Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.3
Stock-Based Compensation
9 Months Ended
Sep. 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 nine-month period ended September 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 September 30, 2023

 

 

862,500

 

 

 

3.05

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2023

 

 

387,000

 

 

 

4.28

 

 

Below is a table summarizing the warrants issued and outstanding as of September 30, 2023, which have an aggregate weighted average remaining contractual life of 4.08 years.

 

Number Outstanding

 

 

Number

Exercisable

 

 

Exercise

Price ($)

 

 

Weighted

Average

Remaining

Contractual

Life

(Years)

 

 

Proceeds to

Company if

Exercised ($)

 

 

448,500

 

 

 

-

 

 

 

2.00

 

 

 

4.71

 

 

 

897,000

 

 

54,000

 

 

 

27,000

 

 

 

3.05

 

 

 

5.02

 

 

 

164,700

 

 

50,000

 

 

 

50,000

 

 

 

3.45

 

 

 

2.42

 

 

 

172,500

 

 

125,000

 

 

 

125,000

 

 

 

3.95

 

 

 

3.26

 

 

 

493,750

 

 

185,000

 

 

 

185,000

 

 

 

4.90

 

 

 

3.34

 

 

 

906,500

 

 

862,500

 

 

 

387,000

 

 

 

 

 

 

 

 

 

 

 

2,634,450

 

 

Stock-based compensation expense related to warrants of $25,447 and $68,852 was recorded in the nine months ended September 30, 2023 and September 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $10,365 and is expected to be recognized over a period of 0.51 years. As of September 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 nine-month period ended September 30, 2023.

 

 

 

Number of 

Options

 

 

Weighted

Average

Exercise

Price ($)

 

Outstanding at December 31, 2022

 

 

4,985,105

 

 

 

3.87

 

Expired/Cancelled

 

 

(285,536 )

 

 

3.89

 

Outstanding at September 30, 2023

 

 

4,699,569

 

 

 

3.87

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2023

 

 

4,662,889

 

 

 

3.88

 

 

Below is a table summarizing the options issued and outstanding as of September 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 4.49 years. As of September 30, 2023, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 1,004,079 shares of common stock remained available 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

 

 

 

1.37

 

 

 

1,901,250

 

 

981,569

 

 

 

944,889

 

 

 

3.40

 

 

 

7.85

 

 

 

3,337,335

 

 

740,000

 

 

 

740,000

 

 

 

3.60

 

 

 

6.61

 

 

 

2,664,000

 

 

1,607,837

 

 

 

1,607,837

 

 

 

4.00

 

 

 

2.99

 

 

 

6,431,348

 

 

89,163

 

 

 

89,163

 

 

 

4.38

 

 

 

4.32

 

 

 

390,534

 

 

50,000

 

 

 

50,000

 

 

 

4.80

 

 

 

3.26

 

 

 

240,000

 

 

646,000

 

 

 

646,000

 

 

 

5.00

 

 

 

3.49

 

 

 

3,230,000

 

 

4,699,569

 

 

 

4,662,889

 

 

 

 

 

 

 

 

 

 

 

18,194,467

 

Stock-based compensation expense related to stock options of $287,013 and $1,021,938 was recorded in the nine months ended September 30, 2023 and September 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $350 and is expected to be recognized over a period of 0.01 years. As of September 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 September 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

 

 

1,827,882

 

 

 

0.82

 

Vested/Settled

 

 

(413,911 )

 

 

3.07

 

Cancelled / Forfeited

 

 

(87,343 )

 

 

1.82

 

Outstanding at September 30, 2023

 

 

3,589,536

 

 

 

1.13

 

 

Below is a table summarizing the RSUs granted during the nine months ended September 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

 

2015

 

43,165

 

 Jul 13, 2023

 

6 Months

 

 Oct 13, 2023

 

 Jan 13, 2024

 

N/A

 

56,978

 

2015

 

14,000

 

 Jul 13, 2023

 

36 Months

 

 Jul 13, 2024

 

 Jul 13, 2025

 

 Jul 13, 2026

 

18,479

 

2015

 

34,000

 

 Sep 11, 2023

 

36 Months

 

 Sep 11, 2024

 

 Sep 11, 2025

 

 Sep 11, 2026

 

44,540

 

2015

 

1,569,000

 

 Sep 28, 2023

 

36 Months

 

 Sep 28, 2024

 

 Sep 28, 2025

 

 Sep 28, 2026

 

1,098,300

 

 

 

1,827,882

 

 

 

 

 

 

 

 

 

 

 

1,499,016

 

Below is a table summarizing the RSUs vested and settled during the nine months ended September 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

 

 

4,000

 

 

 Feb 8, 2023

 

 

2,369

 

 

 

1,631

 

2015

 

 

15,000

 

 

 Mar 1, 2023

 

 

9,609

 

 

 

5,391

 

2015

 

 

15,000

 

 

 Mar 25, 2023

 

 

15,000

 

 

 

-

 

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

 

2015

 

 

208,809

 

 

 Aug 3, 2023

 

 

167,809

 

 

 

41,000

 

2015

 

 

34,102

 

 

 Aug 15, 2023

 

 

23,764

 

 

 

10,338

 

2015

 

 

12,000

 

 

 Sep 7, 2023

 

 

7,046

 

 

 

4,954

 

2015

 

 

12,500

 

 

 Sep 21, 2023

 

 

7,434

 

 

 

5,066

 

 

 

 

413,911

 

 

 

 

 

307,629

 

 

 

106,282

 

Below is a table summarizing the RSUs cancelled during the nine months ended September 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

 

2015

 

 

3,334

 

 

 Jul 28, 2023

 

 Oct 4, 2023

 

 

3,334

 

2015

 

 

3,333

 

 

 Jul 28, 2023

 

 Oct 4, 2024

 

 

3,333

 

2015

 

 

3,333

 

 

 Jul 28, 2023

 

 Oct 4, 2025

 

 

3,333

 

2015

 

 

4,000

 

 

 Jul 28, 2023

 

 Feb 8, 2024

 

 

4,000

 

2015

 

 

3,334

 

 

 Sep 22, 2023

 

 Mar 27, 2024

 

 

3,334

 

2015

 

 

3,333

 

 

 Sep 22, 2023

 

 Mar 27, 2025

 

 

3,333

 

2015

 

 

3,333

 

 

 Sep 22, 2023

 

 Mar 27, 2026

 

 

3,333

 

 

 

 

87,343

 

 

 

 

 

 

 

87,343

 

Below is a table summarizing the RSUs issued and outstanding as of September 30, 2023 and which have an aggregate weighted average remaining contractual life of 1.62 years.

 

Number Outstanding

 

 

Weighted Average

Grant date Fair

Value Share Price ($)

 

 

Weighted Average

Remaining Contractual

Life (Years)

 

 

450,000

 

 

 

0.69

 

 

 

2.51

 

 

1,569,000

 

 

 

0.70

 

 

 

2.00

 

 

34,000

 

 

 

1.31

 

 

 

1.95

 

 

57,165

 

 

 

1.32

 

 

 

1.38

 

 

1,080,000

 

 

 

1.46

 

 

 

1.01

 

 

55,392

 

 

 

1.58

 

 

 

1.50

 

 

12,500

 

 

 

1.69

 

 

 

0.98

 

 

102,325

 

 

 

1.72

 

 

 

1.26

 

 

29,000

 

 

 

2.01

 

 

 

0.88

 

 

1,000

 

 

 

2.15

 

 

 

1.17

 

 

11,500

 

 

 

2.45

 

 

 

0.67

 

 

9,000

 

 

 

2.81

 

 

 

0.42

 

 

85,000

 

 

 

2.95

 

 

 

0.76

 

 

19,904

 

 

 

3.04

 

 

 

0.01

 

 

50,000

 

 

 

3.31

 

 

 

0.59

 

 

2,000

 

 

 

3.38

 

 

 

0.21

 

 

21,750

 

 

 

3.51

 

 

 

0.09

 

 

3,589,536

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense related to RSUs of $1,511,351 and $1,317,620 was recorded in the nine months ended September 30, 2023 and September 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $2,316,272.