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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders' Equity

12. Stockholders’ Equity

Preferred Stock – Our authorized preferred stock consists of 10,000,000 shares of preferred stock with a par value of $0.001, of which no shares have been issued or are outstanding.

Common Stock – Our authorized common stock consists of 200,000,000 shares of common stock with a par value of $0.001, of which 20,229,821 and 20,161,400 shares were issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.

Employee Stock Purchase Plan – On September 17, 2014, our stockholders approved our 2014 Employee Stock Purchase Plan (as amended, the “ESPP”). We recorded expense of $20,551 and $22,910 related to the ESPP for the three months ended March 31, 2024 and 2023, respectively.

Warrants – The following table summarizes the warrants issued and outstanding as of March 31, 2024:

Warrants Issued and Outstanding as of March 31, 2024

 

 

 

Date of

 

Exercise

 

 

Shares of

 

Description

 

Issuance

 

Expiration

 

 

 

 

Common Stock

 

Exercisable Warrants

 

10/19/2020

 

3/19/2028

 

$

1.50

 

 

 

500,000

 

Exercisable Warrants

 

10/19/2021

 

3/19/2028

 

$

1.50

 

 

 

350,000

 

Total warrants issued and outstanding (Unaudited)

 

 

 

 

 

850,000

 

Stock Options – We recorded stock option expense of $145,816 and $250,254 for the three months ended March 31, 2024 and 2023, respectively. The following table summarizes the stock option activity for the three months ended March 31, 2024:

 

 

Stock Options

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Exercise

 

Average

 

 

 

Number

 

 

Price Per

 

Exercise Price

 

 

 

of Shares

 

 

Share

 

Per Share

 

Outstanding at December 31, 2023

 

 

2,869,013

 

 

$1.17 — $23.20

 

$

3.33

 

Exercised

 

 

(68,421

)

 

$3.83  — $6.40

 

$

4.79

 

Cancelled/Forfeited

 

 

(30,328

)

 

$1.83  — $6.30

 

$

3.55

 

Outstanding at March 31, 2024 (Unaudited)

 

 

2,770,264

 

 

$1.17 — $23.20

 

$

3.29

 

 

Deferred Stock Units – Nonemployee directors can elect to receive all or a portion of their annual retainers in the form of deferred stock units (“DSUs”). The DSUs are recognized at their fair value on the date of grant. Each DSU represents the right to receive one share of our common stock following the completion of a director’s service. During the three months ended March 31, 2024, we granted 2,772 DSUs and recorded director compensation expense of $20,598 related to the grants. In addition, during the three months ended March 31, 2024, we granted 1,195 DSUs to executive employees and recorded compensation expense of $58,329, which includes an accrual of anticipated bonus expense to be paid in DSUs for certain executive employees. We had 235,602 and 231,635 DSUs outstanding at March 31, 2024 and December 31, 2023, respectively.

Restricted Stock Units - Restricted Stock Units (“RSUs”) are recognized at their fair value on the date of grant. Each RSU represents the right to receive one share of our common stock once fully vested. All outstanding unvested RSUs currently have one year vesting terms. During the three months ended March 31, 2024, we recorded director compensation expense of $111,576 related to 2023 RSU grants. We had 61,056 RSUs outstanding at March 31, 2024 and December 31, 2023. These RSUs were not vested at March 31, 2024.