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Stock Options

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Stock Options

Stock Options

5. Stock Options

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.

9.Stock Options

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 years ended December 31, 2022 and 2021:

​

​	​	​	​	​	​	​	​
​		Option		Option		Weighted-Average
​	​	Number of	​	Exercise	​	Exercise
​		Shares		Price Per Share		Price Per Share
Options outstanding at January 1, 2021		2,709,964	​	$0.30 - $2.00		$	1.48
Granted		335,300	​	$3.13 - $3.76		$	3.17
Exercised		—	​	—			—
Canceled		(286,000)	​	$0.30 - $3.13		$	1.70
Options outstanding at December 31, 2021		2,759,264	​	$0.30 - $3.76		$	1.66
Granted	​	2,149,152	​	$1.67 - $5.00	​	$	2.19
Exercised	​	—	​	—	​	​	—
Canceled	​	(56,750)	​	$0.30 - $2.00	​	$	0.49
Options outstanding at December 31, 2022	​	4,851,666	​	$0.30 - $5.00	​	$	1.91
Options exercisable at December 31, 2022		1,592,088	​	$0.30 - $3.76		$	1.49

​

Stock-based compensation expense resulting from granted stock options was $743,274 and $205,629 for the years ended December 31, 2022 and 2021, respectively. Unrecognized stock-based compensation expense of $6,900,425 at December 31, 2022 will be recognized in future periods as the related stock options continue to vest. The weighted-average remaining contractual life of previously granted stock options was 8.40 years at December 31, 2022.

The grant-date fair values of stock options granted in 2022 and 2021 was $3.16 and $1.53, respectively, and were estimated using a Black-Scholes valuation model with the following assumptions:

​

​	​	​	​	​	​
​		December 31,		December 31,
​	​	2022	​	2021
Expected term		7.21	years	7.0	years
Volatility		27.03	%	30.3	%
Dividend rate		0.0	%	0.0	%
Discount rate		3.32	%	1.2	%

​

​

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- Definition

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