Note 5 - Commitments and Contingencies
|9 Months Ended|
Sep. 30, 2019
|Notes to Financial Statements|
|Commitments and Contingencies Disclosure [Text Block]||
5– Commitments and Contingencies
Stock options for employees, directors or consultants that vest immediately, are valued at the date of award, which does
notprecede the approval date, and compensation cost is recognized in the period the options are vested. Stock options generally become exercisable on the date of grant and expire based on the terms of each grant.
The estimated fair value of options for common stock granted is determined using the Black-Scholes option pricing model. The expected dividend yield is based on the average annual dividend yield as of the grant date. Expected volatility is based on the historical volatility of our stock. The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date. The expected life of the option is based on historical exercise behavior and expected future experience.
August 2019,the Directors of the Company authorized options to purchase common stock in the aggregate of
20,500,000options to certain officers and consultants of the Company, the estimated value of which was
$840,500estimated fair value of options to purchase common stock was determined using the Black-Scholes option pricing model. The expected dividend yield of
$0is based on the average annual dividend yield at the date issued. Expected volatility of
337.19%is based on the historical volatility of the stock. The risk-free interest rate of
1.52%is based on the U.S. Treasury Constant Maturity rates as of the issue date. The expected life of the option of
fiveyears is based on the life of the option.
The following table summarizes the Company’s option activity during the
September 30, 2019:
The following table summarizes the Company’s options as of
September 30, 2019:
Litigation, Claims, and Assessments
maybe involved in legal proceedings, claims and assessments arising in the ordinary course of business. In the opinion of management, such matters are currently
notexpected to have a material impact on the Company’s condensed consolidated financial statements. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.
The Company has an office lease in Tulsa, Oklahoma. As the lease is month-to-month and cancellable at any time, it is
notincluded as a right-of-use asset or liability. Rent expense for the lease was
nine-month periods ended
September 30, 2019and
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef