Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

v3.20.4
STOCK-BASED COMPENSATION
3 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

NOTE 9 – STOCK-BASED COMPENSATION 

 

Stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award using the Black Scholes option pricing model, and is recognized over the vesting period. The Company recognized stock based compensation of nil and $367,841 for the three months ended December 31, 2020 and 2019, respectively. Of the $367,841 of stock based compensation recognized for the three months ended December 31, 2019, $186,675 was capitalized to unproved oil and gas properties, with the remainder recorded as general and administrative expenses for each respective period.

 

During the three months ended December 31, 2019, upon the passing of a member of the management team, the Company modified a stock option grant for three million shares made to said management team member in June 2018 to vest such award immediately. The Company recorded approximately $8,000 in additional compensation expense related to this modification.

 

The following table summarizes the Company’s stock option activity during the three months ended December 31, 2020:

 

    Number of Options     Weighted Average
Exercise Price
    Weighted Average
Remaining

Contractual Term
(In years)
 
Outstanding at September 30, 2020     104,500,000     $ 0.0605          
Granted                    
Exercised                    
Cancelled                    
Outstanding at December 31, 2020     104,500,000     $ 0.0605       4.3  
Vested and expected to vest     104,500,000     $ 0.0605       4.3  
Exercisable at December 31, 2020     104,500,000     $ 0.0565       4.3  

 

As of December 31, 2020, there was no unrecognized stock-based compensation expense.