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StockBased Compensation | 12 Months Ended
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Dec. 31, 2022
StockBased Compensation |
Stock-based Compensation | No te 8 - Stock-Based Compensation a) Warrants The following table summarizes the changes in warrants outstanding of the Company during the year ended December 31, 2022 and December 31, 2021:
|  |  |  |  | Weighted Average |
|  | Number of |  |  | Exercise Price |
|  | Warrants |  |  | $ |
Outstanding at December 31, 2020 |  |  | 175,000 |  |  |  | 2.75 |
Granted |  |  | 310,000 |  |  |  | 4.52 |
Exercised |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |
Outstanding at December 31, 2021 |  |  | 485,000 |  |  |  | 3.88 |
Granted |  |  | 54,000 |  |  |  | 3.05 |
Exercised |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |
Outstanding at December 31, 2022 |  |  | 539,000 |  |  |  | 3.80 |
Exercisable at December 31, 2022 |  |  | 485,000 |  |  |  | 3.88 |
2022 Effective April 4, 2022, the Company granted a warrant to purchase 54,000 shares of common stock to a Company employee for services to the Company and/or its subsidiaries. This warrant shall vest in two equal installments at 12 months and 24 months from the grant date, subject to continued service and expire on April 4, 2028 and April 4, 2029, respectively, with an exercise price of $3.05 per share. The Company has calculated the estimated fair market value of this warrant at $80,901, using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $2.95, exercise price $3.05, 71.07% volatility, 2.53% risk-free rate, and no forfeiture rate. 2021 Effective January 1, 2021, the Company granted warrants to purchase 125,000 shares of common stock to a Company employee for services to the Company. These warrants vest on January 1, 2022 (subject to continued employment through such date) and expire on January 1, 2027, with an exercise price of $3.95 per share. The Company has calculated the estimated fair market value of these warrants at $242,877, using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $3.80, exercise price $3.95, 74.53% volatility, 0.50% risk free rate, and no forfeiture rate. Effective February 1, 2021, the Company granted warrants to purchase 185,000 shares of common stock to a Company employee for services to the Company. These warrants vested on February 1, 2022 (subject to continued employment through such date) and expire on February 1, 2027, with an exercise price of $4.90 per share. The Company has calculated the estimated fair market value of these warrants at $459,352, using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $4.80, exercise price $4.90, 75.03% volatility, 0.59% risk free rate, and no forfeiture rate. Below is a table summarizing the warrants issued and outstanding as of December 31, 2022. The warrants outstanding have a weighted average price of $3.80 per share and an aggregate weighted average remaining contractual life of 3.24 years. The warrants exercisable have a weighted average price of $3.88 per share.
|  |  |  |  |  |  |  |  | Weighted Average |  |  | Proceeds to |
|  |  |  |  |  | Exercise |  |  | Remaining |  |  | Company if |
Number |  |  | Number |  |  | Price |  |  | Contractual |  |  | Exercised |
Outstanding |  |  | Exercisable |  |  | ($) |  |  | Life (Years) |  |  | $ |
125,000 |  |  |  | 125,000 |  |  |  | 2.47 |  |  |  | 0.15 |  |  |  | 308,750 |
54,000 |  |  |  | - |  |  |  | 3.05 |  |  |  | 5.76 |  |  |  | 164,700 |
50,000 |  |  |  | 50,000 |  |  |  | 3.45 |  |  |  | 3.17 |  |  |  | 172,500 |
125,000 |  |  |  | 125,000 |  |  |  | 3.95 |  |  |  | 4.01 |  |  |  | 493,750 |
185,000 |  |  |  | 185,000 |  |  |  | 4.90 |  |  |  | 4.09 |  |  |  | 906,500 |
539,000 |  |  |  | 485,000 |  |  |  |  |  |  |  |  |  |  |  | 2,046,200 |
Stock-based compensation expense related to warrants of $84,102 and $701,781 was recorded for the years ended December 31, 2022, and December 31, 2021, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $35,812 and is expected to be recognized over a period of 1.26 years. As of December 31, 2022, the total intrinsic value of warrants was $0. b) Options The Company currently has options outstanding under both its 2011 Equity Incentive Plan (the “2011 Plan”) (for option issuances prior to 2016,) and its 2015 Stock Incentive Plan (the “2015 Plan”) (for option issuances commencing in 2016). Effective as of January 1, 2016, no additional awards were or may be made under the 2011 Plan. The 2015 Plan was adopted by the Board of Directors on August 18, 2015 and approved by the stockholders at an annual meeting held on October 30, 2015. On August 5, 2016, the Board of Directors adopted an amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 1,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on October 7, 2016. On June 13, 2017, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 2,500,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 8, 2017. On June 15, 2018, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 3,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 7, 2018. On March 27, 2019, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 14, 2019. On March 31, 2021, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 1,750,000 shares to an aggregate maximum of 6,000,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 17, 2021. On April 4, 2022, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such plan by 1,750,000 shares to an aggregate maximum of 7,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 13, 2022. The 2015 Plan permits the grant of incentive stock options, non-statutory stock options, restricted stock awards, stock bonus awards, stock appreciation rights, restricted stock units and performance awards. The primary purpose of the 2015 Plan is to enhance the Company’s ability to attract and retain the services of qualified employees, officers, directors, consultants and other service providers upon whose judgment, initiative and efforts the successful conduct and development of the Company’s business largely depends, and to provide additional incentives to such persons or entities to devote their utmost effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate in the ownership of the Company that is tied to the Company’s performance, thereby giving them an interest in the success and increased value of the Company. The 2015 Plan is administered by the Compensation Committee comprised solely of members of the Board of Directors or by the Board of Directors as a whole. The following table summarizes the changes in options outstanding of the Company during the years ended December 31, 2022 and December 31, 2021:
|  |  |  |  | Weighted Average |
|  | Number of |  |  | Exercise Price |
|  | Options |  |  | $ |
Outstanding at December 31, 2020 |  |  | 4,278,619 |  |  |  | 4.00 |
Granted |  |  | 1,090,000 |  |  |  | 3.41 |
Exercised |  |  | (277,634 | ) |  |  | 4.19 |
Expired/Cancelled |  |  | (63,467 | ) |  |  | 3.64 |
Outstanding at December 31, 2021 |  |  | 5,027,518 |  |  |  | 3.87 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Expired/Cancelled |  |  | (42,413 | ) |  |  | 3.43 |
Outstanding at December 31, 2022 |  |  | 4,985,105 |  |  |  | 3.87 |
Exercisable at December 31, 2022 |  |  | 4,495,011 |  |  |  | 3.93 |
2022 During the year ended December 31, 2022, no options were granted. On August 18, 2022, 2,515 Options previously granted to an employee on August 3, 2021 were cancelled and returned as authorized shares under the 2015 Plan upon the resignation of such employee. On November 18, 2022, 5,000 Options previously granted to an employee on April 13, 2020 were cancelled and returned as authorized shares under the 2015 Plan upon three months following the termination of such employee. On November 18, 2022, 32,383 Options previously granted to an employee on August 3, 2021 were cancelled and returned as authorized shares under the 2015 Plan upon the resignation of such employee. On November 18, 2022, 2,515 Options previously granted to an employee on August 3, 2021 were cancelled and returned as authorized shares under the 2015 Plan upon three months following the termination of such employee. 2021 Effective May 20, 2021, the Company granted stock options to purchase 40,000 shares of common stock to a Company employee in exchange for services provided to the Company. These options vested on May 20, 2022 and were initially scheduled to expire six years after the grant date, with an exercise price of $3.60 per share. The Company extended the expiration date to ten years after the original grant date. The Company has calculated the estimated fair market value of these options at $73,641, using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $3.50, exercise price $3.60, 76.16% volatility, 0.58% risk free rate, and no forfeiture rate. During the year ended December 31, 2021, the Company modified a total of 3,342,518 options to extend their expiration dates to ten years from the original dates of grant. This resulted in $2,450,349 of expense. The following table summarizes the amendments to the expiration dates of various options approved during the year ended December 31, 2021. Except as otherwise noted, the expiration dates for all options in the table below were extended from six years to ten years from the original date of grant.
|  | Amendment |  | Equity Incentive |  | Stock Options |  | Grant |  | New Expiration |  | Option Expense
Note |  | Date |  | Plan |  | # |  | Date |  | Date |  | $
(i) |  | Jul 14, 2021 |  | 2011 |  | 292,000 |  | Jul 23, 2015 |  | Jul 23, 2025 |  | 442,273
|  | Jul 14, 2021 |  | 2011 |  | 6,367 |  | Mar 20, 2013 |  | Mar 20, 2023 |  | 4,151
|  | Jul 14, 2021 |  | 2011 |  | 8,151 |  | Sep 2, 2013 |  | Sep 2, 2023 |  | 6,009
|  | Sep 21, 2021 |  | 2015 |  | 335,000 |  | Apr 13, 2020 |  | Apr 13, 2030 |  | 163,945
(ii) |  | Sep 21, 2021 |  | 2015 |  | 89,163 |  | Jan 23, 2018 |  | Jan 23, 2028 |  | 24,194
(ii) |  | Sep 21, 2021 |  | 2015 |  | 308,066 |  | Feb 13, 2017 |  | Feb 13, 2027 |  | 127,719
|  | Nov 3, 2021 |  | 2015 |  | 760,000 |  | Apr 15, 2016 |  | Apr 15, 2026 |  | 984,511
|  | Nov 3, 2021 |  | 2015 |  | 15,000 |  | Jun 23, 2016 |  | Jun 23, 2026 |  | 19,582
|  | Nov 3, 2021 |  | 2015 |  | 50,000 |  | Jan 1, 2017 |  | Jan 1, 2027 |  | 32,456
|  | Nov 3, 2021 |  | 2015 |  | 387,934 |  | Mar 30, 2017 |  | Mar 30, 2027 |  | 224,901
|  | Nov 3, 2021 |  | 2015 |  | 615,837 |  | Jan 23, 2018 |  | Jan 23, 2028 |  | 213,646
|  | Dec 8, 2021 |  | 2015 |  | 425,000 |  | Apr 13, 2020 |  | Apr 13, 2030 |  | 180,267
|  | Dec 8, 2021 |  | 2015 |  | 10,000 |  | Dec 1, 2020 |  | Dec 1, 2030 |  | 5,209
|  | Dec 8, 2021 |  | 2015 |  | 40,000 |  | May 20, 2021 |  | May 20, 2031 |  | 21,486
|  |  |  |  |  | 3,342,518 |  |  |  |  |  | 2,450,349
(i) | The expiration date of these options were extended from five and a half years to ten years from the original date of grant.
(ii) | These options were previously amended on December 16, 2019 and amended again on September 21, 2021.
Effective August 3, 2021, the Company approved the granting of options under the 2015 Plan vesting upon achievement of certain corporate goals (see additional details in Note 10 (h)). Pursuant to this approval, the Company granted stock options to purchase an aggregate of 926,640 shares of common stock to various personnel (including directors, executives, members of management and employees of the Company and/or its subsidiaries) in exchange for services provided to the Company and/or its subsidiaries. These options vest over two years with options to purchase up to 463,328 shares vesting on August 3, 2022, and options to purchase up to 463,312 shares vesting on August 3, 2023, subject to continued service by the optionee, and expire 10 years from the date of grant with an exercise price of $3.40 per share. The actual number of options that are eligible for the time-based vesting is contingent upon the timely achievement of certain pre-determined corporate goals by the Company and/or its subsidiaries as set forth in the grant documents. The Company has calculated the estimated fair market value of these options at $1,811,216, using the Black-Scholes model and the following assumptions: term 5.5 years, stock price $3.31, exercise price $3.40, 69.13% volatility, 1.19% risk free rate, and no forfeiture rate. Effective September 7, 2021, the Company granted stock options to purchase 50,000 shares of common stock to two employees in exchange for services provided to the Company and/or its subsidiaries. These options vest over two years with 25,000 shares vesting on September 7, 2022, and 25,000 shares vesting on September 7, 2023 subject to continued service by the optionee, and expire 10 years from the date of grant with an exercise price of $3.40 per share. The Company has calculated the estimated fair market value of these options at $98,322, using the Black-Scholes model and the following assumptions: term 5.5 years, stock price $3.32, exercise price $3.40, 68.98% volatility, 1.38% risk free rate, and no forfeiture rate. Effective October 4, 2021, the Company approved the granting of options under the 2015 Plan vesting upon achievement of certain corporate goals (see additional details in Note 10 (h)). Pursuant to this approval the Company granted stock options to purchase 73,360 shares of common stock to an employee in exchange for services provided to the Company and/or its subsidiaries. These options vest over two years with 36,680 shares vesting on October 4, 2022, and 36,680 shares vesting on October 4, 2023, subject to continued service by the optionee, and expire 10 years from the date of grant with an exercise price of $3.40 per share. The actual number of options that are eligible for the time-based vesting is contingent upon the timely achievement of certain pre-determined corporate goals by the Company and/or its subsidiaries as set forth in the grant documents. The Company has calculated the estimated fair market value of these options at $128,003, using the Black-Scholes model and the following assumptions: term 5.5 years, stock price $3.04 exercise price $3.40, 68.80% volatility, 1.49% risk free rate, and no forfeiture rate. Below is a table summarizing the options issued and outstanding as of December 31, 2022, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016)and which have a weighted average exercise price of $3.87 per share and an aggregate weighted average remaining contractual life of 5.22 years.
|  |  |  |  |  | Weighted Average |  | Proceeds to
|  |  |  | Exercise |  | Remaining |  | Company if
Number |  | Number |  | Price |  | Contractual Life |  | Exercised
Outstanding |  | Exercisable |  | ($) |  | (Years) |  | $
635,000 |  | 635,000 |  | 3.25 |  | 2.12 |  | 2,063,750
2,717 |  | 2,717 |  | 3.35 |  | 0.67 |  | 9,102
1,022,587 |  | 532,493 |  | 3.40 |  | 8.32 |  | 3,476,796
795,000 |  | 795,000 |  | 3.60 |  | 6.94 |  | 2,862,000
1,682,837 |  | 1,682,837 |  | 4.00 |  | 3.76 |  | 6,731,348
11,801 |  | 11,801 |  | 4.35 |  | 0.44 |  | 51,334
89,163 |  | 89,163 |  | 4.38 |  | 5.07 |  | 390,534
50,000 |  | 50,000 |  | 4.80 |  | 4.01 |  | 240,000
696,000 |  | 696,000 |  | 5.00 |  | 4.24 |  | 3,480,000
4,985,105 |  | 4,495,011 |  |  |  |  |  | 19,304,864
Stock-based compensation expense related to stock options of $1,127,502 and $1,069,605 was recorded for the year ended December 31, 2022 and December 31, 2021 respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $287,363 and is expected to be recognized over a period of 0.76 years. As of December 31, 2022, the total intrinsic value of stock options was $nil. As of December 31, 2022, an aggregate of 417,318 shares of common stock remained available for future issuance under the 2015 Plan. c) Restricted Stock Units (RSUs) Below is a table summarizing the RSUs issued and outstanding as of December 31, 2022, all of which were issued pursuant to the 2015 Plan.
|  |  |  |  | Weighted Average |
|  | Number of |  |  | Exercise Price |
|  | RSUs |  |  | $ |
Outstanding at December 31, 2020 |  |  | 67,500 |  |  |  | 3.47 |
Granted |  |  | 789,500 |  |  |  | 3.33 |
Vested |  |  | (31,250 | ) |  |  | 3.55 |
Cancelled |  |  | (15,000 | ) |  |  | 3.3 |
Outstanding at December 31, 2021 |  |  | 810,750 |  |  |  | 3.33 |
Granted |  |  | 1,892,102 |  |  |  | 1.64 |
Vested |  |  | (377,007 | ) |  |  | 3.33 |
Cancelled |  |  | (62,937 | ) |  |  | 2.88 |
Outstanding at December 31, 2022 |  |  | 2,262,908 |  |  |  | 2.05 |
2022 Below is a table summarizing the RSUs granted during the year ended December 31, 2022, all of which were issued pursuant to the 2015 Plan. These RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the compensation expense stated. The exception to this is specified in note (iv) which is described in detail below.
|  | Equity |  |  |  |  |  |  |  | First |  | Second |  | Third |  | RSU
|  | Incentive |  | RSUs |  | Grant |  | Vesting |  | Vesting |  | Vesting |  | Vesting |  | Expense
Note |  | Plan |  | # |  | Date |  | Period |  | Date |  | Date |  | Date |  | $
|  | 2015 |  | 8,000 |  | Feb 8, 2022 |  | 24 Months |  | Feb 8, 2023 |  | Feb 8, 2024 |  | N/A |  | 22,640
|  | 2015 |  | 30,000 |  | Mar 1, 2022 |  | 24 Months |  | Mar 1, 2023 |  | Mar 1, 2024 |  | N/A |  | 84,300
|  | 2015 |  | 32,000 |  | Apr 4, 2022 |  | 24 Months |  | Apr 4, 2023 |  | Apr 4, 2024 |  | N/A |  | 94,400
|  | 2015 |  | 104,000 |  | Apr 4, 2022 |  | 36 Months |  | Apr 4, 2023 |  | Apr 4, 2024 |  | Apr 4, 2025 |  | 306,800
|  | 2015 |  | 33,000 |  | Jun 1, 2022 |  | 24 Months |  | Jun 1, 2023 |  | Jun 1, 2024 |  | N/A |  | 80,850
|  | 2015 |  | 63,102 |  | Aug 15, 2022 |  | 24 Months |  | Aug 15, 2023 |  | Aug 15, 2024 |  | N/A |  | 126,835
|  | 2015 |  | 25,000 |  | Sep 21, 2022 |  | 24 Months |  | Sep 21, 2023 |  | Sep 21, 2024 |  | N/A |  | 42,250
(iii) |  | 2015 |  | 1,144,000 |  | Oct 4, 2022 |  | 36 Months |  | Oct 4, 2023 |  | Oct 4, 2024 |  | Oct 4, 2025 |  | 1,670,240
(iv) |  | 2015 |  | 450,000 |  | Oct 4, 2022 |  | Up to 42 Months |  | Variable |  | Variable |  | Variable |  | 321,078
(v) |  | 2015 |  | 3,000 |  | Nov 29, 2022 |  | 36 Months |  | Nov 29, 2023 |  | Nov 29, 2024 |  | Nov 29, 2025 |  | 6,450
|  |  |  | 1,892,102 |  |  |  |  |  |  |  |  |  |  |  | 2,755,843
(iii) | These RSUs vest upon the achievement of corporate goals focused around product development and commercialization with further time-based vesting, subject to continued service of the award recipient to the Company through the applicable vesting dates. On October 13, 2022, the Compensation Committee of the Board of Directors approved the satisfactory achievement of certain corporate goals previously established by the Compensation Committee, which resulted in the vesting of the rights with respect to an aggregate of 198,275 RSUs. The RSUs are further subject to a three-year time based vesting schedule, vesting in three equal installments on the dates set forth in the table above, and conditioned upon the recipient’s continued service through the applicable vesting date. On January 12, 2023, the Compensation Committee of the Board of Directors approved the satisfactory achievement of certain additional corporate goals, which resulted in the vesting of the rights with respect to an aggregate of an additional 424,875 RSUs, subject to the foregoing time-based vesting and conditioned upon the recipient’s continued service through the applicable vesting date.
(iv) | These RSUs vest upon the share price closing above $5.00 per share for a minimum of ten consecutive trading days within a period of three years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.
(v) | The Company granted an aggregate of 3,000 RSUs on November 29, 2022 as an employment inducement award. These RSUs are subject to time-based vesting and subject to the continued service of each recipient.
Below is a table summarizing the RSUs vested during the year ended December 31, 2022, all of which were issued pursuant to the 2015 Plan.
Equity Incentive |  | RSUs |  | Vest |  | Shares |  | Shares Withheld for
Plan |  | # |  | Date |  | Issued |  | Taxes
2015 |  | 15,000 |  | Mar 25, 2022 |  | 15,000 |  | -
2015 |  | 26,250 |  | Apr 13, 2022 |  | 21,712 |  | 4,538
2015 |  | 50,000 |  | May 1, 2022 |  | 35,000 |  | 15,000
2015 |  | 230,102 |  | Aug 3, 2022 |  | 191,992 |  | 38,110
2015 |  | 12,000 |  | Sep 7, 2022 |  | 7,038 |  | 4,962
2015 |  | 19,905 |  | Oct 4, 2022 |  | 13,022 |  | 6,883
2015 |  | 21,750 |  | Nov 1, 2022 |  | 12,344 |  | 9,406
2015 |  | 2,000 |  | Dec 15, 2022 |  | 1,181 |  | 819
|  | 377,007 |  |  |  | 297,289 |  | 79,718
Below is a table summarizing the RSUs cancelled during the year ended December 31, 2022, all of which were originally issued pursuant to the 2015 Plan.
Equity Incentive |  | RSUs |  |  | Cancellation |  | RSUs |
Plan |  | # |  |  | Date |  | Cancelled |
2015 |  |  | 33,000 |  |  | May 31, 2022 |  |  | 33,000 |
2015 |  |  | 1,365 |  |  | Aug 18, 2022 |  |  | 1,365 |
2015 |  |  | 17,572 |  |  | Nov 18, 2022 |  |  | 17,572 |
2015 |  |  | 11,000 |  |  | Nov 21, 2022 |  |  | 11,000 |
|  |  | 62,937 |  |  |  |  |  | 62,937 |
2021 Below is a table summarizing the RSUs granted during the year ended December 31, 2021, all of which were issued pursuant to the 2015 Plan.
|  | Equity Incentive |  | RSUs |  | Grant |  | Vesting |  | First Vesting |  | Second Vesting |  | Third Vesting |  | RSU Expense
Note |  | Plan |  | # |  | Date |  | Period |  | Date |  | Date |  | Date |  | $
|  | 2015 |  | 5,000 |  | Jan 1, 2021 |  | - |  | Jan 1, 2021 |  | N/A |  | N/A |  | 19,450
|  | 2015 |  | 30,000 |  | Mar 25, 2021 |  | 24 Months |  | Mar 25, 2022 |  | Mar 25, 2023 |  | N/A |  | 107,700
|  | 2015 |  | 150,000 |  | May 1, 2021 |  | 36 Months |  | May 1, 2022 |  | May 1, 2023 |  | May 1, 2024 |  | 496,500
(i) |  | 2015 |  | 460,191 |  | Aug 3, 2021 |  | 24 Months |  | Aug 3, 2022 |  | Aug 3, 2023 |  | N/A |  | 1,523,232
|  | 2015 |  | 38,000 |  | Sep 7, 2021 |  | 24 Months |  | Sep 7, 2022 |  | Sep 7, 2023 |  | N/A |  | 126,160
(ii) |  | 2015 |  | 39,809 |  | Oct 4, 2021 |  | 24 Months |  | Oct 4, 2022 |  | Oct 4, 2023 |  | N/A |  | 121,019
|  | 2015 |  | 43,500 |  | Nov 1, 2021 |  | 24 Months |  | Nov 1, 2022 |  | Nov 1, 2023 |  | N/A |  | 152,685
|  | 2015 |  | 23,000 |  | Dec 15, 2021 |  | 24 Months |  | Dec 15, 2022 |  | Dec 15, 2023 |  | N/A |  | 77,740
|  |  |  | 789,500 |  |  |  |  |  |  |  |  |  |  |  | 2,624,486
(i) | Effective August 3, 2021, the Company approved the granting of RSUs under the 2015 Plan vesting upon achievement of certain corporate goals (see additional details in Note 10 (h)). Pursuant to this approval, the Company granted RSUs of 460,191 shares of common stock to various personnel (including directors, executives, members of management and employees of the Company and/or its subsidiaries) in exchange for services provided to the Company and/or its subsidiaries. The actual number of RSUs that are eligible for the time-based vesting is contingent based upon the timely achievement of certain pre-determined corporate goals by the Company and/or its subsidiaries as set forth in the grant documents as well as continued service by the participant through the applicable vesting date. The RSUs eligible for vesting shall vest over two years with up to 230,102 units vesting on August 3, 2022, and up to 230,089 units vesting on August 3, 2023 and will result in total compensation expense of $1,523,232.
(ii) | Effective October 4, 2021, the Company approved the granting of RSUs under the 2015 Plan vesting upon achievement of certain corporate goals (see additional details in Note 10 (h)). Pursuant to this approval, the Company granted RSUs of 39,809 shares of common stock to an employee of the Company and/or its subsidiaries in exchange for services provided to the Company and/or its subsidiaries. The actual number of RSUs that are eligible for the time-based vesting is contingent based upon the timely achievement of certain pre-determined corporate goals by the Company and/or its subsidiaries as set forth in the grant documents as well as continued service by the participant through the applicable vesting date. These RSUs vest over two years with 19,905 units vesting on October 4, 2022, and 19,904 units vesting on October 4, 2023, subject to continued service and will result in total compensation expense of $121,019.
Below is a table summarizing the RSUs vested during the year ended December 31, 2021, all of which were issued pursuant to the 2015 Plan.
Equity Incentive |  | RSUs |  |  | Vest |  |  |  |  |  |
Plan |  | # |  |  | Date |  | Shares Issued |  |  | Shares Withheld for Taxes |
2015 |  |  | 5,000 |  |  | Jan 1, 2021 |  |  | 3,000 |  |  |  | 2,000 |
2015 |  |  | 26,250 |  |  | Apr 13, 2021 |  |  | 21,712 |  |  |  | 4,538 |
|  |  | 31,250 |  |  |  |  |  | 24,712 |  |  |  | 6,538 |
Below is a table summarizing the RSUs cancelled during the year ended December 31, 2021, all of which were originally issued pursuant to the 2015 Plan.
|  | RSUs |  |  |  |  |  |
Equity Incentive Plan |  | # |  |  | Vest Date |  | RSUs Cancelled |
2015 |  |  | 15,000 |  |  | Dec 31, 2020 |  |  | 15,000 |
|  |  | 15,000 |  |  |  |  |  | 15,000 |
Below is a table summarizing the RSUs issued and outstanding as of December 31, 2022 of which the last to vest have a remaining contractual life of 3.26 years.
|  |  | Weighted Average |  |  | Weighted Average |
|  |  | Grant date |  |  | Remaining |
Number |  |  | Fair Value |  |  | Contractual Life |
Outstanding |  |  | $ |  |  | (Years) |
450,000 |  |  |  | 0.69 |  |  |  | 3.26 |
1,133,000 |  |  |  | 1.46 |  |  |  | 1.76 |
25,000 |  |  |  | 1.69 |  |  |  | 1.22 |
63,102 |  |  |  | 2.01 |  |  |  | 1.08 |
3,000 |  |  |  | 2.15 |  |  |  | 1.91 |
33,000 |  |  |  | 2.45 |  |  |  | 0.92 |
30,000 |  |  |  | 2.81 |  |  |  | 0.67 |
8,000 |  |  |  | 2.83 |  |  |  | 0.61 |
136,000 |  |  |  | 2.95 |  |  |  | 0.97 |
19,904 |  |  |  | 3.04 |  |  |  | 0.38 |
311,152 |  |  |  | 3.31 |  |  |  | 0.59 |
12,000 |  |  |  | 3.32 |  |  |  | 0.68 |
2,000 |  |  |  | 3.38 |  |  |  | 0.48 |
21,750 |  |  |  | 3.51 |  |  |  | 0.42 |
15,000 |  |  |  | 3.59 |  |  |  | 0.23 |
2,262,908 |  |  |  |  |  |  |  |  |
Stock-based compensation expense related to RSUs of $1,903,054 and $898,910 was recorded in the years ended December 31, 2022, and December 31, 2021, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $2,214,593.

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- Definition Disclosure of accounting policy for award granted to director under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 + Details
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