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Stock Option Plan

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Note 5 — Stock Option Plan

The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) permits the grant of options for its common stock and shares of common stock to its employees, board members and consultants for up to 3,500,000 shares.

As of September 30, 2021, there were 2,681,085 shares available for future issuance under the 2014 Plan. Generally, option awards are granted with an exercise price equal to the fair value of the Company’s stock at the date of grant and vest over a period of four years. No option may have a term in excess of ten years from the option grant date. Share awards generally vest over a period of four years. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined by the 2014 Plan). No option awards were granted during the nine months ended September 30, 2021.

The stock option activity for the nine months ended September 30, 2021 is as follows:

	Number of Options		Weighted- Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)
Outstanding as of December 31, 2020		818,915	$	1.77		6.52
Granted		-		-		-
Exercised		-		-		-
Cancelled/Forfeited		-		-		-
Outstanding and expected to vest as of September 30, 2021		818,915	$	1.77		5.77
Exercisable at September 30, 2021		818,080	$	1.77		5.77

During the three months ended September 30, 2021 and 2020, the Company recorded $214,745 and $7,073 of stock-based compensation, respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded $218,944 and $18,923 of stock-based compensation, respectively. As of September 30, 2021, there was approximately $3,300 of unrecognized compensation expense related to unvested share-based compensation awards, which will be recognized over a weighted average period of approximately one year.