|3 Months Ended|
Dec. 31, 2020
|Share-based Payment Arrangement [Abstract]|
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:
As of December 31, 2020, there was no unrecognized stock-based compensation expense.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef