Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.21.2
STOCK OPTIONS AND WARRANTS (Tables)
 6 Months Ended
Jun. 30, 2021
Disclosure Text Block [Abstract]  
Summary of option award activity and awards outstanding A summary of the option award activity in 2021 and awards outstanding at June 30, 2021 is as follows:
 
 
Shares Under

Option
 
 
Weighted

Average

Exercise
Price
 

 
 

 
Weighted

Average

Remaining

Contractual

Life (Years)
 



 
 



 
Aggregate

Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2020
 
 
19,230,214
 
 
 
0.16
 
 
 
2.81
 
 
$
30,044,649
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
376,500
 
 
 
5.60
 
 
 
 
 
 
 
-
 
Exercised
 
 
(60,978
 )
 
 
0.15
 
 
 
 
 
 
 
-
 
Forfeited
 
 
(108,001
 )
 
 
0.66
 
 
 
 
 
 
 
-
 
Expired
 
 
(562
 )
 
 
0.66
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at June 30, 2021
 
 
19,437,173
 
 
 
0.32
 
 
 
2.59
 
 
$
99,096,555
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at June 30, 2021
 
 
18,394,034
 
 
 
0.22
 
 
 
2.51
 
 
$
95,562,337
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The following table illustrates the assumptions used in estimating the fair value of options granted during the periods presented:
 
 
 
Six months ended June 30, 2021
 
Expected Term (in Years)
 
 
2 to 5
 
Volatility
 
 
87
%
Risk Free Rate
 
 
0.377
%
Dividend Yield
 
 
0
%
Suboptimal Exercise Factor (1)
 
 
1.3
 
Exit Rate Pre-vesting (2)
 
 
0
%
Exit Rate Post-vesting (3)
 
 
0
%
Aggregate Grant Date Fair Value
 
$
788,039
 
 
(1)
The suboptimal exercise factor estimates the value realized by the holder upon exercise of the option and the estimated point at which an option holder would exercise an in-the-money option. The Company estimated the suboptimal factor based on the holder realizing a pre-tax profit of $500,000.
 
(2)
Assumed forfeiture rate for market condition option awards prior to vesting.
 
(3)
Assumed expiration or forfeiture rate for market condition option awards after vesting.