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Note 3 - Stock-based Compensation Plans
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

NOTE 3– STOCK-BASED COMPENSATION PLANS

 

The Company has outstanding options and stock awards pursuant to its 2009 Equity Incentive Plan, 2014 Equity Incentive Plan and 2019 Equity Incentive Plan.

 

Stock Options to Directors, Officers and Consultants

 

In total, options to purchase 115,000 shares were unexercised and outstanding on September 30, 2020 under these equity incentive plans. The Company recognized no stock option related compensation costs in each of the nine months ended September 30, 2020 and 2019. Additionally, no options were exercised during the nine months ended September 30, 2020.

 

Stock Awards to Directors, Officers, and Consultants

 

The Company has granted stock awards pursuant to its 2014 Equity Incentive Plan and 2019 Equity Incentive Plan.

 

Of the total 675,000 shares reserved under the 2014 Equity Incentive Plan, 674,987 shares have been awarded to the Company’s directors, consultants and employees. Of the 674,987 shares awarded, 15,312 shares were awarded for service during the plan year ended June 30, 2019. These shares became effective on that date and vested on January 31, 2020. Upon approval of the 2019 Equity Incentive Plan in July 2019, the 13 shares remaining available for award under the 2014 Equity Incentive Plan were cancelled.

 

Of the total 1,200,000 shares reserved under the 2019 Equity Incentive Plan, 265,801 shares have been awarded to the Company directors, employees and consultants as of September 30, 2020. Of the 265,801 shares awarded, 19,279 shares were awarded to the Company’s directors for services performed during the plan year ended June 30, 2020. These shares will vest and be issued on January 31, 2021.

 

The accompanying consolidated statements of operations and comprehensive loss include approximately $1,824,000 and $410,000 of stock-based compensation expense related to stock awards in the nine months ended September 30, 2020 and 2019, respectively.