Note 7 – Stock-Based Compensation

a) Warrants

The following table summarizes the changes in warrants outstanding of the Company during the three-month period ended March 31, 2023:

Below is a table summarizing the warrants issued and outstanding as of March 31, 2023, which have an aggregate weighted average remaining contractual life of 3.92 years.

Stock-based compensation expense related to warrants of $14,920 and $39,013 was recorded in the three months ended March 31, 2023 and March 31, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $20,893 and is expected to be recognized over a period of 1.01 years. As of March 31, 2023, the total intrinsic value of warrants outstanding was $nil.

b) Options

The following table summarizes the changes in options outstanding of the Company during the three-month period ended March 31, 2023:

Below is a table summarizing the options issued and outstanding as of March 31, 2023, all of which were issued pursuant to the Company’s 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 4.99 years. As of March 31, 2023, an aggregate of  7,750,000 shares of common stock were authorized for issuance under the 2015 Plan, of which  574,398 shares of common stock remained available for future issuance thereunder.

b) Options (continued)

Stock-based compensation expense related to stock options of $117,034 and $394,053 was recorded in the three months ended March 31, 2023 and March 31, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $170,329 and is expected to be recognized over a period of 0.51 years. As of March 31, 2023, the total intrinsic value of stock options outstanding was $nil.

c) Restricted Stock Units

Below is a table summarizing the RSUs issued and outstanding as of March 31, 2023, all of which were issued pursuant to the 2015 Plan.

Below is a table summarizing the RSUs granted during the three months ended March 31, 2023, all of which were issued pursuant to the 2015 Stock Incentive Plan. The RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the RSU compensation expense stated.

Below is a table summarizing the RSUs vested and settled during the three months ended March 31, 2023, all of which were issued pursuant to the 2015 Plan.

c) Restricted Stock Units (continued)

Below is a table summarizing the RSUs issued and outstanding as of March 31, 2023 and which have an aggregate weighted average remaining contractual life of 1.57 years.

Stock-based compensation expense related to RSUs of $524,892 and $481,962 was recorded in the three months ended March 31, 2023 and March 31, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,883,199.