NOTE 13. SHARE-BASED COMPENSATION

Stock Options

On May 10, 2018, the Board ratified and confirmed the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan is a broad-based plan under which shares of our common stock are authorized for issuance for awards, including stock options, stock appreciation rights, restricted stock, and cash incentive awards to members of our Board, executive officers, employees and independent contractors. As of June 30, 2021, a total of 7,550,750 shares of our common stock were authorized for issuance. As of June 30, 2021, 963,701 shares remained available for issuance as new awards under the 2014 Plan.

During the six months ended June 30, 2021 and 2020, we issued 60,000 and 225,000 options to purchase our common stock, respectively, to members of our Board, executive officers, employees and independent contractors. The fair value of all stock options granted for the six months ended June 30, 2021 and 2020 was determined to be $94,829 and $255,017, respectively, using the Black-Scholes option pricing model with the following assumptions:

A summary of stock option activity is as follows:

A summary of unvested stock option activity is as follows:

As of June 30, 2021, our unrecognized share-based compensation expense associated with the stock options issued was $511,629, which will be amortized over a weighted-average period of 1.89 years.

Restricted Awards

During the six months ended June 30, 2021, we issued an aggregate of 110,000 restricted shares of our common stock valued at $360,250 to our Board members in consideration of their service on the Board. These shares vested immediately on the grant date. An additional 80,000 restricted shares of our common stock valued at $181,600 were issued to an employee of the Company on February 17, 2021. These shares were granted in consideration of the individual’s service to the Company. These shares vest on November 12, 2021. As of June 30, 2021, there were 2,291,133 restricted shares outstanding. Of the restricted shares outstanding, 235,000 restricted shares were unvested.