Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v3.23.1
Stock Options (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of assumptions used
The fair value of the options granted during the years ended December 31, 2022 and 2021 were calculated using the BSM option pricing model based on the following assumptions:
Year Ended
December 31, 2022 December 31, 2021
Exercise Price
$ 5.10 - 9.00
$ 12.00 - 30.60
Dividend Yield –  % –  %
Volatility
100% - 123%
99% - 143%
Risk-free interest rate
0.41% - 3.75%
0.41% - 1.26%
Expected life of options
3.0- 5.0 years
5.0 years
Schedule of stock option activity
The following table summarizes the stock option activity during the years ended December 31, 2022 and December 31, 2021:
Number of Shares Weighted- Average Remaining Contractual
Life
Weighted- Average Exercise Price
Outstanding at December 31, 2020 911,618 9.84 $ 16.90 
Granted 124,614 4.38 $ 23.60 
Exercised $ – 
Forfeited/Cancelled (16,500) 3.73 $ 27.90 
Expired $ – 
Outstanding at December 31, 2021 1,019,732 7.96 $ 17.50 
Granted 441,981 4.49 $ 10.59 
Exercised $ – 
Forfeited/Cancelled (110,292) 2.82 $ 16.48 
Expired $ – 
Outstanding at December 31, 2022 1,351,421 6.49 $ 15.09 
Unvested at December 31, 2022 369,620 6.05 $ 13.07 
Vested and exercisable December 31, 2022 981,801 6.66 $ 15.85