Annual report pursuant to Section 13 and 15(d)

J. STOCK OPTIONS AND WARRANTS (Tables)

v3.20.1
J. STOCK OPTIONS AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of options outstanding and exercisable

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to employees of the Company under the Plan as of December 31, 2019.

 

Options Outstanding   Options Exercisable  
Exercise Prices   Number
Outstanding
    Weighted Average
Remaining
Contractual Life
 (Years)
    Weighted Average
Exercise Price
    Number
Exercisable
    Weighted Average
Exercise Price
 
$0.01 - $0.15       2,000,000       7.01     $ 0.14       2,000,000     $ 0.14  
$0.16 - $1.00       1,349,793       3.84       0.18       1,208,631       0.18  
        3,349,793       5.73     $ 0.16       3,208,631     $ 0.16  
Schedule of option activity
    Number of
Shares
    Weighted Average Exercise
Price Per Share
 
Outstanding at January 1, 2018     4,376,474     $ 0.16  
Granted     67,394       0.17  
Exercised            
Cancelled or expired     (1,094,075 )     0.14  
Outstanding at December 31, 2018     3,349,793     $ 0.16  
Granted            
Exercised            
Cancelled or expired            
Outstanding at December 31, 2019     3,349,793     $ 0.16  
Schedule of valuation assumptions

The following table summarizes the assumptions used to estimate the fair value of options granted during the year ended December 2018, using the Black-Scholes option-pricing model:

 

    2018  
Expected life of option (years)     10  
Risk-free interest rate     2.80%  
Assumed volatility     87%  
Expected dividend rate     0  
Expected forfeiture rate     65%  
Schedule of warrants outstanding and exercisable
        Warrants Outstanding     Warrants Exercisable  
  Exercise Prices     Number
Outstanding
   

Weighted Average

Remaining

Contractual Life

(Years)

     

Weighted Average

Exercise Price

    Number
Exercisable
   

Weighted Average

Exercise Price

 
  $ 0.20     250,000     1.77       $ 0.20     250,000     $ 0.20  
Schedule of warrant activity

Transactions involving warrants are summarized as follows:

 

    Number of
Shares
    Weighted Average Exercise
Price Per Share
 
Outstanding at January 1, 2018     250,000     $ 0.20  
Issued            
Exercised            
Cancelled or expired           0.20  
Outstanding at December 31, 2018     250,000     $ 0.20  
Issued            
Exercised            
Cancelled or expired            
Outstanding at December 31, 2019     250,000     $ 0.20