NOTE 15 - STOCK OPTIONS

On November 13, 2014, our Board of Directors authorized and approved the adoption of the Plan effective November 13, 2014 (2014 Stock Option Plan) under which an aggregate of 20% (290,879 shares) of the issued and outstanding shares may be issued. The plan shall terminate ten years after the plan’s adoption by the board of directors. We granted an aggregate 145,000 stock options. As of March 31, 2022, an aggregate total of 145,879 can still be granted under the plan.

On May 15, 2018, the Board of Directors approved and adopted the BioCorRx Inc. 2018 Equity Incentive Plan (2018 Stock Option Plan) under which an aggregate of 450,000 shares may be issued. The plan shall terminate ten years after the plan’s adoption by the board of directors. The Company has granted an aggregate of 380,008 stock options. As of March 31, 2022, an aggregate total of 69,992 options can still be granted under the plan.

During the three months ended March 31, 2022, the Company approved the grant of 1,253 stock options to one consultant valued at $3,893. The term of the options was three years, and the vesting period of is one year.

During the three months ended March 31, 2022, the Company approved the grant of 15,474 stock options to one director valued at $51,804. The term of the options was five years, and the options vested immediately.

Option valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from using the Company’s historical stock prices. The Company accounts for the expected life of options based on the contractual life of options for non-employees. For employees, the Company accounts for the expected life of options in accordance with the “simplified” method, which is used for “plain-vanilla” options, as defined in the accounting standards codification. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a remaining life consistent with the expected term of the options..

In applying the Black-Scholes option pricing model, the Company used the following assumptions in 2022:

The following table summarizes the stock option activity for the three months ended March 31, 2022:

The aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price less than the Company's stock price of $3.52 as of March 31, 2022, which would have been received by the option holders had those option holders exercised their options as of that date.

The following table presents information related to stock options at March 31, 2022:

The stock-based compensation expense related to option grants was $52,882 and $5,029 during the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, stock-based compensation related to options of $2,816 remains unamortized and is expected to be amortized over the weighted average remaining period of 9 months.