XML 20 R11.htm IDEA: XBRL DOCUMENT v3.22.2
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

The following are changes in stockholders’ equity for the six months ended June 30, 2021 and June 30, 2022:

 

Barfresh Food Group, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

 

   Shares   Amount   Capital   (Deficit)   Total 
           Additional         
   Common Stock   paid in   Accumulated     
   Shares   Amount   Capital   (Deficit)   Total 
Balance December 31, 2020   11,471,797   $-   $53,224,000   $(50,900,000)  $2,324,000 
Issuance of stock for capital raise   1,282,051    -    6,000,000    -    6,000,000 
Conversion of debt and accrued interest   114,614    -    685,000    -    685,000 
Interest paid in shares   19,377    -    151,000    -    151,000 
Stock and options issued for services   4,579    -    75,000    -    75,000 
Stock-based compensation   -    -    10,000    -    10,000 
Net loss   -    -    -    (889,000)   (889,000)
Balance June 30, 2021   12,892,418   $-   $60,145,000   $(51,789,000)  $8,356,000 

 

           Additional         
   Common Stock   paid in   Accumulated     
   Shares   Amount   Capital   (Deficit)   Total 
Balance December 31, 2021   12,905,112   $-   $60,341,000   $(52,165,000)  $8,176,000 
Issuance of stock for warrant exercise   986    -    5,000    -    5,000 
Stock-based compensation   -    -    93,000    -    93,000 
Stock and options issued for services   13,801    -    98,000    -    98,000 
Net loss   -    -    -    (1,631,000)   (1,631,000)
Balance June 30, 2022   12,919,899   $-   $60,537,000   $(53,796,000)  $6,741,000 

 

Warrants

 

During the six months ended June 30, 2022, 99,274 warrants at a weighted average exercise price of $8.97 per share expired, and 986 warrants at an exercise price of $5.07 per share were exercised for proceeds of approximately $5,000.

 

Equity Incentive Plan

 

The following is a summary of stock option activity for the six months ended June 30, 2022:

 

   Number of
Options		   Weighted
average exercise
price per share		   Remaining term
in years		 
Outstanding on December 31, 2021   625,016   $7.55    3.8 
Issued   50,722   $6.00      
Cancelled/expired   (13,080)  $4.92      
Outstanding on June 30, 2022   662,658   $7.48    3.5 
                
Exercisable, June 30, 2022   571,746   $7.77    2.9 

 

 

The fair value of the options issued was calculated using the Black-Scholes option pricing model, based on the following:

 

   2022 
Expected term (in years)   5.5 - 8 
Weighted average expected volatility   84.8%
Weighted average risk-free interest rate   2.1%
Expected dividends  $- 
Weighted average grant date fair value per share  $4.53 

 

As of June 30, 2022, the Company has approximately $228,000 of unrecognized share-based compensation expense related to unvested options, which is expected to be recognized over the remaining weighted average period of 2.4 years.

 

The following is a summary of restricted stock award and restricted stock unit activity for the six months ended June 30, 2022:

 

   Number of
shares		   Weighted
average grant
date fair value		 
Unvested at January 1, 2022   -   $- 
Granted   41,554   $5.40 
Forfeited   (1,754)  $5.06 
Unvested at June 30, 2022   39,800   $5.41 

 

As of June 30, 2022, the Company has approximately $175,000 of unrecognized share-based compensation expense related to restricted stock awards and restricted stock units, which is expected to be recognized over the remaining weighted average period of 2.4 years.