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SHARE-BASED PAYMENTS | 9 Months Ended
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Sep. 30, 2022
SHARE-BASED PAYMENTS |
SHARE-BASED PAYMENTS | NOTE 9: SHARE-BASED PAYMENTS Common Stock Warrants In connection with the April note agreement, the Company granted warrants to acquire 12,577 shares of common stock at an exercise price of $122.00 per share expiring in April 2027. On May 10, 2022, pursuant to the Underwriting Agreement, the Company issued the Underwriters’ Warrants to purchase up to an aggregate of 14,956 shares of common stock. The Underwriters’ Warrants may be exercised beginning on November 1, 2022 until May 5, 2027. The initial exercise price of each Underwriters’ Warrant is $32.50 per share, which represents 130% of the public offering price. In connection with the July 22 and July 28 notes, the Company issued an aggregate of 41,124 and 27,655 warrants to purchase common stock at an exercise price of $15.20 and $11.30 per share, respectively. The warrants expire in July 2027. The following is a summary of warrant activity: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Common |  | Weighted
​ | ​ | Stock | ​ | Average
​ | ​ | Warrants | ​ | Exercise Price
Outstanding - December 31, 2021 | ​ | 35,801 | ​ | $ | 412.00
Granted | ​ | 96,313 | ​ |  | 30.71
Exercised | ​ | — | ​ | ​ | ​
Forfeited | ​ | — | ​ |  | ​
Outstanding - September 30, 2022 | ​ | 132,114 | ​ | $ | 134.13
Exercisable at September 30, 2022 | ​ | 104,459 | ​ | $ | 166.65
​ Stock Options As of September 30, 2022 and December 31, 2021, the Company had 38,951 stock options outstanding with a weighted average exercise price of $362.11 per share. As of September 30, 2022, there were 34,073 options exercisable. Stock-based compensation expense of $110,092 and $134,113 was recognized for the three months ended September 30, 2022 and 2021, and $368,944 and $4,155,641 was recognized for the nine months September 30, 2022 and 2021, respectively. During the nine months ended September 30,2022 and 2021, $43,196 and $5375,550 was recorded to sales and marketing expense, and all other stock compensation was included in general and administrative expense in the condensed consolidated statements of operations. Total unrecognized compensation cost related to non-vested stock option awards as of September 30, 2022 amounted to $688,092 and will be recognized over a weighted average period of 1.56 years.

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