|9 Months Ended|
Sep. 30, 2023
Note 9 – Subsequent Events
Restricted Stock Units
On October 4, 2023 377,250 RSUs vested and resulted in the issuance of 300,123 shares of common stock, 9,668 RSUs remain unsettled and the remaining 67,459 shares of common stock were withheld for taxes and returned as authorised shares under the 2015 Stock Incentive Plan.
On October 4 2023, 2,667 RSUs previously granted to an employee were cancelled by mutual consent and returned as authorized shares under the 2015 Stock Incentive Plan.
On October 13, 2023, 21,583 RSUs vested and resulted in the issuance of 21,583 shares of common stock.
Effective October 19, 2023, the Company granted aggregate RSUs of 450,000 shares of common stock under the Company’s 2015 Stock Incentive Plan to various employees in exchange for services provided to the Company. These RSUs vest upon the share price closing above $5.00 per share for a minimum of thirty consecutive trading days within a period of three years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.
On October 20 2023, 19,000 RSUs previously granted to employees were cancelled and returned as authorized shares under the 2015 Stock Incentive Plan upon the resignation of such employees prior to vesting.
On November 1, 2023, 21,750 RSUs vested and resulted in the issuance of 21,750 shares of common stock.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef