NOTE 9 – SHARE-BASED COMPENSATION

Stock Options

The Company has a Global Stock Incentive Plan (the “Plan”) under which the Company may grant stock options for up to 1,503,421 common shares. Both incentive stock options and non-qualified stock options expire ten years from the date of the grant.

NOTE 9 – SHARE-BASED COMPENSATION (CONTINUED)

The fair value of options and share awards granted under the stock option plan during the year ended December 31, 2021 and 2020 was estimated at the date of grant using the Black-Scholes option pricing model and the following assumptions for grants:

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The following table summarizes the stock option activity:

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The following table summarizes the Company’s non-vested stock options:

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For the years ended December 31, 2021 and 2020, the Company recognized $394,311 and $149,483 of stock compensation expense relating to stock options, respectively. As of December 31, 2021, there was $1,139,007 of unrecognized stock compensation expense related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of four years.

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Restricted Stock Awards

In July 2019, the Board of Directors authorized grants of restricted stock awards (“RSAs”) through a restricted stock award purchase agreement to certain founders, consultants, and advisors of the Company. Certain grants to the Company’s founders were fully vested at the date of incorporation, other grants vest over a four-year period on each anniversary of the grant date, based on continued employment, and other grants vested based on various milestones. The shares of common stock underlying the RSAs are issued upon grant.

NOTE 9 – SHARE-BASED COMPENSATION (CONTINUED)

The following table summarizes the restricted stock awards activity:

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For the years ended December 31, 2021 and 2020, the Company recognized $836,481 and $881,319 of stock compensation expense relating to RSAs, respectively. As of December 31, 2021, there was $946,257 of unrecognized compensation expense related to unvested restricted share awards that is expected to be recognized over a weighted-average period of 2 years.