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Stock Options and Awards
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Options and Awards

11. Stock Options and Awards

 

On October 12, 2017, the Company adopted the 2017 Stock Compensation Plan authorizing the issuance of 1,435,652 shares of common stock. On September 13, 2019 the Company entered into a Stock Option Cancellation agreement with all holders of these stock options effective on that date.

 

This plan was then amended on September 13, 2019, to increase the share amount to 2,638,788. This plan was enacted to enable the Company to retain the services of certain key employees, officers, and directors of the Company. The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs and restricted stock, and they were estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

   Assumptions as of December 31, 2023 
   Fully Vested 
Number of Shares   1,319,394 
Stock price  $2.67 
Exercise price  $6.94 
Expected term   5.75 years 
Expected volatility   31.90%
Risk-free interest rate   3.84%
Dividend rate   0%

 

 

Neuraxis, Inc.

Notes to Financial Statements

 

The following is a summary of stock option activity for the years ended December 31, 2023 and 2022:

 

   Number of Options   Weighted Avg. Remaining Contractual Life (in years)   Weighted Avg. Exercise Price   Aggregate Intrinsic Value 
Outstanding as of January 1, 2022   1,319,394    7.69   $6.94   $— 
Granted   —                
Forfeited   —                
Cancelled/Expired   —                
Exercised   —                
Outstanding as of December 31, 2022   1,319,394    6.69   $6.94   $— 
Granted   —                
Forfeited   —                
Cancelled/Expired   —                
Exercised   —                
Outstanding as of December 31, 2023   1,319,394    5.69   $6.94   $— 
Vested and Exercisable as of December 31, 2023   1,319,394    5.69   $6.94   $— 

 

Stock-based compensation expense is classified in the Company’s statements of operations as general and administrative expense. The amounts were $0 and $27,319 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, there was no unrecognized compensation expense related to unvested options granted under the Company’s share-based compensation plans.