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STOCKHOLDERS’ EQUITY
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

Note 9 – STOCKHOLDERS’ EQUITY

 

On June 14, 2022, our Board of Directors approved and recommended that our stockholders approve (a) an amended and restated certificate of incorporation to, among other things, (i) increase our authorized shares of common stock from 250,000,000 to 300,000,000 and (ii) authorize the issuance of 50,000,000 shares of preferred stock, par value $0.00001 per share; and (b) increase the number of shares authorized for issuance under our 2019 Equity Incentive Plan from 25,000,000 to 60,000,000. On June 27, 2022, stockholders holding approximately 61.96% of our outstanding voting stock executed a written consent in lieu of a special meeting of stockholders approving such amended and restated certificate of incorporation and equity plan amendment (the “Written Consent”). Pursuant to Rule 14c-2 of the Exchange Act, such amended and restated certificate of incorporation became effective on August 8, 2022 and such equity plan amendment became effective on August 7, 2022.

 

Options

 

We granted stock options vesting solely upon the continued service of the recipient. We recognize the accounting grant date fair value of equity-based awards as compensation expense over the required service period of each award.

 

 

The following table summarizes stock option activity:

 

   Shares  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contractual

Life

(in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2022   31,372,148   $1.84    -   $- 
Granted   13,745,513    3.40    -    - 
Exercised   (2,459,809)   0.55    -    - 
Expired or cancelled   (7,801,564)   3.12    -    - 
Outstanding at September 30, 2022   34,856,288    2.30    5.74    39,981,362 
Exercisable at September 30, 2022   18,189,900   $1.05    3.55   $35,988,384 

 

Total compensation expense related to the options was $2,252,716 and $1,251,635 for the three months ended September 30, 2022 and 2021, respectively, and $10,432,048 and $2,981,523 for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was future compensation expense of $49,608,286 with a weighted average recognition period of 3.12 years related to the options.

 

Warrant Activity Summary

 

The following table summarizes warrant activity:

 

   Shares  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contractual

Life

(in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2022   -   $-    -   $       - 
Granted   144,200    5.00    4.26    - 
Exercised   -    -    -    - 
Expired or cancelled   -    -    -    - 
Outstanding at September 30, 2022   144,200    5.00    4.26    - 
Exercisable at September 30, 2022   144,200   $5.00    4.26   $-