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STOCK TRANSACTIONS | 6 Months Ended
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Jun. 30, 2022
STOCK TRANSACTIONS |
STOCK TRANSACTIONS | NOTE 5 – SHARE CAPITAL
| a) | Authorized Capital
On June 30, 2022, the Company held its 2022 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders, among other matters, approved an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of shares of Common Stock authorized for issuance from 120,000,000 to 144,000,000 (the “Charter Amendment”). The Charter Amendment was filed with the Secretary of State of the State of Delaware on August 2, 2022.
| b) | Stock based compensation
| 1) | On February 25, 2022, the Company granted, with the approval of the Company’s compensation committee, the following:
| I. | 637,531 shares of restricted Common Stock to its President, Chief Executive Officer under the Company’s Amended and Restated 2006 Employee Stock Incentive Plan, as amended (the “Plan”). The Company estimated the fair value of the restricted stock on the date of grant to be approximately $523,000.
| II. | 121,951 shares of restricted Common Stock to its Sr. Vice President, Chief Financial Officer under the Plan. The Company estimated the fair value of the restricted stock on the date of grant to be approximately $100,000.
| 2) | On June 30, 2022, the Company granted 10-year options to purchase 40,000 shares of Common Stock to a new director serving on the Company’s Board of Directors under the Plan. The options have an exercise price equal to $1.09 per share and vest over a four-year period in 16 equal quarterly increments. Vesting of the options granted to the director is subject to automatic acceleration in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan, and are subject to certain other terms and
conditions. The Company estimated the fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $32,000 based on the following weighted average assumptions: share price equal to $1.09; dividend yield of 0% for all years; expected volatility of 85.95%; risk-free interest rate of 3.025%; and expected life of six years.
| 3) | At the Annual Meeting, the Company’s stockholders, among other matters, adopted amendments to the Plan to increase the number of shares of Common Stock available under the Plan from 5,725,171 shares to 8,475,171 shares and to amend certain other terms of the Plan.
| c) | At-the-Market (ATM) Offering
During the quarter ended June 30, 2022, the Company sold, in the aggregate, 2,395,823 shares of Common Stock under the Sales Agreement. The Company generated aggregate gross proceeds equal to approximately $2.8 million in connection with such sales.

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