The Company has adopted a stock option plan covering the issuance of up to 4,000,000 shares of Common Stock to qualified individuals. Options granted under this plan vest over four years and expire ten years from the date of the grant. The following table summarizes stock option activity for the three months ended March 31, 2023:


	Option	Weighted-Average		Weighted-Average
	Number of	Exercise		Remaining
	Shares	Price Per Share		Contractual Term
Options outstanding as of January 1, 2023	4,851,666	$	1.91	8.4
Granted	58,000		1.81
Exercised	—		—
Canceled	—		—
Options outstanding as of March 31, 2023	4,909,666	$	1.91	8.2
Options exercisable as of March 31, 2023	1,906,098	$	1.68	7.1

Stock-based compensation expense resulting from granted stock options was $368,140 and $76,973 for the three months ended March 31, 2023 and 2022, respectively. Unrecognized stock-based compensation expense of $6,843,566 at March 31, 2023 will be recognized in future periods as the related stock options continue to vest over a weighted-average period of 3.32 years.