Stock-based Compensation |
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.
|
|
Number of
Warrants
|
|
|
Weighted Average Exercise
Price ($)
|
|
Outstanding at December 31, 2022 |
|
|
539,000 |
|
|
|
3.80 |
|
Granted |
|
|
448,500 |
|
|
|
2.00 |
|
Expired/Cancelled |
|
|
(125,000 |
) |
|
|
2.47 |
|
Outstanding at June 30, 2023 |
|
|
862,500 |
|
|
|
3.05 |
|
|
|
|
|
|
|
|
|
|
Exercisable at June 30, 2023 |
|
|
387,000 |
|
|
|
4.28 |
|
Below is a table summarizing the warrants issued and outstanding as of June 30, 2023, which have an aggregate weighted average remaining contractual life of 4.33 years.
Number Outstanding |
|
|
Number Exercisable |
|
|
Exercise Price ($) |
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
Proceeds to Company
if Exercised ($)
|
|
|
448,500 |
|
|
|
- |
|
|
|
2.00 |
|
|
|
4.96 |
|
|
|
897,000 |
|
|
54,000 |
|
|
|
27,000 |
|
|
|
3.05 |
|
|
|
5.27 |
|
|
|
164,700 |
|
|
50,000 |
|
|
|
50,000 |
|
|
|
3.45 |
|
|
|
2.67 |
|
|
|
172,500 |
|
|
125,000 |
|
|
|
125,000 |
|
|
|
3.95 |
|
|
|
3.51 |
|
|
|
493,750 |
|
|
185,000 |
|
|
|
185,000 |
|
|
|
4.90 |
|
|
|
3.59 |
|
|
|
906,500 |
|
|
862,500 |
|
|
|
387,000 |
|
|
|
|
|
|
|
|
|
|
|
2,634,450 |
|
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 $nil.
b) Options
The following table summarizes the changes in options outstanding of the Company during the six-month period ended June 30, 2023.
|
|
Number of
Options
|
|
|
Weighted Average Exercise
Price ($)
|
|
Outstanding at December 31, 2022 |
|
|
4,985,105 |
|
|
|
3.87 |
|
Expired/Cancelled |
|
|
(273,067 |
) |
|
|
3.89 |
|
Outstanding at June 30, 2023 |
|
|
4,712,038 |
|
|
|
3.87 |
|
|
|
|
|
|
|
|
|
|
Exercisable at June 30, 2023 |
|
|
4,226,261 |
|
|
|
3.93 |
|
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.
Number Outstanding |
|
|
Number Exercisable |
|
|
Exercise Price ($) |
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
Proceeds to Company if Exercised ($) |
|
|
585,000 |
|
|
|
585,000 |
|
|
|
3.25 |
|
|
|
1.62 |
|
|
|
1,901,250 |
|
|
2,717 |
|
|
|
2,717 |
|
|
|
3.35 |
|
|
|
0.18 |
|
|
|
9,102 |
|
|
985,887 |
|
|
|
500,110 |
|
|
|
3.40 |
|
|
|
8.10 |
|
|
|
3,352,016 |
|
|
740,000 |
|
|
|
740,000 |
|
|
|
3.60 |
|
|
|
6.86 |
|
|
|
2,664,000 |
|
|
1,607,837 |
|
|
|
1,607,837 |
|
|
|
4.00 |
|
|
|
3.24 |
|
|
|
6,431,348 |
|
|
5,434 |
|
|
|
5,434 |
|
|
|
4.35 |
|
|
|
0.18 |
|
|
|
23,638 |
|
|
89,163 |
|
|
|
89,163 |
|
|
|
4.38 |
|
|
|
4.57 |
|
|
|
390,534 |
|
|
50,000 |
|
|
|
50,000 |
|
|
|
4.80 |
|
|
|
3.51 |
|
|
|
240,000 |
|
|
646,000 |
|
|
|
646,000 |
|
|
|
5.00 |
|
|
|
3.74 |
|
|
|
3,230,000 |
|
|
4,712,038 |
|
|
|
4,226,261 |
|
|
|
|
|
|
|
|
|
|
|
18,241,888 |
|
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 $nil.
c) Restricted Stock Units
Below is a table summarizing the RSUs issued and outstanding as of June 30, 2023, all of which were issued pursuant to the 2015 Plan.
|
|
Number of
RSUs
|
|
|
Weighted Average Share
Price ($)
|
|
Outstanding at December 31, 2022 |
|
|
2,262,908 |
|
|
|
1.77 |
|
Granted |
|
|
167,717 |
|
|
|
1.63 |
|
Vested/Settled |
|
|
(146,500 |
) |
|
|
3.08 |
|
Cancelled |
|
|
(63,343 |
) |
|
|
1.83 |
|
Outstanding at June 30, 2023 |
|
|
2,220,782 |
|
|
|
1.67 |
|
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.
Equity Incentive Plan |
|
RSUs (#) |
|
|
Grant Date |
|
Vesting Period |
|
First Vesting Date |
|
Second Vesting Date |
|
|
Third Vesting Date |
|
|
RSU Expense $ |
|
2015 |
|
|
57,000 |
|
|
Mar 27, 2023 |
|
36 Months |
|
Mar 27, 2024 |
|
Mar 27, 2025 |
|
|
Mar 27, 2026 |
|
|
|
98,040 |
|
2015 |
|
|
50,000 |
|
|
Mar 27, 2023 |
|
24 Months |
|
Mar 27, 2024 |
|
Mar 27, 2025 |
|
|
|
N/A |
|
|
|
86,000 |
|
2015 |
|
|
5,325 |
|
|
Mar 27, 2023 |
|
12 Months |
|
Mar 27, 2024 |
|
|
N/A |
|
|
|
N/A |
|
|
|
9,159 |
|
2015 |
|
|
47,000 |
|
|
Jun 15, 2023 |
|
36 Months |
|
Jun 15, 2024 |
|
Jun 15, 2025 |
|
|
Jun 15, 2026 |
|
|
|
74,260 |
|
2015 |
|
|
8,392 |
|
|
Jun 15, 2023 |
|
12 Months |
|
Jun 15, 2024 |
|
|
N/A |
|
|
|
N/A |
|
|
|
13,260 |
|
|
|
|
167,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
280,719 |
|
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.
Equity Incentive Plan |
|
RSUs Vested (#) |
|
|
Vest Date |
|
Shares issued (#) |
|
|
Shares Withheld for Taxes (#) |
|
2015 |
|
|
15,000 |
|
|
Mar 25, 2023 |
|
|
15,000 |
|
|
|
- |
|
2015 |
|
|
4,000 |
|
|
Feb 8, 2023 |
|
|
2,369 |
|
|
|
1,631 |
|
2015 |
|
|
15,000 |
|
|
Mar 1, 2023 |
|
|
9,609 |
|
|
|
5,391 |
|
2015 |
|
|
2,500 |
|
|
Apr 4, 2023 |
|
|
1,759 |
|
|
|
741 |
|
2015 |
|
|
13,500 |
|
|
Apr 4, 2023 |
|
|
7,995 |
|
|
|
5,505 |
|
2015 |
|
|
35,000 |
|
|
Apr 4, 2023 |
|
|
22,610 |
|
|
|
12,390 |
|
2015 |
|
|
50,000 |
|
|
May 1, 2023 |
|
|
35,707 |
|
|
|
14,293 |
|
2015 |
|
|
4,000 |
|
|
Jun 1, 2023 |
|
|
2,270 |
|
|
|
1,730 |
|
2015 |
|
|
7,500 |
|
|
Jun 1, 2023 |
|
|
4,257 |
|
|
|
3,243 |
|
|
|
|
146,500 |
|
|
|
|
|
101,576 |
|
|
|
44,924 |
|
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.
Equity Incentive Plan |
|
RSUs (#) |
|
|
Cancellation Date |
|
Vest Date |
|
RSUs Cancelled (#) |
|
2015 |
|
|
5,000 |
|
|
Apr 30, 2023 |
|
Jun 1, 2024 |
|
|
5,000 |
|
2015 |
|
|
4,334 |
|
|
Apr 30, 2023 |
|
Oct 4, 2023 |
|
|
4,334 |
|
2015 |
|
|
4,333 |
|
|
Apr 30, 2023 |
|
Oct 4, 2024 |
|
|
4,333 |
|
2015 |
|
|
4,333 |
|
|
Apr 30, 2023 |
|
Oct 4, 2025 |
|
|
4,333 |
|
2015 |
|
|
5,000 |
|
|
Apr 30, 2023 |
|
Jun 1, 2023 |
|
|
5,000 |
|
2015 |
|
|
5,000 |
|
|
May 5, 2023 |
|
Oct 4, 2023 |
|
|
5,000 |
|
2015 |
|
|
5,000 |
|
|
May 5, 2023 |
|
Oct 4, 2024 |
|
|
5,000 |
|
2015 |
|
|
5,000 |
|
|
May 5, 2023 |
|
Oct 4, 2025 |
|
|
5,000 |
|
2015 |
|
|
6,000 |
|
|
May 5, 2023 |
|
Mar 1, 2024 |
|
|
6,000 |
|
2015 |
|
|
667 |
|
|
Jun 15, 2023 |
|
Nov 29, 2023 |
|
|
667 |
|
2015 |
|
|
667 |
|
|
Jun 15, 2023 |
|
Nov 29, 2024 |
|
|
667 |
|
2015 |
|
|
666 |
|
|
Jun 15, 2023 |
|
Nov 29, 2025 |
|
|
666 |
|
2015 |
|
|
5,000 |
|
|
Jun 28, 2023 |
|
Oct 4, 2023 |
|
|
5,000 |
|
2015 |
|
|
5,000 |
|
|
Jun 28, 2023 |
|
Oct 4, 2024 |
|
|
5,000 |
|
2015 |
|
|
5,000 |
|
|
Jun 28, 2023 |
|
Oct 4, 2025 |
|
|
5,000 |
|
2015 |
|
|
2,343 |
|
|
Jun 28, 2023 |
|
Aug 3, 2023 |
|
|
2,343 |
|
|
|
|
63,343 |
|
|
|
|
|
|
|
63,343 |
|
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.
Number Outstanding |
|
|
Weighted Average Grant date Fair Value Share Price ($) |
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
450,000 |
|
|
|
0.69 |
|
|
|
2.76 |
|
|
1,090,000 |
|
|
|
1.46 |
|
|
|
1.26 |
|
|
55,392 |
|
|
|
1.58 |
|
|
|
1.75 |
|
|
25,000 |
|
|
|
1.69 |
|
|
|
0.73 |
|
|
112,325 |
|
|
|
1.72 |
|
|
|
1.51 |
|
|
63,102 |
|
|
|
2.01 |
|
|
|
0.58 |
|
|
1,000 |
|
|
|
2.15 |
|
|
|
1.42 |
|
|
11,500 |
|
|
|
2.45 |
|
|
|
0.92 |
|
|
9,000 |
|
|
|
2.81 |
|
|
|
0.67 |
|
|
4,000 |
|
|
|
2.83 |
|
|
|
0.61 |
|
|
85,000 |
|
|
|
2.95 |
|
|
|
1.01 |
|
|
19,904 |
|
|
|
3.04 |
|
|
|
0.26 |
|
|
258,809 |
|
|
|
3.31 |
|
|
|
0.12 |
|
|
12,000 |
|
|
|
3.32 |
|
|
|
0.19 |
|
|
2,000 |
|
|
|
3.38 |
|
|
|
0.46 |
|
|
21,750 |
|
|
|
3.51 |
|
|
|
0.34 |
|
|
2,220,782 |
|
|
|
|
|
|
|
|
|
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.
|