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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

7. STOCK-BASED COMPENSATION

 

Stock-Based Compensation

 

A summary of stock option activity during the nine months ended September 30, 2023 is as follows:

 

   Stock Options   Weighted average
exercise price		   Weighted
average
remaining
contractual term		   Aggregate
intrinsic value		 
Outstanding as of January 1, 2023   670,667   $5.45           
Granted   97,500    5.80           
Exercised   (15,000)   3.31           
Forfeited   (35,000)   5.60           
Outstanding as of September 30, 2023     718,167   $   5.53       5.70   $   1,056 
Exercisable as of September 30, 2023   623,167   $5.50    5.10   $983 

 

 

A summary of RSU activity during the nine months ended September 30, 2023 is as follows:

 

       Weighted-average    
       grant-date fair value per   Weighted-average grant-date 
   Number of units   share   fair value 
Unvested restricted stock units as of January 1, 2023   250,000   $4.35   $1,087 
Units granted   100,000    5.75    575 
Units vested   (225,000)   4.97               (1,119)
Units forfeited   -                        -    - 
Unvested restricted stock units as of September 30, 2023   125,000   $4.35   $543 

 

During the three and nine months ended September 30, 2023, the Company issued 10,000 shares of its common stock for consulting services with a fair value of $64,900.

 

During the nine months ended September 30, 2023, the Company issued 100,000 shares of common stock to its Chief Executive Officer (“CEO”) in connection with the vesting of 100,0000 restricted stock units (“RSU”) on May 11, 2023. The fair value of the RSUs on the date of grant was $575, which was recognized immediately.

 

During the nine months ended September 30, 2023, the Company issued 250,000 shares of common stock to its Chief Financial Officer (“CFO”) in connection with the vesting of 125,000 RSUs on May 1, 2022 and 125,000 RSUs on May 1, 2023.

 

During the three and nine months ended September 30, 2023, the CEO and CFO each individually agreed to surrender shares of common stock to the Company, totaling an aggregate of 117,082 shares with a fair value of $720 in connection with income and payroll tax obligations paid by the Company in connection with the vesting of the above mentioned RSUs. The shares were subsequently cancelled and retired by the Company.

 

Stock-based compensation expense recorded for the three and nine months ended September 30, 2023 was approximately $285 and $1,246, respectively. Stock-based compensation expense recorded for the three and nine months ended September 30, 2022 was approximately $143 and $859, respectively. As of September 30, 2023, there was $638 of stock-based compensation expense remaining to be recognized in the consolidated statements of operations over a weighted average remaining period of 1.1 years.