8. Stock Options and Warrants (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] |
|
| Stock options outstanding |
Stock option activity for the period January 1, 2019
to December 31, 2020, was as follows:
| |
|
Options |
|
|
Weighted Avg. Exercise Price
|
|
| Options outstanding, December 31, 2018 |
|
|
35,301,300 |
|
|
$ |
0.22 |
|
| Options granted |
|
|
4,987,500 |
|
|
|
0.08 |
|
| Options exercised |
|
|
(538,197 |
) |
|
|
0.13 |
|
| Options cancelled |
|
|
– |
|
|
|
– |
|
| Options outstanding, December 31, 2019 |
|
|
39,750,603 |
|
|
$ |
0.20 |
|
| Options granted |
|
|
3,599,998 |
|
|
|
0.12 |
|
| Options exercised |
|
|
(60,000 |
) |
|
|
0.05 |
|
| Options cancelled |
|
|
(10,810,000 |
) |
|
|
0.25 |
|
| Options outstanding, December 31, 2020 |
|
|
32,480,601 |
|
|
$ |
0.18 |
|
|
| Options outstanding by Per Share Price |
The weighted average exercise
prices, remaining contractual lives for options granted, exercisable, and expected to vest as of December 31, 2020 were as follows:
| |
|
Outstanding Options |
|
|
Exercisable Options |
|
|
Option
Exercise Price
Per Share
|
|
Shares |
|
|
Life
(Years) |
|
|
Weighted Average Exercise Price |
|
|
Shares |
|
|
Weighted Average Exercise Price |
|
| $ 0.05 - $ 0.24 |
|
|
21,505,551 |
|
|
|
7.0 |
|
|
$ |
0.10 |
|
|
|
21,405,551 |
|
|
$ |
0.10 |
|
| $ 0.25 - $ 0.49 |
|
|
10,353,552 |
|
|
|
2.5 |
|
|
|
0.30 |
|
|
|
10,353,552 |
|
|
|
0.30 |
|
| $ 0.50 - $ 0.99 |
|
|
471,052 |
|
|
|
3.3 |
|
|
|
0.85 |
|
|
|
471,052 |
|
|
|
0.85 |
|
| $ 1.00 - $ 2.00 |
|
|
150,446 |
|
|
|
2.6 |
|
|
|
1.18 |
|
|
|
150,446 |
|
|
|
1.18 |
|
| |
|
|
32,480,601 |
|
|
|
5.5 |
|
|
$ |
0.18 |
|
|
|
32,380,601 |
|
|
$ |
0.18 |
|
|
| Assumptions used for option valuation |
The Company used the following
average assumptions in its calculation using the Black-Scholes Option Pricing model:
| |
|
Years Ended |
|
| |
|
2020 |
|
|
2019 |
|
| Expected life (years) |
|
|
5.5 |
|
|
|
5.0 |
|
| Risk free interest rate |
|
|
1.7% |
|
|
|
2.4% |
|
| Volatility |
|
|
138% |
|
|
|
123% |
|
| Expected dividend yield |
|
|
0% |
|
|
|
0% |
|
|
| Warrants outstanding |
The following table summarizes
certain information about the Company’s stock purchase warrants.
| |
|
Warrants |
|
|
Weighted Avg. Exercise Price
|
|
| Warrants outstanding, December 31, 2018 |
|
|
21,055,355 |
|
|
$ |
0.09 |
|
| Warrants granted |
|
|
11,180,084 |
|
|
|
0.07 |
|
| Warrants exercised |
|
|
(10,629,493 |
) |
|
|
0.05 |
|
| Warrants cancelled |
|
|
(8,540,862 |
) |
|
|
0.07 |
|
| Warrants outstanding, December 31, 2019 |
|
|
13,065,084 |
|
|
$ |
0.11 |
|
| Warrants granted |
|
|
6,117,013 |
|
|
|
0.03 |
|
| Warrants exercised |
|
|
(1,155,000 |
) |
|
|
0.05 |
|
| Warrants cancelled |
|
|
(9,343,420 |
) |
|
|
0.07 |
|
| Warrants outstanding, December 31, 2020 |
|
|
8,683,677 |
|
|
$ |
0.11 |
|
|
| Warrants outstanding by Per Share Price |
| |
|
Outstanding Warrants |
|
|
Exercisable Warrants |
|
Warrant
Exercise Price
Per Share |
|
Shares |
|
|
Life
(Years) |
|
|
Weighted Average Exercise Price |
|
|
Shares |
|
|
Weighted Average Exercise Price |
|
| $ 0.05 - $ 0.24 |
|
|
6,613,677 |
|
|
|
0.8 |
|
|
$ |
0.04 |
|
|
|
6,580,344 |
|
|
$ |
0.04 |
|
| $ 0.25 - $ 0.49 |
|
|
2,000,000 |
|
|
|
0.8 |
|
|
|
0.30 |
|
|
|
2,000,000 |
|
|
|
0.30 |
|
| $ 0.50 - $ 1.00 |
|
|
70,000 |
|
|
|
3.3 |
|
|
|
0.80 |
|
|
|
70,000 |
|
|
|
0.80 |
|
| |
|
|
8,683,677 |
|
|
|
0.8 |
|
|
$ |
0.11 |
|
|
|
8,650,344 |
|
|
$ |
0.11 |
|
|