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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

13. 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 January 6, 2022 and February 15, 2021, we issued 8,097 shares and 12,207 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 vesting. Stock compensation of $57,500 was recorded on this issuance of restricted common stock for the nine months ended September 30, 2022 and 2021.

 

Stock Options

 

On April 14, 2022, we granted employees stock options to purchase 220,587 shares at an exercise price of $6.08 per share in accordance with the 2015 Plan, with vesting continuing until 2025. The total fair value of $1,152,470 for these stock options is being recognized over the requisite service period. We did not make any stock option grants during the nine months ended September 30, 2021.

 

The weighted-average grant date fair value of options granted during the nine months ended September 30, 2022 was $5.22. The weighted average assumptions that were used in calculating such values during the nine months ended September 30, 2022, as well as the assumptions that were used in calculating such values, were based on estimates at the grant date in the table as follows:

 

   Grant Date
April 1, 2022		 
Risk-free interest rate   2.82%
Weighted average expected term   6 years 
Expected volatility   116.60%
Expected dividend yield   0.00%

 

 

A summary of stock option activity during the nine months ended September 30, 2022 and 2021 is as follows:

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2022   144,860   $5.61    8 years   $19,200 
Granted   220,587    6.08           
Outstanding at September 30, 2022   365,447   $5.89    9 years   $19,200 
                     
Exercisable at September 30, 2022   93,085   $6.44    7 years   $19,200 

 

           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 
                     
Outstanding at September 30, 2021   145,360   $5.61    8 years   $19,200 
                     
Exercisable at September 30, 2021   81,685   $6.71    8 years   $19,200 

 

 

During the three and nine months ended September 30, 2022 and 2021, stock-based compensation for options was $118,999 and $244,951, respectively, and $23,098 and $69,293, respectively.

 

As of September 30, 2022 and December 31, 2021, there was $1,138,139 and $230,620, 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 two years. The total fair value of stock options that vested during the nine months ended September 30, 2022 and 2021 was $91,913 and $92,475, respectively.