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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the Plan during the three and nine months ended September 30, 2022, is as follows:

 Summary of Option Activity 

		Shares				Weighted-Average Exercise Price per Share				Weighted-Average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding at December 31, 2021			523,285			$	6.00				9.94
Grants			342,999			$	1.82				9.91
Exercised			—
Forfeitures or expirations			—
Outstanding at March 31, 2022			866,284			$	4.35				9.78			$	182,900
Grants			17,517			$	1.46				7.78
Exercised			—
Forfeitures or expirations			—
Outstanding at June 30, 2022			883,801			$	4.29				9.49			$	24,800
Grants			27,032			$	1.29				9.95
Exercised			—
Forfeitures or expirations			(29,721	)		$	3.82
Outstanding at September 30, 2022			881,112			$	4.21				9.26			$	-
Options exercisable as of September 30, 2022			26,049
Options unvested as of September 30, 2022			855,063

Schedule of Fair Value Assumption

The Company’s stock options issued qualify for equity accounting treatment under ASC 718 and are measured at fair value as of their grant date accordingly. The fair value of the options were estimated using a Black-Scholes model. The assumptions that the Company used to estimate the grant-date fair value of stock options granted to employees during the nine-month period ending September 30, 2022, were as follows, shown on a weighted average basis:

 Schedule of Fair Value Assumption 

Risk-free interest rate			1.71	%
Weighted-average expected term (in years)			6.02
Expected volatility			1.12
Expected dividend yield			0	%

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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