| SCHEDULE OF STOCK OPTION ACTIVITY |
The
following table represents stock option activity for the nine-month period ended September 30, 2022:
SCHEDULE OF STOCK OPTION ACTIVITY
| | |
Number Outstanding | | |
Weighted
Average
Exercise Price | | |
Contractual
Life in Years | | |
Intrinsic Value | |
| Options Outstanding as of December 31, 2021 | |
| 410,964 | | |
$ | 4.78 | | |
| 4.67 | | |
$ | 368,417 | |
| Options Exercisable as of December 31, 2021 | |
| 302,191 | | |
$ | 4.88 | | |
| 4.38 | | |
$ | 257,186 | |
| Options granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
| Options forfeited | |
| (10,207 | ) | |
$ | 4.73 | | |
| 3.91 | | |
$ | - | |
| Options expired | |
| (61,900 | ) | |
$ | 5.56 | | |
| 2.05 | | |
$ | - | |
| Options exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
| Options outstanding as of September 30, 2022 | |
| 338,857 | | |
$ | 4.64 | | |
| 4.26 | | |
$ | - | |
| Options exercisable as of September 30, 2022 | |
| 286,841 | | |
$ | 4.64 | | |
| 4.15 | | |
$ | - | |
|
SCHEDULE OF STOCK OPTION ACTIVITY
| | |
Number Outstanding | | |
Weighted Average Exercise Price | | |
Contractual Life in Years | | |
Intrinsic Value | |
| Options Outstanding as of December 31, 2019 | |
| 346,998 | | |
$ | 4.39 | | |
| 6.77 | | |
$ | 817,220 | |
| Options Exercisable as of December 31, 2019 | |
| 207,485 | | |
$ | 5.29 | | |
| 5.53 | | |
| 314,338 | |
| Options granted | |
| 94,154 | | |
| 4.42 | | |
| 3.97 | | |
| | |
| Options forfeited | |
| (15,168 | ) | |
| 3.18 | | |
| 7.12 | | |
| | |
| Options expired | |
| - | | |
| - | | |
| - | | |
| - | |
| Options exercised | |
| (167 | ) | |
| 3.00 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | |
| Options Outstanding as of December 31, 2020 | |
| 425,817 | | |
$ | 4.44 | | |
| 5.33 | | |
$ | 597,322 | |
| Options Exercisable as of December 31, 2020 | |
| 282,167 | | |
$ | 4.52 | | |
| 4.56 | | |
$ | 384,226 | |
| Options granted | |
| 36,700 | | |
| 5.74 | | |
| 4.19 | | |
| - | |
| Options forfeited | |
| (21,200 | ) | |
| 6.45 | | |
| 4.11 | | |
| - | |
| Options expired | |
| - | | |
| - | | |
| - | | |
| - | |
| Options exercised | |
| (30,353 | ) | |
| 0.06 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | |
| Options Outstanding as of December 31, 2021 | |
| 410,964 | | |
$ | 4.78 | | |
| 4.67 | | |
$ | 368,417 | |
| Options Exercisable as of December 31, 2021 | |
| 302,191 | | |
$ | 4.88 | | |
| 4.38 | | |
$ | 257,186 | |
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF STOCK OPTIONS |
|
The
Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant. The following
table summarizes the assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2021 and
2020:
SCHEDULE OF ESTIMATE FAIR VALUE OF STOCK OPTIONS
| | |
2021 | | |
2020 | |
| Expected dividend yield | |
| 0 | % | |
| 0 | % |
| Weighted-average expected volatility | |
| 102-207 | % | |
| 133-236 | % |
| Weighted-average risk-free interest rate | |
| 0.25 | % | |
| 0.25 | % |
| Expected life of options | |
| 5 years | | |
| 5-7 years | |
|