v3.22.2.2
STOCK-BASED COMPENSATION (Tables)
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK OPTIONS OUTSTANDING

A summary of all stock option activity under the Plans for the nine months ended September 30, 2022 is as follows:

 

Options 

Number of
Shares

  

Weighted
Average
Exercise Price

 
Outstanding at December 31, 2021   1,086,063   $2.37 
Granted   25,000    0.98 
Exercised        
Forfeited   (32,063)   (4.04)
Outstanding at September 30, 2022   1,079,000   $2.29 
Exercisable at September 30, 2022   1,079,000   $2.29 
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION

 

Volatility – range   111.67%
Risk-free rate   1.8%
Contractual term   10.0 years 
Exercise price  $0.98 
SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of September 30, 2022:

 

      Outstanding options   Exercisable options

Exercise price
range

   

Number of
options

   

Weighted average
remaining
contractual life

 

Number of
options

   

Weighted average
remaining
contractual life

                       
$ 0.01 to $2.49       740,000     7.9 years     740,000     7.9 years
$ 2.50 to $3.49       302,000     5.7 years     302,000     5.7 years
$ 3.50 to $4.49       37,000     3.0 years     37,000     3.0 years
                             
          1,079,000     7.1 years     1,079,000     7.1 years
SUMMARY OF RESTRICTED STOCK ACTIVITY

A summary of all restricted stock activity under the Plans for the nine months ended September 30, 2022 is as follows:

 

  

Number of
Restricted
shares

  

Weighted
average
grant date fair

value

 
Nonvested balance, December 31, 2021   1,057,375   $1.87 
Granted   715,000    1.07 
Vested   (570,875)   (1.77)
Forfeited   (65,000)   (1.06)
Nonvested balance, September 30, 2022   1,136,500   $1.46 
SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK

The nonvested balance of restricted stock vests as follows:

 

Years ended 

Number of

shares

 
     
2022 (October 1, 2022 through December 31, 2022)   12,000 
2023   663,000 
2024   279,000 
2025   80,000 
2026   72,500 
2027   30,000