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Equity | 12 Months Ended
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Dec. 31, 2021
Equity |
Equity | 11. Equity The Company has authorized 200,000,000 shares of no-par common stock at December 31, 2021 and 2020. In addition, the Company has authorized 1,000,000 shares of no-par preferred stock, none of which had been issued at December 31, 2021 or 2020. On December 6, 2021, the Corporation completed a one-for-fourteen (1:14) reverse share split of all of its issued and outstanding common shares, resulting in a reduction of the issued and outstanding shares from 152,573,743 to 10,898,408. Shares reserved under the Corporation’s equity, incentive plans and warrants were adjusted to reflect the reverse stock split. All share and per share data presented in the Corporation’s consolidated financial statements have been retroactively adjusted to reflect the reverse stock split unless otherwise noted. S tock Purchase Warrants Outstanding Transactions in common stock purchase warrants for the years ended December 31, 2021, and 2020 are as follows:
|  | Number of Warrants |  |  | Exercise Prices |
Balance December 31, 2019 |  |  | 921,438 |  |  | $2.52-3.08 |
Issued |  |  | 400,002 |  |  | $2.52-5.60 |
Expired |  |  | (772,628 | ) |  | $2.52-3.08 |
Exercised |  |  | (122,024 | ) |  | $ | 2.80 |
Balance December 31, 2020 |  |  | 426,788 |  |  | $2.52-5.60 |
Issued |  |  | 289,294 |  |  | $5.60-7.00 |
Exercised |  |  | (46,615 | ) |  | $ | 2.52 |
Balance December 31, 2020 |  |  | 669,467 |  |  | $2.52-7.00 |
These warrants expire as follows:
| Shares |  |  | Exercise Price |  |  | Expiration Date |
| 33,070 |  |  | $ | 2.52 |  |  | April 21, 2022 |
| 347,103 |  |  | $ | 5.60 |  |  | August 28, 2022 |
| 235,722 |  |  | $ | 5.60 |  |  | October 14, 2023 |
| 53,572 |  |  | $ | 7.00 |  |  | November 12, 2023 |
| 669,467 |  |  |  |  |  |  |  |
Stock Options In April 2014, the Board of Directors of the Company established a stock option plan to authorize the granting of stock options to officers and employees. Upon exercise of the options shares are issued from the available authorized shares of the Company. Options reserved to any one related person on an annual basis may not upon exercise exceed 5% and the aggregate number of all options outstanding will not exceed 10% of the issued outstanding common shares in total as calculated at that time. In February 2021, the board granted 283,936 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $604,571. In March 2021, the Company granted 3,572 stock options to an individual for services rendered to the Company. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $9,860. In October 2021 the Company granted 182,166 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $473,144. An additional 32 options were recorded in 2021 representing fractional share issuances related to the 1-14 reverse stock split. The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows:
|  | February 11, 2021 |  |  | March 15, 2021 |  |  | October 20, 2021 |
Fair value |  | $ | 604,572 |  |  | $ | 9,860 |  |  | $ | 473,143 |
Options issued |  |  | 283,936 |  |  |  | 3,572 |  |  |  | 182,143 |
Exercise price |  | $ | 5.60 |  |  | $ | 5.60 |  |  | $ | 5.60 |
Expected term (in years) |  |  | 3.0 |  |  |  | 3.0 |  |  |  | 3.0 |
Risk-free rate |  |  | 0.19 | % |  |  | 0.33 | % |  |  | 0.70 | %
Volatility |  |  | 97.9 | % |  |  | 99.3 | % |  |  | 96.6 | %
Transactions in stock options for the years ended December 31, 2021, and 2020 are as follows:
|  | Number of Options |  |  | Exercise Prices |
Balance December 31, 2019 |  |  | 375,893 |  |  | $ | 1.40-2.52 |
Exercised |  |  | (82,143 | ) |  | $ | 1.40-2.52 |
Expired |  |  | (143,750 | ) |  | $ | 1.40-2.52 |
Balance December 31, 2020 |  |  | 150,000 |  |  | $ | 1.40-1.96 |
Granted |  |  | 469,674 |  |  | $ | 5.60 |
Exercised |  |  | (101,786 | ) |  | $ | 1.40-1.96 |
Forfeited |  |  | (10,713 | ) |  | $ | 1.96-5.60 |
Balance December 31, 2021 |  |  | 507,175 |  |  | $ | 1.96-5.60 |
Exercisable at December 31, 2021 |  |  | 507,175 |  |  | $ | 1.96-5.60 |
At December 31, 2021, the outstanding stock options have an intrinsic value of approximately $1,108,000 and have a weighted average remaining term of 2.2 years. Cashless options exercised in the year ended December 31, 2021 had an intrinsic value of $445,290.

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