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Stock-Based Compensation
 9 Months Ended
Sep. 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 nine months ended September 30, 2022.

 

Stock Options

 

We did not make any stock option grants during the nine months ended September 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 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, 2023 and 2022 is as follows:

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
    Shares     Exercise     Contractual     Intrinsic  
    Under Option     Price     Life     Value  
Outstanding at January 1, 2023     365,447     $ 5.89       8 years     $ 19,200  
Granted     220,587       6.08                  
Forfeited     (7,560 )     15.34               (19,200 )
Outstanding at September 30, 2023     357,887     $ 5.69       8 years     $ -  
                                 
Exercisable at September 30, 2023     186,594     $ 5.60       7 years     $ -  

 

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
    Shares     Exercise     Contractual     Intrinsic  
    Under 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  

 

During the three and nine months ended September 30, 2023 and 2022, stock-based compensation for options was $115,456 and $349,073, respectively, and $118,999 and $244,951, respectively.

 

As of September 30, 2023 and December 31, 2022, there were $663,437 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 nine months ended September 30, 2023 and 2022 was $467,771 and $91,913, respectively.