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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION In 2015, the Company’s Board of Directors approved the HeartBeam, Inc. 2015 Equity Incentive Plan ("2015 Plan"), to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business. The 2015 Plan provides for the grant of stock options and restricted stock awards (“RSUs”) to purchase common stock. The Board of Directors approved 363,636 shares of common stock issuance under the 2015 Plan. On January 31, 2018, the Board of Directors added an additional 545,454 shares of common stock for issuance under the 2015 Plan. On June 15, 2021, the Board of Directors added an additional 727,272 shares of common stock for issuance under the 2015 Plan. As of September 30, 2021, there were 584,848 shares available for issuance under the 2015 Plan. STOCK OPTIONS The following is a summary of stock option activity during the nine months ended September 30, 2021:
| Number of options outstanding |  | Weighted average exercise price (*) |  | Average remaining contractual life (in years) |  | Aggregate intrinsic value (in thousands) (**)
Outstanding – December 31, 2020 | 466,742 |  |  | $ | 0.14 |  |  | 8.2 |  | $ | 81 |
Options granted | 358,177 |  |  | 2.30 |  |  |  |  |
Forfeitures | (4,545) |  |  | 0.07 |  |  |  |  |
Options exercised | (27,461) |  |  | — |  |  |  |  |
Outstanding – September 30, 2021 | 792,913 |  |  | 1.11 |  |  | 8.5 |  | 3,881 |
Exercisable – September 30, 2021 | 289,720 |  |  | $ | 0.33 |  |  | 7.2 |  | $ | 1,642 |
(*) $ - Indicates exercise price less than $0.01 per share (**) Intrinsic value is based on the fair market value of the Company's common stock. The Company estimates the fair values of stock options using the Black-Scholes option-pricing model on the date of grant. For the nine months ended September 30, 2021 and 2020, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
| Nine Months ended September 30,
| 2021 |  | 2020
Weighted-average Black-Scholes option pricing model assumptions: |  |  |
Volatility | 90.01% - 93.02% |  | 74.61% - 74.89%
Expected term (in years) | 5.69 - 5.98 |  | 5.55 - 5.87
Risk-free rate | 0.69% - 0.82% |  | 0.25% - 0.39%
Expected dividend yield | $ | — |  |  | $ | — |
Weighted average grant date fair value per share | $2.07 - 3.00 |  | $0.16 - 0.18
The following is a summary of stock-based compensation expense:
| Three Months ended September 30, |  | Nine Months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Selling, general and administration | $ | 48,594 |  |  | $ | 1,605 |  |  | $ | 75,049 |  |  | $ | 4,023 |
Research and development | 3,916 |  |  | — |  |  | 10,160 |  |  | — |
| $ | 52,510 |  |  | $ | 1,605 |  |  | $ | 85,209 |  |  | $ | 4,023 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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