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Note 12 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

12. Stockholders’ Equity

 

Shares issued

 

During the nine months ended September 30, 2021, the Company issued 2,005,258 shares of common stock upon vesting of Restricted Stock Units ("RSUs") granted by the Company to management and employees. 

 

During the nine months ended September 30, 2021, the Company issued, when the five-day average of closing prices for the Company’s common stock was $3.95 per share, 5,371 shares of the Company’s common stock pursuant to a cashless exercise of a warrant for 10,350 shares of the Company’s common stock with an exercise price of $1.90 per share.

 

During the nine months ended September 30, 2021, the Company issued, when the five-day average of closing prices for the Company’s common stock was $6.20 per share, 60,219 shares of the Company’s common stock pursuant to a cashless exercise of a warrant for 86,778 shares of the Company’s common stock with an exercise price of $1.90 per share.

 

During the nine months ended September 30, 2021, the Company issued 95,491 shares of common stock upon vesting of RSUs granted to Board members.

 

During the nine months ended September 30, 2021, the Company issued 375,000 shares of common stock pursuant to the Series A Preferred Stock Purchase Agreement, with LINICO, dated February 15, 2021.

 

During the nine months ended September 30, 2021, the Company issued 347,901 shares of common stock upon stock option exercises.

 

During the nine months ended September 30, 2021, the Company issued 2,473,359 shares of common stock pursuant to the At The Market Issuance Sales Agreement for net proceeds of $9.3 million.

 

Stock-based compensation

 

The stock-based compensation expense was allocated as follows:

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Cost of product sales

 $14  $23  $61  $67 

Research and development cost

  11   24   64   124 

General and administrative expense

  375   473   1,573   1,841 

Total

 $400  $520  $1,698  $2,032 

 

There were no options issued during the three and nine months ended September 30, 2021 or the three and nine months ended September 30, 2020.

 

Restricted stock units

 

In February 2021, the Company granted 25,000 RSUs, all of which were subject to vesting, with a grant fair value of $151,500 to a contractor. The shares vest in three tranches 1) upon the signing of a licensing agreement 2) delivery of a final engineering package, and 3) full handover of project to site owner. No shares vested during the nine months ended September 30, 2021.

 

In  May 2021, the Company granted 81,883 RSUs, all of which were subject to vesting, with a grant fair value of $235,000 to Board members. The shares vest in twelve equal installments over a one-year period. 34,118 shares vested during the nine months ended September 30, 2021.

 

In September 2021, the Company granted 12,111 RSUs, all of which were subject to vesting, with a grant fair value of $25,000 to employees. The shares vest in six equal installments over a three-year period. No shares vested during the nine months ended September 30, 2021.