Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.2
Stock-Based Compensation
6 Months Ended
Jun. 30, 2023
Stock-Based Compensation  
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.