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Stockholders' Equity | 6 Months Ended
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Jun. 30, 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 20,357,224 and 20,161,400 shares were issued and outstanding as of June 30, 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”). On May 14, 2024, we issued 24,763 shares to employees for $149,445 under our ESPP for options that vested and were exercised. We recorded expense of $41,397 and $65,440 related to the ESPP for the six months ended June 30, 2024 and 2023, respectively. On July 8, 2024, our stockholders approved our 2024 Employee Stock Purchase Plan (the “2024 ESPP”). The 2024 ESPP will become effective on November 15, 2024. Warrants – The following table summarizes the warrants issued and outstanding as of June 30, 2024:
Warrants Issued and Outstanding as of June 30, 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 |
Incentive Compensation Plan – In October 2012, we adopted our 2012 Incentive Compensation Plan, as amended (the “2012 Plan”), as the sole plan for providing equity-based incentive compensation to our employees, directors and service providers. The 2012 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance awards, and other incentive awards to our employees, directors and service providers. The purpose of the 2012 Plan is to attract and retain these individuals and further align their interests with the interests of our stockholders by linking their compensation with our performance. The 2012 Plan is administered by the compensation committee of our board of directors. On July 8, 2024, our stockholders approved the adoption of our 2024 Incentive Compensation Plan (the “2024 Plan”), which will replace the 2012 Plan for all future grants. Awards previously granted under the 2012 Plan are unaffected by the adoption of the 2024 Plan, and remain outstanding under the terms pursuant to which they were granted. The 2024 Plan allows for the grant of stock options (both nonqualified stock options and incentive stock options), stock appreciation rights, restricted stock, RSUs, bonus stock, dividend equivalents, other stock-based awards, and performance awards that may be settled in cash, stock, or other property. The purpose of our 2024 Plan is to assist us and our Designated Subsidiaries (as such term is defined in the 2024 Plan) in attracting, motivating, retaining, and rewarding high-quality executives and other employees, officers, directors, and individual consultants who provide services to us or our Designated Subsidiaries, by enabling such persons to acquire or increase a proprietary interest in our company in order to strengthen the mutuality of interests between such persons and our stockholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of stockholder value. Stock Options – We recorded stock option expense of $269,377 and $490,159 for the six months ended June 30, 2024 and 2023, respectively. The following table summarizes the stock option activity for the six months ended June 30, 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 |
Granted |  |  | 5,000 |  |  | $6.98 |  | $ | 6.98 |
Exercised |  |  | (171,061 | ) |  | $1.83 — $6.40 |  | $ | 3.59 |
Cancelled/Forfeited |  |  | (32,828 | ) |  | $1.83 — $23.20 |  | $ | 5.05 |
Outstanding at June 30, 2024 (Unaudited) |  |  | 2,670,124 |  |  | $1.17 — $11.60 |  | $ | 3.30 |
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 six months ended June 30, 2024, we granted 8,158 DSUs and recorded director compensation expense of $68,938 related to the grants. In addition, during the six months ended June 30, 2024, we granted 11,990 DSUs to certain employees and recorded compensation expense of $108,308, which includes an accrual of anticipated bonus expense to be paid in DSUs for certain employees. We had 251,783 and 231,635 DSUs outstanding at June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2023, we granted 3,245 DSUs and recorded director compensation expense of $19,865 related to the grants. In addition, during the six months ended June 30, 2023, we granted 14,089 DSUs to executive employees and recorded compensation expense of $85,286, which includes an accrual of anticipated bonus expense to be paid in DSUs for certain executive employees. 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 vesting terms ranging from one to three years. During the six months ended June 30, 2024, we recorded director compensation expense of $223,152 related to 2023 RSU grants. In addition, during the six months ended June 30, 2024, we recorded employee compensation expense of $8,565 related to RSU grants. We had 226,056 and 61,056 RSUs outstanding at June 30, 2024 and December 31, 2023, respectively. These RSUs were no t vested at June 30, 2024. There were no RSUs granted during the six months ended June 30, 2023.

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