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Stockholders' Equity/(Deficit)
 6 Months Ended
Jun. 30, 2023
Federal Home Loan Banks [Abstract]  
Stockholders' Equity/(Deficit)

NOTE 11 – STOCKHOLDERS' EQUITY/(DEFICIT)

 

Common Stock

 

As noted above, on March 3, 2023, Odyssey, AHMSA, MINOSA and Phosphate One entered into the Termination Agreement whereby the parties agreed that, concurrently with the payment of the Termination Payment, a portion of the MINOSA Notes would be deemed automatically converted into 304,879 shares of Odyssey’s common stock at a share market price of $3.28 per share.

 

Warrant

 

In conjunction with the Purchase Agreement on March 6, 2023, as described above, we issued the Warrant to purchase up to 3,584,828 shares of our common stock. The Warrant has an exercise price of $3.78 per share and is exercisable at any time during the three years after issuance ending on the close of business on March 6, 2026.

 

Stock-Based Compensation

 

The share-based compensation charged against income, related to our options and restricted stock units, for the three months ended June 30, 2023 and 2022, was $250,492 and $418,852, respectively. The share-based compensation charged against income for the six months ended June 30, 2023 and 2022 was $372,831 and $731,498, respectively.

We granted to purchase an aggregate of 6,541 shares of Common Stock options to directors on May 24, 2023, and 200,000 to employees on June 9, 2023. The value of the stock options granted was determined using the Black-Scholes-Merton option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. The options were valued with the following assumptions used for grants issued in the table below. Expected volatilities are based on historical volatility of the Company’s stock as well as other companies operating similar businesses. The expected term (in years) is determined using historical data to estimate option exercise patterns. The expected dividend yield is based on the annualized dividend rate over the vesting period. The risk-free interest rate is based on the rate for US Treasury bonds commensurate with the expected term of the granted option.

 



May 24, 2023

 

 

June 9, 2023

 

Risk free interest rate

 

3.76

%

 

 

3.92

%

Expected life

5 years

 

 

5 years

 

Expected volatility

 

65.12

%

 

 

65.20

%

Expected dividend yield

—

 

 

—

 

Grant-date fair value

1.72

 

 

2.04