Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.21.2
STOCK OPTIONS AND WARRANTS (Tables)
 9 Months Ended
Sep. 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 September 30, 2021 (includes 100,000, 18,809,026 and 559,678 options under the 2010 Equity
Incentive
Plan,
the
non-plan
and
the
2020
Plan,
respectively)
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
 
 
424,740
 
 
 
5.61
 
 
 
 
 
 
 
-
 
Exercised
 
 
(61,770
)
 
 
0.17
 
 
 
 
 
 
 
319,433
 
Forfeited
 
 
(121,418
)
 
 
5.94
 
 
 
 
 
 
 
-
 
Expired
 
 
(3,062
)
 
 
5.51
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at September 30, 2021
 
 
19,468,704
 
 
$
0.33
 
 
 
2.34
 
 
$
58,046,239
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at September 30, 2021
 
 
18,597,978
 
 
$
0.23
 
 
 
2.27
 
 
$
56,549,516
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of stock option grants with only continued service conditions for vesting is estimated on the grant date using a Black-Scholes option pricing model. The following table illustrates the assumptions used in estimating the fair value of options granted during the periods presented: 
 
 
 
 
Nine months ended
September 30, 2021
 
Expected Term (in Years)
 
 
2 to 5
 
Volatility
 
 
85.665
%
Risk Free Rate
 
 
0.401
%
Dividend Yield
 
 
0
%
Exit Rate Pre-vesting (
1
)
 
 
0
%
Exit Rate Post-vesting (
2
)
 
 
0
%
Aggregate Grant Date Fair Value
 
$
1,389,197
 
 

(
1
)
Assumed forfeiture rate for market condition option awards prior to vesting.
 
(
2
)
Assumed expiration or forfeiture rate for market condition option awards after vesting.