31, 2020     468,619       1.75       5.6  
SCHEDULE OF FAIR VALUE OF NEW STOCK OPTIONS GRANTED USING THE ASSUMPTIONS

The assumptions that were used in Black-Scholes option pricing model for the nine months ended September 30, 2021 were as follows:

 

     
     
Expected term (years)     5  
Expected volatility     153.9 %
Risk-free interest rate     0.08 %
Expected dividend yield     0.0 %

The fair value of new stock options granted and repriced stock options using the Black-Scholes option pricing model was calculated using the following assumptions for the year ended December 31, 2020:

 

   

Year Ended

December 31, 2020

  
Risk free interest rate     1.610 %
Expected volatility     149.67 %
Expected dividend yield     - %
Expected term in years     5.0  
SCHEDULE OF VESTED AND EXERCISABLE OPTIONS AT PERIOD END  

The vested and exercisable options at period end follows:

 

   

Exercisable/

Vested

Options Outstanding

    

Weighted

Avg. Exercise

Price

    

Weighted

Avg.

Remaining Contractual

Life (Years)

  
Balance, December 31, 2020     464,619     $ 1.75       5.6  
Officers and Directors [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
SUMMARY OF COMMON STOCK OPTIONS ISSUED UNDER OPTION PLANS

A summary of stock option activity and related information is as follows:

 

    Options     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term     Aggregate Intrinsic Value  
Outstanding as of December 31, 2020   468,619     $

1.31

       5.6     $        -  
Granted     644,000      $ 0.36       9.9     $ -  
Outstanding as of September 30, 2021     1,112,619      $ 0.76       7.8     $ -  
Exercisable as of September 30, 2021     468,619      $ 1.31       4.9     $ -