Stock-Based Compensation and Warrants (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Stock-Based Compensation and Warrants |
|
| Schedule of assumptions used for awards |
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2021 |
|
2020 |
|
Exercise price |
|
$ |
0.33 |
|
$ |
0.42 |
|
Expected dividends |
|
|
0 |
% |
|
0 |
% |
Expected volatility |
|
|
92 |
% |
|
88 |
% |
Risk free interest rate |
|
|
1.12 |
% |
|
0.31 |
% |
Expected life of option (years) |
|
|
4.3 |
|
|
4.3 |
|
|
| Summary of stock option activity |
A summary of stock option activity for the years ended December 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Weighted Average |
|
Aggregate |
|
|
|
|
Average Exercise |
|
Remaining |
|
Intrinsic |
|
|
Options |
|
Price |
|
Contractual Life |
|
Value |
Balance - December 31, 2019 |
|
2,502,012 |
|
$ |
3.62 |
|
6.51 years |
|
$ |
153,353 |
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
1,540,000 |
|
|
0.42 |
|
|
|
|
|
Exercised |
|
— |
|
|
— |
|
|
|
|
|
Expired |
|
(14,944) |
|
|
17.57 |
|
|
|
|
|
Forfeited |
|
(29,650) |
|
|
0.55 |
|
|
|
|
|
Balance - December 31, 2020 |
|
3,997,418 |
|
|
2.35 |
|
6.09 years |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
2,260,000 |
|
|
0.33 |
|
|
|
|
|
Exercised |
|
— |
|
|
— |
|
|
|
|
|
Expired |
|
(2,143) |
|
|
45.15 |
|
|
|
|
|
Forfeited |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -December 31, 2021 - outstanding |
|
6,255,275 |
|
$ |
1.61 |
|
5.58 years |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Balance - December 31, 2021 - exercisable |
|
2,786,934 |
|
$ |
3.16 |
|
4.44 years |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Grant date fair value of options granted - December 31, 2021 |
|
|
|
$ |
501,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average grant date fair value - December 31, 2021 |
|
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant date fair value of options granted - December 31, 2020 |
|
|
|
$ |
412,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average grant date fair value - December 31, 2020 |
|
|
|
$ |
0.27 |
|
|
|
|
|
|
| Schedule of options outstanding and exercisable |
The options outstanding and exercisable at December 31, 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
Options Exercisable |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Weighted |
|
|
|
|
|
Weighted |
|
Average |
|
|
|
Weighted |
|
Average |
|
|
|
|
|
Average |
|
Remaining |
|
|
|
Average |
|
Remaining |
Range of |
|
|
|
Exercise |
|
Contractual |
|
|
|
Exercise |
|
Contractual |
Exercise Price |
|
Options |
|
Price |
|
Life |
|
Options |
|
Price |
|
Life |
$ |
0.00 – $40.00 |
|
6,189,257 |
|
$ |
0.75 |
|
6 years |
|
2,720,916 |
|
$ |
1.25 |
|
4 years |
|
41.00 – $70.00 |
|
6,221 |
|
|
52.07 |
|
2 years |
|
6,221 |
|
|
52.07 |
|
2 years |
|
71.00 – $102.00 |
|
59,797 |
|
|
85.19 |
|
2 years |
|
59,797 |
|
|
85.19 |
|
2 years |
|
| Summary of all warrant activity |
A summary of all warrant activity for the Company for the years ended December 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
|
Warrants |
|
Exercise Price |
Balance at December 31,2019 |
|
18,714,999 |
|
$ |
3.24 |
Granted |
|
— |
|
|
— |
Exercised |
|
— |
|
|
— |
Forfeited |
|
(714,286) |
|
|
50.05 |
Balance at December 31,2020 |
|
18,000,713 |
|
|
0.69 |
Granted |
|
— |
|
|
— |
Exercised |
|
(11,655,747) |
|
|
— |
Forfeited |
|
— |
|
|
0.69 |
Balance at December 31,2021 |
|
6,344,966 |
|
$ |
0.69 |
|
| Summary of all outstanding and exercisable warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
|
Warrants |
|
Warrants |
|
Remaining |
Exercise Price |
|
Outstanding |
|
Exercisable |
|
Contractual Life |
$ |
0.69 |
|
6,344,252 |
|
6,344,252 |
|
0.99 years |
|
18.20 |
|
714 |
|
714 |
|
1.78 years |
$ |
0.69 |
|
6,344,966 |
|
6,344,966 |
|
1.78 years |
|