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STOCKHOLDERS’ DEFICIT
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
STOCKHOLDERS’ DEFICIT

NOTE 6 - STOCKHOLDERS’ DEFICIT

 

Common Stock

 

During the three months ended March 31, 2023, the Company issued 9,644   shares of common stock for rounding of shares related to the Reverse Split.

 

Stock-Based Compensation

 

The Company adopted an Employee, Director and Consultant Stock Plan on June 17, 2016 (the “2016 Plan”). Pursuant to the 2016 Plan, the Company’s Compensation Committee may grant awards to any employee, officer, director, consultant, advisor or other individual service provider of the Company or any subsidiary. Due to an annual “evergreen” provision in the 2016 Plan, the number of shares reserved for future grants was increased by 184,260 and 142,457 in 2022 and 2021, respectively. As a result of these increases, as of March 31, 2023 and December 31, 2022, the aggregate number of shares of common stock available for awards under the 2016 Plan was 1,543,872 shares and 1,543,872 shares, respectively. Options issued under the 2016 Plan are exercisable for up to ten years from the date of issuance.

 

There were 1,357,466 options outstanding as of March 31, 2023. During the three months ended March 31, 2023, the Company issued no options.

 

 

The following is an analysis of the stock option grant activity under the Plan:

 

       Weighted
Average		   Weighted
Average		 
   Number   Exercise Price   Remaining Life 
Stock Options               
Outstanding December 31, 2022   1,357,466   $7.39    5.41 
Granted   -   $-    - 
Expired   -   $-    - 
Exercised   -   $-    - 
Outstanding March 31, 2023   1,357,466   $7.39    5.07 

 

A summary of the status of the Company’s nonvested options as of March 31, 2023, and changes during the three months ended March 31, 2023, is presented below:

Nonvested Options  Options   Weighted-Average
Exercise Price		 
Nonvested at December 31, 2022   118,187   $13.07 
Granted   -   $             - 
Vested   25,594   $10.11 
Forfeited   -   $- 
Nonvested at March 31, 2023   92,593   $13.89 

 

As of March 31, 2023, the Company had 1,357,466 shares issuable under options outstanding at a weighted average exercise price of $7.39 and an intrinsic value of $0.

 

The total number of options granted during the three months ended March 31, 2023 and 2022   was 0 and 50,000, respectively. The exercise price for these options was $4.84 per share.

 

The Company recognized compensation expense related to options issued of $166,707 and $215,346 for the three months ended March 31, 2023 and 2022, respectively, in which $51,526 and $176,949 is included in general and administrative expenses and $115,181 and $38,397 in research and development expenses, respectively. For the three months ended March 31, 2023 and 2022, $1,713 and $48,828 of the stock compensation was related to employees and $164,994 and $166,518 was related to non-employees, respectively.

 

As of March 31, 2023, the unamortized stock option expense was $1,175,966 with $6,853 being related to employees and $1,169,113 being related to non-employees. As of March 31, 2023, the weighted average period for the unamortized stock compensation to be recognized is 3.61 years.

 

Warrants:

 

A summary of warrant issuances are as follows:

       Weighted
Average		   Weighted
Average		 
   Number   Exercise Price   Remaining Life 
Warrants               
                
Outstanding December 31, 2022   1,537,158   $13.49    2.15 
Granted   -    -    - 
Expired   (482,092)   4.00    - 
Exercised   -    -    - 
Outstanding March 31, 2023   1,055,066   $17.82    2.81 

 

As of March 31, 2023, the Company had 1,055,066 shares issuable under warrants outstanding at a weighted average exercise price of $17.82 and an intrinsic value of $0.

 

The Company recognized compensation expense related to warrants issued of $0 and $20,433 during the three months ended March 31, 2023 and 2022, respectively.