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StockBased Compensation
 3 Months Ended
Mar. 31, 2025
StockBased Compensation  
Stock-Based Compensation

Note 9 – Stock-Based Compensation

 

We maintain a stock-based compensation program intended to attract, retain and provide incentives for talented employees and directors and align stockholder and employee interests. During the 2025 and 2024 periods, we granted restricted stock units ("RSUs") from the 2017 Equity Compensation Plan, as amended (“2017 ECP”). RSU vesting periods are generally up to three years and/or based upon achieving certain financial targets.

 

As of March 31, 2025, the total number of authorized shares of our common stock under the 2017 ECP was 24,550,000.

 

Compensation Expense

 

For the three months ended March 31, 2025 and March 31, 2024, we recorded stock-based compensation expense for all equity incentive plans of $304,284 and $396,312, respectively. Total compensation cost not yet recognized at March 31, 2025 was $1,979,433, which will be recognized over the next three years.

The following table summarizes the stock grants outstanding under 2017 ECP for the three months ended March 31, 2025: 

 

 

Options Outstanding

 

 

RSUs Outstanding

 

 

Options and RSUs Exercised

 

 

Available Shares

 

 

Total Awards Authorized

 

Total

 

 

-

 

 

 

11,036,250

 

 

 

12,263,884

 

 

 

1,249,866

 

 

 

24,550,000

 

 

The fair value of restricted stock units is determined using market value of the common stock on the date of the grant. The fair value of stock options is determined using the Black-Scholes-Merton valuation model. The use of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense and include the expected life of the option, stock price volatility, risk-free interest rate, dividend yield, exercise price, and forfeiture rate.

 

Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. The forfeiture rate, which is estimated at a weighted average of 0% of unvested options outstanding, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate.

 

The following table summarizes the weighted average assumptions for our granted options and RSUs. There were no options granted in the three months ended March 31, 2025: 

 

 

RSUs

 

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding, beginning of period

 

 

13,216,020

 

 

$0.33

 

Granted

 

 

535,000

 

 

$0.49

 

Vested

 

 

(2,249,768)

 

$0.40

 

Canceled

 

 

(465,002)

 

$0.37

 

Outstanding, end of period

 

 

11,036,250

 

 

$0.32