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Stock-Based Compensation
 6 Months Ended
Jun. 30, 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. As of April 2, 2024, 10,315 shares, representing an amount of $69,525, were cancelled as part of a cashless grant, in accordance with the 2015 Plan, resulting in a net of 32,180 shares vested. Stock compensation of $136,018 and $533,919 was recorded on the issuance of the common stock for the three and six months ended June 30, 2024 respectively.

 

 

Stock Options

 

We did not make any stock option grants during the six months ended June 30, 2024 or 2023.

 

A summary of stock option activity during the six months ended June 30, 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   (4,000)   4.63           
Outstanding at June 30, 2024   353,887   $5.07    7 years   $- 
                     
Exercisable at June 30, 2024   256,138   $5.75    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 June 30, 2023   360,447   $5.92    8 years   $19,200 
                     
Exercisable at June 30, 2023   165,654   $6.32    7 years   $19,200 

 

During the three and six months ended June 30, 2024 and 2023, stock-based compensation for options was $115,456 and $230,912, and $115,456 and $233,618, respectively.

 

As of June 30, 2024 and December 31, 2023, there were $317,069 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 six months ended June 30, 2024 and 2023 was $379,985 and $390,221, respectively.