Note 7 – Stock-Based Compensation

a) Warrants

The following table summarizes the changes in warrants outstanding of the Company during the six-month period ended June 30, 2023.

Below is a table summarizing the warrants issued and outstanding as of June 30, 2023, which have an aggregate weighted average remaining contractual life of 4.33 years.

Stock-based compensation expense related to warrants of $20,320 and $53,601 was recorded in the six months ended June 30, 2023 and June 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $15,492 and is expected to be recognized over a period of 0.76 years. As of June 30, 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 six-month period ended June 30, 2023.

Below is a table summarizing the options issued and outstanding as of June 30, 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 and RSU issuances commencing in 2016) and which have an aggregate weighted average remaining contractual life of 4.73 years. As of June 30, 2023, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 2,574,568 shares of common stock remainedavailable for future issuance thereunder.

Stock-based compensation expense related to stock options of $235,368 and $784,236 was recorded in the six months ended June 30, 2023 and June 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $51,995 and is expected to be recognized over a period of 0.26 years. As of June 30, 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 June 30, 2023, all of which were issued pursuant to the 2015 Plan.

Below is a table summarizing the RSUs granted during the six months ended June 30, 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 six months ended June 30, 2023, all of which were issued pursuant to the 2015 Plan.

Below is a table summarizing the RSUs cancelled during the six months ended June 30, 2023, all of which were originally issued pursuant to the 2015 Plan.

Below is a table summarizing the RSUs issued and outstanding as of June 30, 2023 and which have an aggregate weighted average remaining contractual life of 1.41 years.

Stock-based compensation expense related to RSUs of $1,030,143 and $931,498 was recorded in the six months ended June 30, 2023 and June 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,633,852.