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Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Equity Incentive Plans

A total of 4,000,000 shares of common stock are eligible for issuance under the Company’s 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of any or all of the following types of awards: stock options (incentive or non-qualified), restricted stock, restricted stock units, performance awards, or cash awards. The 2021 Plan is administered by the Company’s Board of Directors, or, at the Board’s discretion, a committee of the Board.

In addition, stock-based awards (including options, warrants, and restricted stock) previously granted under the Company’s 2011 Equity Incentive Plan (the “2011 Plan”) remain outstanding and shares of common stock may be issued to satisfy options or warrants previously granted under the 2011 Plan, although no new awards may be granted under the 2011 Plan.

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation - Stock Compensation,” by recognizing the fair value of stock-based compensation as an operating expense over the service period of the award or term of the corresponding contract, as applicable. Forfeitures are accounted for as a reduction of compensation cost in the period when such forfeitures occur. For stock option awards for which vesting is contingent upon the achievement of certain performance targets, the timing and amount of compensation expense recognized is based upon the Company’s projections and estimates of the relevant performance metric(s) until the time the performance obligation is satisfied. Expense for such awards is recognized only to the extent that the achievement of the specified performance target(s) has been met or is considered probable.

Total expense recognized in the current quarter and prior year quarter for all forms of stock-based compensation was approximately $0.06 million and $0.03 million, respectively. Of the current quarter expense amount, substantially all of the expense related to directors and consultants, and was recorded within other selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Of the prior year quarter expense amount, approximately $0.01 million related to employees and was recorded within salaries, benefits and expenses, while approximately $0.02 million related to directors and consultants and was recorded within other selling, general and administrative expenses.

Stock Options

A summary of the Company’s stock options activity for the current quarter is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	​	​	​	Average	​	​	​
​	​	​	​	Weighted		​	Remaining	​	​	​
​	​	​	​	Average		​	Contractual	​	Aggregate
​	​	Number of	​	Exercise		​	Life	​	Intrinsic
​		Options		Price			(in Years)		Value
Outstanding at January 1, 2023		5,614,310	​	$	2.12		4.76	​	$	—
Granted		—	​		—			​
Canceled		—	​		—			​
Exercised		—	​		—			​
Expired/Forfeited		(245,530)	​		3.84			​
Outstanding at March 31, 2023, and expected to vest		5,368,780	​	$	2.04		4.69	​	$	—
Exercisable at March 31, 2023		1,671,280	​	$	2.76		2.22	​	$	—

​

Compensation expense related to stock options for the current quarter and the prior year quarter was approximately $0.03 million and $0.02 million, respectively. Total unrecognized compensation expense related to unvested stock options at March 31, 2023 was approximately $0.06 million and is expected to be recognized over a weighted average period of approximately 1.01 years.

A summary of the Company’s non-vested stock options activity for the current quarter is as follows:

​

​	​	​	​	​	​
​		​		Weighted
​	​	​	​	Average
​	​	Number of	​	Grant Date
​		Options		Fair Value
Balance at January 1, 2023		3,697,500	​	$	0.05
Granted		—	​		—
Vested		—	​	​	—
Forfeited or Canceled		—	​		—
Balance at March 31, 2023		3,697,500	​	$	0.05

​

Warrants

A summary of the Company’s warrants activity for the current quarter is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	​	​	​	Average	​	​	​
​	​	​	​	Weighted		​	Remaining	​	​	​
​	​	​		Average			Contractual	​	Aggregate
​	​	Number of	​	Exercise			Life	​	Intrinsic
​		Warrants		Price			(in Years)		Value
Outstanding and exercisable at January 1, 2023		116,065	​	$	3.15		1.57	​	$	—
Granted		—	​		—		​	​
Canceled		—	​		—		​	​
Exercised		—	​		—		​	​
Expired/Forfeited		—	​		—		​	​
Outstanding and exercisable at March 31, 2023		116,065	​	$	3.15		1.32	​	$	—

​

No compensation expense related to warrants was recognized in the current quarter or prior year quarter.

Stock Awards

A summary of the Company’s restricted stock activity for the current quarter is as follows:  

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	Number of	​	Average
​	​	Restricted	​	Grant Date
​		Shares		Fair Value
Outstanding at January 1, 2023		333,333	​	$	3.71
Granted		8,334	​		0.75
Canceled		—	​		—
Vested		(8,334)	​		0.75
Expired/Forfeited		—	​		—
Outstanding at March 31, 2023		333,333	​	$	3.71

​

On January 1, 2023, the Company issued 8,334 shares of common stock to a consultant, which vested immediately.

Compensation expense related to stock awards was approximately $0.03 million for the current quarter and approximately $0.01 million for the prior year quarter. Total unrecognized compensation expense related to unvested restricted stock grants at March 31, 2023 was approximately $0.04 million and is expected to be recognized over a weighted average period of approximately 1.04 years.

Restricted Stock Units

There were no restricted stock units outstanding as of March 31, 2023 and December 31, 2022, and no restricted stock units have been issued since the inception of the 2021 Plan.

Shares Available Under the Company’s Equity Incentive Plans

As of March 31, 2023, there were 3,321,075 shares of common stock available for award grants under the 2021 Plan.

Shares Reserved for Issuance

As of March 31, 2023, there were 8,805,920 shares of common stock reserved for issuance, including 5,484,845 shares reserved pursuant to unexercised warrants and stock options previously granted under the 2011 Plan, 376,850 shares reserved pursuant to unexercised stock options granted under the 2021 Plan, and 3,321,075 shares available for issuance under the 2021 Plan.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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