Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS (Tables)

v3.20.4
STOCK OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

The weighted average assumptions used principally in determining the fair value of options granted were as follows:

 

    2020     2019  
Risk free interest rate     0.59 %     2.33 %
Expected dividend yield     0 %     0 %
Expected term in years     6.25       6.25  
Expected volatility     83.56 %     86.98 %
Estimated forfeiture rate     6.02 %     4.85 %
SUMMARY OF OPTION ACTIVITY

A summary of option activity for years ended December 31, 2020 and 2019 is presented below:

 

Options   Shares     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Term in
Years		     Intrinsic
Value		  
Outstanding at December 31, 2018     9,593,990     $ 4.51                  
Granted     4,125,800     $ 6.91                  
Exercised     (107,029 )   $ 3.61                  
Forfeited     (367,395 )   $ 7.10                  
Outstanding at December 31, 2019     13,245,366     $ 5.19                  
Outstanding at December 31, 2020     13,245,366       5.19                  
Granted     4,536,600     $ 5.00                  
Exercised     (427,611 )   $ 1.77                  
Forfeited     (3,064,712 )   $ 5.60                  
Outstanding at December 31, 2020     14,289,643     $ 5.15       6.59     $ 3,500,516  
Exercisable at December 31, 2020     9,952,349     $ 4.86       5.67     $ 3,417,266  
Vested and expected to vest at December 31, 2020     13,984,246     $ 5.15       6.54     $ 3,487,159  

 
SUMMARY OF NON-VESTED STOCK OPTIONS

As summary of non-vested stock options for the years ended December 31, 2020 and 2019 is presented below:

 

Options   Shares     Weighted
Average
Fair Value		  
Non-vested at December 31, 2018     3,626,289     $ 5.32  
Granted     4,125,800     $ 5.03  
Vested     (2,038,128 )   $ 4.95  
Forfeited     (304,689 )   $ 5.22  
Nonvested at December 31, 2019     5,409,272     $ 5.21  
Non-vested at December 31, 2019     5,409,272       5.21  
Granted     4,536,600     $ 3.53  
Vested     (2,720,493 )   $ 5.34  
Forfeited     (2,888,085 )   $ 4.11  
Non-vested at December 31, 2020     4,337,294     $ 4.14