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Stock-Based Compensation
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation

9. Stock-Based Compensation

 

Stock based compensation expense recognized under ASC 718 for the years ended December 31, 2021 and 2020 of $13,065 and $13,064, respectively, reflects the amortization of the fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years.

 

On August 15, 2016, in connection with a public offering of the Company’s common stock, the Company issued warrants to purchase up to 33,612 common shares, with an exercise price of $7.4375 per common share, to the representative of the underwriters of the offering. The warrants were exercisable at any time, and from time to time, in whole or in part, commencing on August 9, 2017 and expired on August 9, 2021, unexercised.