Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

v3.24.3
STOCK OPTIONS
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS

11. STOCK OPTIONS

 

A summary of option activity for the nine months ended September 30, 2024 is presented below.

 SCHEDULE OF STOCK OPTION ACTIVITY

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Options     Price     Life (Years)     Value  
                         
Outstanding at January 1, 2024     10,435     $ 240.14       4.60     $ -  
Granted     -       -       -       -  
Forfeited     (1,397 )     306.75       -       -  
Exercised     -       -       -       -  
Outstanding at September 30, 2024     9,038     $ 229.83       3.85     $ -  
                                 
Vested September 30, 2024     4,900     $ 243.74       3.85     $ -  
                                 
Exercisable at September 30, 2024     4,900     $ 243.74       3.85     $ -  

 

 

At September 30, 2024, the intrinsic value of the outstanding options was $0.

 

The total stock compensation expense recognized relating to the vesting of stock options for the three and nine months ended September 30, 2024 amounted to $100 and $529. As of September 30, 2024, the total unrecognized share-based compensation expense was $904, which is expected to be recognized as part of operating expense through September 2027.

 

The fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions:

 SCHEDULE OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD

    Nine Months Ended September 30,  
    2024     2023  
Risk-free interest rate     4.62 %     4.29 %
Average expected term     5 years       5 years  
Expected volatility     139.2 %     136.2 %
Expected dividend yield     -       -  

 

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award; the expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.