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

14. Stock-Based Compensation

 

From time to time, we issue stock options and restricted stock as compensation for services rendered by our directors and employees.

 

Restricted Stock

 

On February 15, 2021 and January 2, 2020, we issued 12,207 shares and 16,429 shares, respectively, of restricted common stock to our directors as part of their annual compensation plan. The grants of restricted common stock were made outside the 2015 Plan and were not subject to any vesting conditions. Stock compensation of $57,500 was recorded for the years ended December 31, 2021 and 2020.

 

Stock Options

 

We did not make any stock option grants during 2021. The weighted-average grant date fair value of options granted during 2020 was $3.30. Stock-based compensation for options was $92,253 and $58,770, during the years ended December 31, 2021 and 2020, respectively.

 

A summary of stock option activity during the years ended December 31, 2021 and 2020 is as follows:

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2021   145,360   $5.61    9 years   $19,200 
Granted   -    -           
Forfeited and expired   (500)   6.50           
                     
Outstanding at December 31, 2021   144,860   $5.61    8 years   $19,200 
                     
Exercisable at December 31, 2021   66,060   $7.35    8 years   $19,200 

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2020   46,860   $9.02    9 years    19,200 
Granted   99,000    4.00           
Forfeited and expired   (500)   6.50           
Outstanding at December 31, 2020   145,360   $5.61    9 years   $19,200 
                     
Exercisable at December 31, 2020   39,160   $9.51    8 years   $19,200 

 

As of December 31, 2021 and 2020, there was $230,620 and $322,874, respectively, of total unrecognized compensation costs related to stock options granted under our stock option agreements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of three years. The total fair value of stock options that vested during the years ended December 31, 2021, and 2020 was $91,913 and $16,650, respectively.

 

Issues of Stock-Based Compensation

 

The following represent grants of stock options, including the fair value recognized or to be recognized over the requisite service period:

Grant date  Shares granted (canceled)   Exercise price   Date fully vested   Fair value 
                 
February 10, 2016   4,200   $48.00    February 10, 2020   $174,748 
December 6, 2016   2,000    38.00    December 6, 2020    63,937 
September 25, 2017   15,000    15.00    September 25, 2019    194,149 
September 25, 2017   10,000    19.00    September 25, 2019    126,862 
January 30, 2019   250    45.00    January 30, 2019    885 
March 11, 2019   (33,200)   -    -    - 
March 11, 2019   33,200    6.50    December 6, 2020    24,898(1)
March 11, 2019   10,100    6.50    March 11, 2023    44,591 
September 2, 2020   99,000    4.00    September 2, 2024    327,181 

 

(1)Represents incremental fair value of replacement shares compared to canceled shares.

 

 

The weighted average estimated values of director and employee stock option grants, as well as the weighted average assumptions that were used in calculating such values during the years ended December 31, 2021 and 2020, were based on estimates at the date of grant as follows:

 

   April 30,   January 1,   February 10, 
   2015 Grant   2016 Grant   2016 Grant 
Risk-free interest rate   1.43%   1.76%   1.15%
Weighted average expected term   5 years    5 years    5 years 
Expected volatility   143.10%   134.18%   132.97%
Expected dividend yield   0.00%   0.00%   0.00%

 

   December 6,   September 25,   January 30, 
   2016 Grant   2017 Grant   2019 Grant 
Risk-free interest rate   1.84%   1.85%   2.54%
Weighted average expected term   5 years    5 years    5 years 
Expected volatility   123.82%   130.79%   115.80%
Expected dividend yield   0.00%   0.00%   0.00%

 

   March 11,   September 2, 
   2019 Grant   2020 Grant 
Risk-free interest rate   2.44%   0.26%
Weighted average expected term   5 years    5 years 
Expected volatility   116.46%   121.33%
Expected dividend yield   0.00%   0.00%