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STOCK OPTIONS AND WARRANTS
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS AND WARRANTS

 

12. STOCK OPTIONS AND WARRANTS

 

Stock Options

 

During the three months ended September 30, 2021 and 2020, the Company recorded non-cash stock option based compensation expense of $49,136 and $27,068, respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded non-cash stock option based compensation expense of $175,724 and $81,204, respectively. As of September 30, 2021, there was $435,461 of unrecognized stock option-based compensation expense that will be recognized over the next 3 years.

 

During the three months ended September 30, 2021, there were no stock options granted. There were 89,800 stock options exercised on a cashless basis for 33,142 shares of common stock at a weighted average exercise price of $13.27. The Company withheld shares to cover income and payroll taxes totaling $543,937, which was charged to additional paid in capital. There were 839 stock options exercised on a cash basis at an exercise price of $12.76 for a total purchase price of $10,706.

 

During the nine months ended September 30, 2021, there were no stock options granted. There were 95,753 stock options exercised on a cashless basis for 35,522 shares of common stock at a weighted average exercise price of $13.34. The Company withheld shares to cover income and payroll taxes totaling $624,976, which was charged to additional paid in capital. There were 839 stock options exercised on a cash basis at an exercise price of $12.76 for a total purchase price of $10,706.

 

There were stock options outstanding to purchase 222,383 shares of common stock at a weighted average exercise price of $9.30 at September 30, 2021. During the nine months ended September 30, 2021, 22,833 stock options were forfeited.

 

Warrants

 

During the nine months ended September 30, 2021, warrants to purchase 422,761 shares of the Company’s common stock were exercised generating $2,684,520. At September 30, 2021, there were warrants outstanding to purchase up to 542,823 shares of the Company’s common stock at a weighted average exercise price of $6.34.