v3.22.2.2

Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity |
Stockholders' Equity | Note 12. Stockholders’ Equity Warrants The following table represents the activity related to the Company’s warrants during the nine months ended September 30, 2022. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Exercise
​ | ​ | No. of Warrants | ​ | price range
December 31, 2021 | ​ | 37,817,694 | ​ | $ | 0.525 - 6.566
Granted | ​ | — | ​ | $ | ​
Exercised | ​ | — | ​ | $ | ​
Expired | ​ | (20,693,643) | ​ | $ | 3.02 - 6.566
September 30, 2022 | ​ | 17,124,051 | ​ | $ | 1.7 - 2.125
​ Share Repurchase Program On August 31, 2021, the Company’s board of directors initially authorized a stock repurchase program that permitted the purchase and repurchase of up to 15 million shares of its common stock through September 15, 2022. In May 2022, the Board increased the share repurchase program by an additional 10 million shares and extended its effectiveness through September 15, 2023. Under this stock repurchase program, management has discretion in determining the conditions under which shares may be purchased from time to time. The program does not require us to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. Under the program, the Company purchased and retired 19,526,706 shares for $23,789 during the nine months ended September 30, 2022. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. ​ Stock-based Compensation In September 2020, the Board of Directors approved a new stock-based compensation plan available to grant stock options, restricted stock and Restricted Stock Units (“RSU’s”) aggregating to 5,000,000 shares of Common Stock, to the Company’s directors, employees and consultants. Shareholder approval of the plan was subsequently obtained on October 28, 2020. On October 4, 2022, the amendment to the Company’s 2020 Equity Incentive Plan to increase the number of shares authorized for issuance under the Plan by 7,500,000 shares of Common Stock was approved. Under the 2020 Equity Incentive Plan (the “2020 Plan”), a maximum of 7,353,289 shares of Common Stock may be issued. The Company’s previous Employee, Director and Consultant Equity Incentive Plan (the “2012 Plan”) was terminated upon receipt of shareholder approval of the 2020 Plan. ​ Awards granted under the 2012 Plan remain in effect pursuant to their terms. Generally, stock options are granted with exercise prices equal to the fair market value on the date of grant, vest in four equal quarterly installments, and expire 10 years from the date of grant. RSU’s granted generally vest over a period of one year. In September 2020, XpresTest created a stock-based compensation plan available to grant stock options, Restricted Stock Awards (“RSAs”) and RSU’s to XpresTest’s directors, employees and consultants. Under the XpresTest 2020 Equity Incentive Plan (the “XpresTest Plan”), a maximum of 200 shares of XpresTest common stock may be awarded, which would represent 20% of the total number of shares of common stock of XpresTest as of September 30, 2022. Certain named executive officers, consultants, and directors of the Company are eligible to participate in the XpresTest Plan. The XpresTest Plan RSAs vest upon satisfaction of certain service and performance-based conditions. The fair value of the XpresTest Plan RSAs is determined based on the weighted average of (i) Fair Value of XpresTest under the Indirect Valuation Method developing assumptions for XWELL’s Net Market Cap and XWELL’s standalone Fair Value, and (ii) Direct Valuation Method developing assumptions for XpresTest Representative Forecasted Revenue for 2021 and Peer companies Revenue’s Multiple. As of September 30, 2022, there is $214 of unrecognized stock-based compensation related to the XpresTest Plan. ​ The fair value of stock options is estimated as of the date of grant using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model. The Company uses the simplified method to estimate the expected term of options due to insufficient history and high turnover in the past. ​ The following variables were used as inputs in the model: ​
​ | ​ | ​ | ​ | ​
Share price of the Company’s Common Stock on the grant date: | ​ | $ | 0.78 - 1.64 | ​
Exercise price: | ​ | $ | 0.78 - 1.64 | ​
Expected volatility: | ​ |  | 123.45 | %
Expected dividend yield: | ​ |  | 0 | %
Annual average risk-free rate: | ​ |  | 1.62 - 3.24 | %
Expected term: | ​ |  | 6.43 | years
​ Total stock-based compensation for the three months ended September 30, 2022 and 2021 is $483 and $819, respectively, and for the nine months ended September 30, 2022 and 2021 is $3,294 and $2,152, respectively. The Company had $2,831 and $2,088 of unrecognized stock-based compensation related to the XWELL Stock Options, as of September 30, 2022 and December 31, 2021, respectively. During October 2022, the Company granted 375,000 RSUs and 150,000 Stock Options to its certain executives. The following table sets forth the Company’s Equity Incentive activities for the nine months ended September 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSUs | ​ | XpresTest RSAs | ​ | Stock options
​ |  | ​ |  | Weighted |  | ​ |  | Weighted |  | ​ |  | Weighted |  | ​ | ​
​ | ​ | ​ | ​ | average | ​ | ​ | ​ | average | ​ | ​ | ​ | average | ​ | Exercise
​ | ​ | No. of | ​ | grant date | ​ | No. of | ​ | grant date | ​ | No. of | ​ | exercise | ​ | price
​ | ​ | RSUs | ​ | fair value | ​ | RSAs | ​ | fair value | ​ | options | ​ | price | ​ | range
Outstanding as of December 31, 2021 | ​ | 600,000 | ​ | $ | 1.63 | ​ | — | ​ | $ | — | ​ | 2,826,871 | ​ | $ | 2.57 | ​ | $ | 1.19 - 2,460
Granted | ​ | 156,250 | ​ | ​ | 1.28 | ​ | 15.0 | ​ | ​ | 56,890 | ​ | 2,200,338 | ​ | ​ | 1.51 | ​ | ​ | 0.78 - 1.64
Exercised/Vested | ​ | (717,186) | ​ | ​ | 1.57 | ​ | (10.0) | ​ | ​ | 61,550 | ​ | — | ​ | ​ | — | ​ | ​ | ​
Forfeited | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | (245,027) | ​ | ​ | 1.55 | ​ | ​ | 1.43-3.82
Expired | ​ | — | ​ |  | — | ​ | — | ​ | ​ | — | ​ | (68,819) | ​ | ​ | 8.23 | ​ | ​ | 1.44-2,232
Outstanding as of September 30, 2022 | ​ | 39,064 | ​ | $ | 1.28 | ​ | 5.0 | ​ | $ | 47,570 | ​ | 4,713,363 | ​ | $ | 2.04 | ​ | $ | 0.78 - 2,460
Exercisable as of September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,955,823 | ​ | $ | 2.62 | ​ | $ | 0.78 - 2,460
​

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