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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Stock-Based Compensation |
Stock-based Compensation | Note 7 – Stock-Based Compensation a) Warrants The following table summarizes the changes in warrants outstanding of the Company during the nine-month period ended September 30, 2023.
|  | Number of Warrants |  |  | Weighted Average Exercise Price ($) |
Outstanding at December 31, 2022 |  |  | 539,000 |  |  |  | 3.80 |
Granted |  |  | 448,500 |  |  |  | 2.00 |
Expired/Cancelled |  |  | (125,000 | ) |  |  | 2.47 |
Outstanding at September 30, 2023 |  |  | 862,500 |  |  |  | 3.05 |
Exercisable at September 30, 2023 |  |  | 387,000 |  |  |  | 4.28 |
Below is a table summarizing the warrants issued and outstanding as of September 30, 2023, which have an aggregate weighted average remaining contractual life of 4.08 years.
Number Outstanding |  |  | Number Exercisable |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 448,500 |  |  |  | - |  |  |  | 2.00 |  |  |  | 4.71 |  |  |  | 897,000 |
| 54,000 |  |  |  | 27,000 |  |  |  | 3.05 |  |  |  | 5.02 |  |  |  | 164,700 |
| 50,000 |  |  |  | 50,000 |  |  |  | 3.45 |  |  |  | 2.42 |  |  |  | 172,500 |
| 125,000 |  |  |  | 125,000 |  |  |  | 3.95 |  |  |  | 3.26 |  |  |  | 493,750 |
| 185,000 |  |  |  | 185,000 |  |  |  | 4.90 |  |  |  | 3.34 |  |  |  | 906,500 |
| 862,500 |  |  |  | 387,000 |  |  |  |  |  |  |  |  |  |  |  | 2,634,450 |
Stock-based compensation expense related to warrants of $25,447 and $68,852 was recorded in the nine months ended September 30, 2023 and September 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $10,365 and is expected to be recognized over a period of 0.51 years. As of September 30, 2023, the total intrinsic value of warrants outstanding was $nil. b) Options The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2023.
|  | Number of Options |  |  | Weighted Average Exercise Price ($) |
Outstanding at December 31, 2022 |  |  | 4,985,105 |  |  |  | 3.87 |
Expired/Cancelled |  |  | (285,536 | ) |  |  | 3.89 |
Outstanding at September 30, 2023 |  |  | 4,699,569 |  |  |  | 3.87 |
Exercisable at September 30, 2023 |  |  | 4,662,889 |  |  |  | 3.88 |
Below is a table summarizing the options issued and outstanding as of September 30, 2023, all of which were issued pursuant to the Company’s 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option and RSU issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 4.49 years. As of September 30, 2023, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 1,004,079 shares of common stock remained available for future issuance thereunder.
Number Outstanding |  |  | Number Exercisable |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 585,000 |  |  |  | 585,000 |  |  |  | 3.25 |  |  |  | 1.37 |  |  |  | 1,901,250 |
| 981,569 |  |  |  | 944,889 |  |  |  | 3.40 |  |  |  | 7.85 |  |  |  | 3,337,335 |
| 740,000 |  |  |  | 740,000 |  |  |  | 3.60 |  |  |  | 6.61 |  |  |  | 2,664,000 |
| 1,607,837 |  |  |  | 1,607,837 |  |  |  | 4.00 |  |  |  | 2.99 |  |  |  | 6,431,348 |
| 89,163 |  |  |  | 89,163 |  |  |  | 4.38 |  |  |  | 4.32 |  |  |  | 390,534 |
| 50,000 |  |  |  | 50,000 |  |  |  | 4.80 |  |  |  | 3.26 |  |  |  | 240,000 |
| 646,000 |  |  |  | 646,000 |  |  |  | 5.00 |  |  |  | 3.49 |  |  |  | 3,230,000 |
| 4,699,569 |  |  |  | 4,662,889 |  |  |  |  |  |  |  |  |  |  |  | 18,194,467 |
Stock-based compensation expense related to stock options of $287,013 and $1,021,938 was recorded in the nine months ended September 30, 2023 and September 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $350 and is expected to be recognized over a period of 0.01 years. As of September 30, 2023, the total intrinsic value of stock options outstanding was $nil. c) Restricted Stock Units Below is a table summarizing the RSUs issued and outstanding as of September 30, 2023, all of which were issued pursuant to the 2015 Plan.
|  | Number of RSUs |  |  | Weighted Average Share Price ($) |
Outstanding at December 31, 2022 |  |  | 2,262,908 |  |  |  | 1.77 |
Granted |  |  | 1,827,882 |  |  |  | 0.82 |
Vested/Settled |  |  | (413,911 | ) |  |  | 3.07 |
Cancelled / Forfeited |  |  | (87,343 | ) |  |  | 1.82 |
Outstanding at September 30, 2023 |  |  | 3,589,536 |  |  |  | 1.13 |
Below is a table summarizing the RSUs granted during the nine months ended September 30, 2023, all of which were issued pursuant to the 2015 Stock Incentive Plan. The RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the RSU compensation expense stated.
Equity Incentive Plan |  | RSUs (#) |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  | Third Vesting Date |  | RSU Expense $ |
2015 |  | 57,000 |  | Mar 27, 2023 |  | 36 Months |  | Mar 27, 2024 |  | Mar 27, 2025 |  | Mar 27, 2026 |  | 98,040 |
2015 |  | 50,000 |  | Mar 27, 2023 |  | 24 Months |  | Mar 27, 2024 |  | Mar 27, 2025 |  | N/A |  | 86,000 |
2015 |  | 5,325 |  | Mar 27, 2023 |  | 12 Months |  | Mar 27, 2024 |  | N/A |  | N/A |  | 9,159 |
2015 |  | 47,000 |  | Jun 15, 2023 |  | 36 Months |  | Jun 15, 2024 |  | Jun 15, 2025 |  | Jun 15, 2026 |  | 74,260 |
2015 |  | 8,392 |  | Jun 15, 2023 |  | 12 Months |  | Jun 15, 2024 |  | N/A |  | N/A |  | 13,260 |
2015 |  | 43,165 |  | Jul 13, 2023 |  | 6 Months |  | Oct 13, 2023 |  | Jan 13, 2024 |  | N/A |  | 56,978 |
2015 |  | 14,000 |  | Jul 13, 2023 |  | 36 Months |  | Jul 13, 2024 |  | Jul 13, 2025 |  | Jul 13, 2026 |  | 18,479 |
2015 |  | 34,000 |  | Sep 11, 2023 |  | 36 Months |  | Sep 11, 2024 |  | Sep 11, 2025 |  | Sep 11, 2026 |  | 44,540 |
2015 |  | 1,569,000 |  | Sep 28, 2023 |  | 36 Months |  | Sep 28, 2024 |  | Sep 28, 2025 |  | Sep 28, 2026 |  | 1,098,300 |
|  | 1,827,882 |  |  |  |  |  |  |  |  |  |  |  | 1,499,016 |
Below is a table summarizing the RSUs vested and settled during the nine months ended September 30, 2023, all of which were issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs Vested (#) |  |  | Vest Date |  | Shares issued (#) |  |  | Shares Withheld for Taxes (#) |
2015 |  |  | 4,000 |  |  | Feb 8, 2023 |  |  | 2,369 |  |  |  | 1,631 |
2015 |  |  | 15,000 |  |  | Mar 1, 2023 |  |  | 9,609 |  |  |  | 5,391 |
2015 |  |  | 15,000 |  |  | Mar 25, 2023 |  |  | 15,000 |  |  |  | - |
2015 |  |  | 2,500 |  |  | Apr 4, 2023 |  |  | 1,759 |  |  |  | 741 |
2015 |  |  | 13,500 |  |  | Apr 4, 2023 |  |  | 7,995 |  |  |  | 5,505 |
2015 |  |  | 35,000 |  |  | Apr 4, 2023 |  |  | 22,610 |  |  |  | 12,390 |
2015 |  |  | 50,000 |  |  | May 1, 2023 |  |  | 35,707 |  |  |  | 14,293 |
2015 |  |  | 4,000 |  |  | Jun 1, 2023 |  |  | 2,270 |  |  |  | 1,730 |
2015 |  |  | 7,500 |  |  | Jun 1, 2023 |  |  | 4,257 |  |  |  | 3,243 |
2015 |  |  | 208,809 |  |  | Aug 3, 2023 |  |  | 167,809 |  |  |  | 41,000 |
2015 |  |  | 34,102 |  |  | Aug 15, 2023 |  |  | 23,764 |  |  |  | 10,338 |
2015 |  |  | 12,000 |  |  | Sep 7, 2023 |  |  | 7,046 |  |  |  | 4,954 |
2015 |  |  | 12,500 |  |  | Sep 21, 2023 |  |  | 7,434 |  |  |  | 5,066 |
|  |  | 413,911 |  |  |  |  |  | 307,629 |  |  |  | 106,282 |
Below is a table summarizing the RSUs cancelled during the nine months ended September 30, 2023, all of which were originally issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs (#) |  |  | Cancellation Date |  | Vest Date |  | RSUs Cancelled (#) |
2015 |  |  | 5,000 |  |  | Apr 30, 2023 |  | Jun 1, 2024 |  |  | 5,000 |
2015 |  |  | 4,334 |  |  | Apr 30, 2023 |  | Oct 4, 2023 |  |  | 4,334 |
2015 |  |  | 4,333 |  |  | Apr 30, 2023 |  | Oct 4, 2024 |  |  | 4,333 |
2015 |  |  | 4,333 |  |  | Apr 30, 2023 |  | Oct 4, 2025 |  |  | 4,333 |
2015 |  |  | 5,000 |  |  | Apr 30, 2023 |  | Jun 1, 2023 |  |  | 5,000 |
2015 |  |  | 5,000 |  |  | May 5, 2023 |  | Oct 4, 2023 |  |  | 5,000 |
2015 |  |  | 5,000 |  |  | May 5, 2023 |  | Oct 4, 2024 |  |  | 5,000 |
2015 |  |  | 5,000 |  |  | May 5, 2023 |  | Oct 4, 2025 |  |  | 5,000 |
2015 |  |  | 6,000 |  |  | May 5, 2023 |  | Mar 1, 2024 |  |  | 6,000 |
2015 |  |  | 667 |  |  | Jun 15, 2023 |  | Nov 29, 2023 |  |  | 667 |
2015 |  |  | 667 |  |  | Jun 15, 2023 |  | Nov 29, 2024 |  |  | 667 |
2015 |  |  | 666 |  |  | Jun 15, 2023 |  | Nov 29, 2025 |  |  | 666 |
2015 |  |  | 5,000 |  |  | Jun 28, 2023 |  | Oct 4, 2023 |  |  | 5,000 |
2015 |  |  | 5,000 |  |  | Jun 28, 2023 |  | Oct 4, 2024 |  |  | 5,000 |
2015 |  |  | 5,000 |  |  | Jun 28, 2023 |  | Oct 4, 2025 |  |  | 5,000 |
2015 |  |  | 2,343 |  |  | Jun 28, 2023 |  | Aug 3, 2023 |  |  | 2,343 |
2015 |  |  | 3,334 |  |  | Jul 28, 2023 |  | Oct 4, 2023 |  |  | 3,334 |
2015 |  |  | 3,333 |  |  | Jul 28, 2023 |  | Oct 4, 2024 |  |  | 3,333 |
2015 |  |  | 3,333 |  |  | Jul 28, 2023 |  | Oct 4, 2025 |  |  | 3,333 |
2015 |  |  | 4,000 |  |  | Jul 28, 2023 |  | Feb 8, 2024 |  |  | 4,000 |
2015 |  |  | 3,334 |  |  | Sep 22, 2023 |  | Mar 27, 2024 |  |  | 3,334 |
2015 |  |  | 3,333 |  |  | Sep 22, 2023 |  | Mar 27, 2025 |  |  | 3,333 |
2015 |  |  | 3,333 |  |  | Sep 22, 2023 |  | Mar 27, 2026 |  |  | 3,333 |
|  |  | 87,343 |  |  |  |  |  |  |  | 87,343 |
Below is a table summarizing the RSUs issued and outstanding as of September 30, 2023 and which have an aggregate weighted average remaining contractual life of 1.62 years.
Number Outstanding |  |  | Weighted Average Grant date Fair Value Share Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |
| 450,000 |  |  |  | 0.69 |  |  |  | 2.51 |
| 1,569,000 |  |  |  | 0.70 |  |  |  | 2.00 |
| 34,000 |  |  |  | 1.31 |  |  |  | 1.95 |
| 57,165 |  |  |  | 1.32 |  |  |  | 1.38 |
| 1,080,000 |  |  |  | 1.46 |  |  |  | 1.01 |
| 55,392 |  |  |  | 1.58 |  |  |  | 1.50 |
| 12,500 |  |  |  | 1.69 |  |  |  | 0.98 |
| 102,325 |  |  |  | 1.72 |  |  |  | 1.26 |
| 29,000 |  |  |  | 2.01 |  |  |  | 0.88 |
| 1,000 |  |  |  | 2.15 |  |  |  | 1.17 |
| 11,500 |  |  |  | 2.45 |  |  |  | 0.67 |
| 9,000 |  |  |  | 2.81 |  |  |  | 0.42 |
| 85,000 |  |  |  | 2.95 |  |  |  | 0.76 |
| 19,904 |  |  |  | 3.04 |  |  |  | 0.01 |
| 50,000 |  |  |  | 3.31 |  |  |  | 0.59 |
| 2,000 |  |  |  | 3.38 |  |  |  | 0.21 |
| 21,750 |  |  |  | 3.51 |  |  |  | 0.09 |
| 3,589,536 |  |  |  |  |  |  |  |  |
Stock-based compensation expense related to RSUs of $1,511,351 and $1,317,620 was recorded in the nine months ended September 30, 2023 and September 30, 2022, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $2,316,272.

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