Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS (Tables)

v3.22.1
STOCK OPTIONS (Tables)
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF VESTED DESCRIPTION

 

Vesting Description   Number of Options  
50% 12 months after issuance and the balance 24 months after issuance     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  
SUMMARY OF STOCK OPTION ACTIVITY

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, 2021     27,815     $ 30.46       7.90     $ -  
Granted     150,000     $ 9.25       10.00     $              -  
Outstanding as of March 31, 2022     177,815     $ 12.57       9.56     $ -  
Exercisable as of March 31, 2022     19,765     $ 37.00       6.89     $ -  
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS GRANTED USING THE ASSUMPTIONS

The assumptions that were used in Black-Scholes option pricing model for the three months ended March 31, 2022 were as follows:

 

Expected term (years)     5.50  
Expected volatility     130.6% - 166.7 %
Risk-free interest rate     1.65% - 1.86 %
Expected dividend yield     0.0 %