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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
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, we issued 8,097 shares 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 the issuance of the common stock for the six months ended June 30, 2022.

 

Stock Options

 

We did not make any stock option grants during the six months ended June 30, 2023. 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.

 

 

The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2022 was $5.22. The weighted average assumptions that were used in calculating such values during the six months ended June 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 six months ended June 30, 2023 and 2022 is as follows:

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2023   365,447   $5.89    8 years   $19,200 
Granted   220,587    6.08           
Forfeited   (5,000)   4.00           
Outstanding at June 30, 2023   360,447   $5.92    8 years   $19,200 
                     
Exercisable at June, 2023   165,654   $6.32    7 years   $19,200 

 

           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 June 30, 2022   365,447   $5.89    9 years   $19,200 
                     
Exercisable at June 30, 2022   68,335   $7.32    7 years   $19,200 

 

During the three and six months ended June 30, 2023 and 2022, stock-based compensation for options was $115,456 and $233,618, respectively, and $22,960 and $102,992, respectively.

 

As of June 30, 2023 and December 31, 2022, there were $778,893 and $1,019,140, 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 six months ended June 30, 2023 and 2022 was $390,221 and $10,238, respectively.