XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.22.1

Stock-Based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 8 – Stock-Based Compensation Stock Incentive Plans The Co-Diagnostics, Inc. Amended and Restated 2015 Long Term Incentive Plan (the “Incentive Plan”) reserves an aggregate of 6,000,000 shares of common stock issuable upon the grant of awards under the Incentive Plan. The number of awards available for issuance under the Incentive Plan was 2,095,266 at March 31, 2022. Stock Options The following table summarizes option activity during the three months ended March 31, 2022: Schedule of Option Activity
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Fair Value |  |  | Weighted Average Remaining Contractual Life (Years) |
Outstanding at December 31, 2021 |  |  | 1,111,363 |  |  | $ | 2.12 |  |  | $ | 1.31 |  |  |  | 6.62 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Forfeited/Cancelled |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Exercised |  |  | (45,456 | ) |  |  | 1.10 |  |  |  | 0.51 |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 1,065,907 |  |  | $ | 2.17 |  |  | $ | 1.35 |  |  |  | 6.65 |
Exercisable at March 31, 2022 |  |  | 1,049,241 |  |  | $ | 2.05 |  |  | $ | 1.21 |  |  |  | 6.63 |
The total intrinsic value of options exercised during the three months ended March 31, 2022 was approximately $0.3 million. The aggregate intrinsic value of outstanding options at March 31, 2022 was approximately $4.5 million. Stock-based compensation cost is measured at the grant date based on the fair value of the award granted and recognized as expense over the vesting period using the straight-line method. The Company uses the Black-Scholes model to value options granted. As of March 31, 2022, there were 16,666 of unvested options and $37,241 of unrecognized stock-based compensation expense. The unrecognized stock-based compensation expense is expected to be recognized over 0.2 years. Restricted Stock Units The grant date fair value of RSUs granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the awards. The following table sets forth the outstanding RSUs and related activity for the three months ended March 31, 2022: Schedule of Outstanding Restricted Stock Units and Related Activity
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2021 |  |  | 1,267,415 |  |  | $ | 9.94 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (68,750 | ) |  |  | 10.23 |
Forfeited/Cancelled |  |  | - |  |  |  | - |
Unvested at March 31, 2022 |  |  | 1,198,665 |  |  | $ | 9.92 |
As of March 31, 2022, there was approximately $10.3 million of unrecognized stock-based compensation expense related to outstanding RSUs which is expected to be recognized over a weighted-average period of 2.1 years. Warrants The Company has issued warrants related to financings, acquisitions and as compensation to third parties for services provided. The Company estimates the fair value of issued warrants on the date of issuance as determined using a Black-Scholes pricing model. The Company amortizes the fair value of issued warrants using a vesting schedule based on the terms and conditions of each warrant if granted for services. The following table summarizes warrant activity during the three months ended March 31, 2022: Schedule of Warrant Activity
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Fair Value |  |  | Weighted Average Remaining Contractual Life (Years) |
Outstanding at December 31, 2021 |  |  | 526,281 |  |  | $ | 8.15 |  |  | $ | 4.01 |  |  |  | 4.7 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Forfeited/Cancelled |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Exercised |  |  | (50,000 | ) |  |  | 2.00 |  |  |  | 1.22 |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 476,281 |  |  | $ | 8.80 |  |  | $ | 2.82 |  |  |  | 4.8 |
The intrinsic value of warrants exercised during the three months ended March 31, 2022 and 2021 was approximately $0.3 million and $0, respectively. The aggregate intrinsic value of outstanding warrants at March 31, 2022 was approximately $0.1 million. The total number of warrants exercisable at March 31, 2022 are 20,000. The ability to exercise the approximately 456,000 warrants issued in connection with acquisitions in the prior year is contingent upon the achievement of certain development and revenue milestones on or before January 1, 2027. There was no unrecognized stock-based compensation expense related to warrants. Stock Issued for Services The Company has issued restricted stock to third parties for services provided. The grant date fair value of the restricted stock granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the stock awards. The Company issued 0 and 4,290 shares of restricted stock for services during the three months ended March 31, 2022 and 2021, respectively. There was no unrecognized stock-based compensation expense related to restricted stock issued. Stock-Based Compensation Expense The Company recognized stock-based compensation expense related to the types of awards discussed above as follows: Schedule of Recognized Stock-based Compensation Expense
|  | 2022 |  |  | 2021 |
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Options |  | $ | 40,874 |  |  | $ | 76,672 |
Restricted stock units |  |  | 1,334,223 |  |  |  | 1,396,440 |
Stock |  |  | - |  |  |  | 39,900 |
Total stock-based compensation expense |  | $ | 1,375,097 |  |  | $ | 1,513,012 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration