XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

11. 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 March 19, 2024, we granted 127,500 shares of restricted common stock to certain employees. The grants of restricted common stock were made in accordance with the 2015 Plan and were subject to vesting, as follows: 42,495 shares vested on March 19, 2024; 42,495 shares vest on April 2, 2025, and 42,510 shares vest on April 2, 2026. Stock compensation of $397,901 was recorded on the issuance of the common stock for the three months ended March 31, 2024.

 

Stock Options

 

We did not make any stock option grants during the three months ended March 31, 2024 or 2023.

 

A summary of stock option activity during the three months ended March 31, 2024 and 2023 is as follows:

 

           Weighted-    
       Weighted-   Average    
   Shares   Average   Remaining  Aggregate 
   Under   Exercise   Contractual  Intrinsic 
   Option   Price   Life  Value 
Outstanding at January 1, 2024   357,887   $5.69   8 years  $       - 
Forfeited   (5,000    4.00         
                   
Outstanding at March 31, 2024   357,887   $5.69   7 years  $- 
                   
Exercisable at March 31, 2024   186,594   $5.60   7 years  $- 

 

 

           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 
Forfeited   (5,000)   4.00         
Outstanding at March 31, 2023   360,447   $5.92   8 years  $19,200 
                   
Exercisable at March 31, 2023   92,860   $6.50   7 years  $19,200 

 

During the three months ended March 31, 2024 and 2023, stock-based compensation for options was $115,456 and $118,162, respectively.

 

As of March 31, 2024 and December 31, 2023, there was $432,525 and $547,981, 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 one year. The total fair value of stock options that vested during the three months ended March 31, 2024 and 2023 was $0 and $10,238, respectively.