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 STOCK OPTION ACTIVITY

A summary of option activity for the years ended December 31, 2022 and 2021 are presented below.

 

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Options     Price     Life (Years)     Value  
                         
Outstanding at January 1, 2021     6,031,775     $ 1.55       2.68     $ 1,932  
Granted     2,494,333       1.71       -       -  
Forfeited     (2,374,405 )     2.68       -       -  
Exercised     (747,480 )     2.03       -       -  
Outstanding at December 31, 2021     5,404,223       1.72       2.24       107  
Granted     3,774,965       0.83       -       -  
Forfeited     (3,285,103 )     1.66       -       -  
Exercised     (332,730 )     1.13       -       -  
Outstanding at December 31, 2022     5,561,355     $ 1.30       3.37     $ -  
                                 
Vested December 31, 2022     2,985,167     $ 1.03             $ -  
                                 
Exercisable at December 31, 2022     2,611,723     $ 1.57             $ -  
SCHEDULE OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD

The grant date fair value of option awards is estimated using the Black-Scholes option pricing model based on the following assumptions:

 

    Years Ended December 31,  
    2022     2021  
             
Risk free interest rate     1.24% - 4.27 %     0.17% - 1.26 %
Average expected term     5 years       1 to 5 years  
Expected volatility     141 - 150 %     230 – 271 %
Expected dividend yield     -       -  
Forfeiture rate     44.23 – 53.47 %     25.56 – 39.66 %