The Company has stock-based compensation plans. The Stock Incentive Plan was adopted in ( Plan”) and had options granted under it through On the shareholders ratified the IAI Stock Incentive Plan ( Plan”), which was approved by the Board of Directors on

 

The Company recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the awards. Generally such options vest over periods of months to years. The fair values of option awards granted in and were estimated using the Black-Sholes option pricing model under the following assumptions:

 

		2020						2019
Risk-free interest rate			0.26%	-	0.39%				2.31	%
Dividend yield				0%					0	%
Expected term (in years)				5					5
Expected volatility			65.8%	-	90.3%				57.9	%

 

 

The Plan became effective and expires The Plan provided for the granting of equity awards to key employees, including officers and directors. The maximum number of shares for which equity awards be granted under the Plan is Options under the Plan expire later than years from the date of grant or when employment ceases, whichever comes first, and vest over periods determined by the Board of Directors. The minimum exercise price of each option is the quoted market price of the Company's stock on the date of grant. At and there were and options, respectively, issued under the Plan, of which and were exercisable, respectively.

 

 

The Plan became effective and expired The Plan provides for the granting of equity awards to key employees, including officers and directors. The maximum number of shares for which equity awards could be granted under the Plan was Options under the Plan expire later than years from the date of grant or when employment ceases, whichever comes first, and vested over periods determined by the Board of Directors. There were and unexpired exercisable options remaining from the Plan at and respectively.

 

The status of the options issued under the foregoing option plans as of and and changes during the years ended and were as follows:

 

		Options outstanding
						Weighted average			Weighted average		Aggregate
						exercise price			remaining		intrinsic
Incentive options		Shares				per share			contractual term		value
Outstanding at December 31, 2018			1,376,500			$	0.23
Options granted			3,000				0.21
Options exercised			(10,000	)			0.10
Options expired			(15,500	)			0.10
Options forfeited			(5,000	)			0.46
Outstanding at December 31, 2019			1,349,000			$	0.23		3 years, 11 months		$	-
Options granted			235,000				0.64
Options exercised			(50,000	)			0.20
Options expired			(99,000	)			0.18
Options forfeited			(40,000	)			0.16
Outstanding at December 31, 2020			1,395,000			$	0.31		4 years, 5 months		$	1,591,223
Exercisable at December 31, 2019			1,325,500			$	0.23		3 years, 10 months		$	-
Exercisable at December 31, 2020			1,160,000			$	0.24		3 years, 4 months		$	1,400,423

 

Nonvested stock option awards as of and and changes during the years ended and were as follows:

 

		Nonvested
						Weighted average
						grant date
		Shares				fair value
Nonvested at December 31, 2018			148,500			$	0.20
Granted			3,000				0.11
Vested			(123,000	)			0.20
Forfeited			(5,000	)			0.21
Nonvested at December 31, 2019			23,500			$	0.17
Granted			235,000				0.36
Vested			(23,500	)			0.17
Forfeited			-				-
Nonvested at December 31, 2020			235,000			$	0.36

 

As of unrecognized compensation cost associated with non-vested share-based employee and non-employee compensation totaled which is expected to be recognized over a weighted average period of months.