The Company has shareholder–approved 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 had been approved by the Board of Directors on

 

The Company recognizes compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the awards. Such options generally vest over periods of months to years. There were options granted in the months ended and Fair values of option awards granted would have been estimated using the Black-Sholes option pricing model.

 

 

The Plan became effective and expires 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 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 there were unexpired options for shares issued under the Plan, of which were exercisable.

 

The Plan became effective and expired The Plan provides for the granting of equity awards to key employees, including officers and directors. Options under the Plan were generally granted at-the-money or above, expire later than years from the date of grant or within months of when employment ceases, whichever comes first, and vest over periods determined by the Board of Directors. The number of shares subject to options available for issuance under the Plan could exceed There were unexpired options remaining from the Plan at all of which were exercisable.

 

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

 

 

		Options outstanding
						Weighted average			Weighted average		Aggregate
						exercise price			remaining		intrinsic
Incentive Options		Shares				per share			contractual term		value
Outstanding at January 1, 2020			1,349,000			$	0.23
Options granted			-				-
Options exercised			-				-
Options expired			(129,000	)			0.17
Options forfeited			-				-
Outstanding at March 31, 2020			1,220,000			$	0.24		3 years, 11 months		$	-
Exercisable at March 31, 2020			1,201,500			$	0.24		3 years, 10 months		$	-

 

There were options granted during the months ended and There were options exercised during the months ended and As of there was of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the stock incentive plans; that cost is expected to be recognized over a weighted-average period of months.

 

Total compensation expense related to these plans was and for the months ended and respectively, of which related to options awarded to non-employees.

 

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

 

		Nonvested
						Weighted average
						grant date
		Shares				fair value
Nonvested at January 1, 2020			23,500			$	0.17
Granted			-				-
Vested			(5,000	)			0.21
Forfeited			-				-
Nonvested at March 31, 2020			18,500			$	0.15