Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.23.1
STOCK OPTIONS AND WARRANTS (Tables)
 12 Months Ended
Dec. 31, 2022
Summary of option award activity and awards outstanding
The
following table shows options award activity for service based options for the years ended December 31,2022 and December 31, 2021:
 
 
 
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
 
 
543,240
 
 
 
5.58
 
 
 
 
 
 
 
-
 
Exercised
 
 
(112,432
)
 
 
0.04
 
 
 
 
 
 
 
616,314
 
Forfeited
 
 
(109,878
)
 
 
5.63
 
 
 
 
 
 
 
-
 
Expired
 
 
(3,624
)
 
 
4.76
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2021
 
 
19,547,520
 
 
$
0.36
 
 
 
2.11
 
 
$
87,636,744
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at December 31, 2021
 
 
18,743,542
 
 
$
0.25
 
 
 
2.04
 
 
$
85,801,930
 
 

 
 
Shares Under
Option
 
 
Weighted Average
Exercise Price
 
 
Weighted Average
Remaining
Contractual Life
(Years)
 
 
Aggregate
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2021
 
 
19,547,520
 
 
$
0.36
 
 
 
2.11
 
 
$
87,636,744
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
2,491,203
 
 
 
2.88
 
 
 
 
 
 
 
-
 
Exercised
 
 
(317,166
)
 
 
0.42
 
 
 
 
 
 
 
1,207,435
 
Forfeited
 
 
(155,553
)
 
 
2.61
 
 
 
 
 
 
 
-
 
Expired
 
 
(14,428
)
 
 
5.05
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2022
 
 
21,551,576
 
 
$
0.63
 
 
 
1.45
 
 
$
17,347,879
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at December 31, 2022
 
 
19,561,631
 
 
$
0.39
 
 
 
1.16
 
 
$
17,322,740
 
Schedule Of Significant Unobervable Inputs Used In The Measurement Of Fair Value Warrants The Company valued this consideration in accordance with ASC 718,
Compensation – Stock Compensation
, using the Black-Scholes option pricing model, and the following assumptions:
 
Expected Term (in Years)
 
 
6.4
 
GCEH Warrant Volatility
 
 
115
%
SusOils Warrant Volatility
 
 
65
%
Risk Free Rate
 
 
2.89
%
Dividend Yield
 
 
0
%
Schedule of Company's non-vested stock options
The
following table shows the status of the Company’s non-vested stock options for the years ended December 31, 2022 and December 31, 2021:
 
 
 
Shares Under Option
 
 
Weighted Average Grant Date
Fair Value
 
 
 
 
 
 
 
 
Non-vested at December 31, 2020
 
 
1,193,451
 
 
$
0.51
 
 
 
 
 
 
 
 
 
 
Granted
 
 
543,240
 
 
 
3.24
 
Vested
 
 
(916,857
)
 
 
1.25
 
Forfeited
 
 
(15,856
)
 
 
3.11
 
 
 
 
 
 
 
 
 
 
Non-vested at December 31, 2021
 
 
803,978
 
 
$
3.00
 
 
 
 
 
 
 
 
 
 
Granted
 
 
2,491,203
 
 
 
1.72
 
Vested
 
 
(1,155,099
)
 
 
1.82
 
Forfeited
 
 
(150,137
)
 
 
1.61
 
 
 
 
 
 
 
 
 
 
Non-vested at December 31, 2022
 
 
1,989,945
 
 
$
3.00
 
Market Based Stock Option Award [Member]  
Summary of option award activity and awards outstanding
The
following table shows options award activity for market based options for the year ended December 31,2022:
 
 
 
Shares Under
Option
 
 
Weighted Average
Exercise Price
 
 
Weighted Average
Remaining Contractual Life
(Years)
 
 
Aggregate
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2021
 
 
-
 
 
$
-
 
 
 
 
 
 
$
0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
600,000
 
 
 
2.14
 
 
 
 
 
 
 
3.60
 
Exercised
 
 
-
 
 
 
-
 
 
 
 
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
 
 
 
 
 
 
-
 
Expired
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2022
 
 
600,000
 
 
$
2.14
 
 
 
2.01
 
 
$
1,286,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at December 31, 2022
 
 
-
 
 
$
0.00
 
 
 
0.00
 
 
$
-
 
Continuous Service Based Vesting Condition [Member]  
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 year
s
ended: 
 
 
 
December 31, 2022
 
 
December 31, 2021
 
Expected Term (in Years)
 
 
3.2
 
 
 
3.3
 
Volatility
 
 
86.89
%
 
 
85.77
%
Risk Free Rate
 
 
2.84
%
 
 
0.51
%
Dividend Yield
 
 
0
%
 
 
0
%
Aggregate Grant Date Fair Value
 
$
1.72
 
 
$
3.24