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STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

Note 8 – STOCKHOLDERS’ EQUITY

 

In May 2023, we completed a $4,000,000 registered direct offering of shares of our common stock, pursuant to which an aggregate 20,000,000 shares of our common stock were issued. In addition, we granted the placement agent warrants to purchase 600,000 shares of our common stock. We have used the net proceeds from the offering to repay $2.0 million in outstanding principal of short-term indebtedness and for general corporate purposes.

 

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, 2023   36,397,521   $2.45    -            - 
Granted   3,636,656    0.40    -    - 
Exercised   (1,040,817)   0.48    -    - 
Expired or cancelled   (4,118,830)   3.13    -    - 
Outstanding at June 30, 2023   34,874,530   $2.20    5.44   $- 
Exercisable at June 30, 2023   21,316,650   $1.76    3.68   $- 

 

 

Total compensation expense related to the options was $3,363,719 and $3,572,189 for the three months ended June 30, 2023 and 2022, respectively, and $8,635,778 and $8,179,332 for the six months ended June 30 2023 and 2022, respectively. As of June 30, 2023, there was future compensation expense of $27,068,138 with a weighted average recognition period of 2.35 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, 2023   144,200   $5.00    4.06   $        - 
Granted   600,000    0.25    5.00    - 
Exercised   -    -    -    - 
Expired or cancelled   -    -    -    - 
Outstanding at June 30, 2023   744,200   $1.17    4.37   $- 
Exercisable at June 30, 2023   744,200   $1.17    4.37   $-