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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Based Compensation | Stock Based Compensation On January 3, 2023, the Company effected a 1-for-15 reverse stock split for its Common Stock. All Common Stock share information in the following stock-based compensation discussion and tables are shown as adjusted for this stock split retrospectively for all periods represented herein. 2019 Equity Incentive Plan On December 19, 2019, the Oblong, Inc. 2019 Equity Incentive Plan (the “2019 Plan”) was approved by the Company’s stockholders at the Company’s 2019 Annual Meeting of Stockholders. The 2019 Plan is an omnibus equity incentive plan pursuant to which the Company may grant equity and cash incentive awards to certain key service providers of the Company and its subsidiaries. As of December 31, 2022, the share pool available for new grants under the 2019 Plan is 177,567. Stock Options On June 28, 2021, the Company granted 20,000 stock options to certain employees. These options have a term of 10 years, vest equally over 3 years, 1/3 upon each anniversary of the grant date, and have an exercise price of $48.75 per share. Using the Black-Scholes option pricing model, the options were determined to have a fair value of $744,000 which is being expensed ratably over the vesting term. No stock options were granted during the year ended December 31, 2022. The fair value of each stock option granted was estimated using the following assumptions:
| June 28, 2021
Risk free interest rate | 0.47%
Expected option lives | 3 years
Expected volatility | 1.36
Estimated forfeiture rate | —
Expected dividend yields | —
Weighted average grant date fair value of options | $37.20
A summary of stock options expired and forfeited under our plans and options outstanding as of, and changes made during, the years ended December 31, 2022 and 2021 is presented below:
| Outstanding |  | Exercisable
| Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price
Options outstanding and exercisable, December 31, 2020 | 7,169 |  |  | $ | 294.63 |  |  | 7,169 |  |  | $ | 294.63 |
Granted | 20,000 |  |  | 48.75 |  |  |  |  |
Options outstanding and exercisable, December 31, 2021 | 27,169 |  |  | 113.63 |  |  | 7,169 |  |  | 294.63 |
Vested | — |  |  | — |  |  | 3,332 |  |  | 48.75 |
Expired | (501) |  |  | 410.18 |  |  | (501) |  |  | 410.18 |
Forfeited | (10,000) |  |  | 48.75 |  |  | — |  |  | — |
Options outstanding and exercisable, December 31, 2022 | 16,668 |  |  | $ | 143.63 |  |  | 10,000 |  |  | $ | 206.85 |
Additional information as of December 31, 2022 is as follows:
|  | Outstanding Exercisable |  | Exercisable
Range of price |  | Number of Options |  | Weighted Average Remaining Contractual Life (In Years) |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price
$0.00 – $100.00 |  | 10,000 |  |  | 8.50 |  | $ | 48.75 |  |  | 3,332 |  |  | $ | 48.75 |
$100.01 – $200.00 |  | 167 |  |  | 0.50 |  | 135.00 |  |  | 167 |  |  | 135.00 |
$201.01 – $300.00 |  | 6,501 |  |  | 0.17 |  | 289.77 |  |  | 6,501 |  |  | 289.77 |
|  | 16,668 |  |  | 3.06 |  | $ | 143.63 |  |  | 10,000 |  |  | $ | 206.85 |
The intrinsic value of vested and unvested options were not significant for all periods presented. Net stock compensation expense, related to stock options, for the year ended December 31, 2022 was $61,000, made up of $146,000 in expense offset by $85,000 related to forfeiture credits. There was $125,000 stock compensation expense, recorded as a component of General and Administrative expense and a net credit of $64,000 recorded as a component of Research and Development expense, related to stock options for the year ended December 31, 2022. As of December 31, 2022, there was $185,000 remaining as unrecognized stock-based compensation expense for options, which will be recognized over a weighted average period of 1.50 years. The recognized stock-based compensation expense for options for the year ended December 31, 2021 was $126,000. Restricted Stock Awards As of December 31, 2022 and 2021, there were 42 unvested restricted stock awards outstanding, with a weighted average grant date price of $235.87. The awards were issued in 2014 and vest over the lesser of ten years, a change in control, or separation from the company. Due to the variability of the vesting, the expense was amortized over an average service period of five years; therefore, there is no stock-based compensation expense for restricted stock awards for the years ended December 31, 2022 and 2021. Restricted Stock Units On August 18, 2021, the Company granted 13,334 restricted stock units (“RSUs”) to certain board members. These RSUs vested immediately upon issuance. The price per share of the Company’s common stock was $32.85 on the grant date, resulting in a total fair value of $438,000 which was included in general and administrative expense, as stock-based compensation expense, upon issuance. No RSUs were granted during the year ended December 31, 2022 and there was no stock compensation expense related to RSUs for the year ended December 31, 2022. There was no remaining unrecognized stock-based compensation expense for RSUs at December 31, 2022. As of December 31, 2022 and 2021, there were no unvested RSUs outstanding and 1,929 vested RSUs remain outstanding as shares of common stock have not yet been delivered for these units in accordance with the terms of the RSUs. Restricted Series D Preferred Stock In connection with the acquisition of Oblong Industries, all options to purchase shares of Oblong Industries’ common stock held by existing employees of Oblong Industries were canceled and exchanged for an aggregate of 49,967 restricted shares of Series D Preferred Stock (“Restricted Series D Preferred Stock”), which were subject to vesting over a two-year period following the Closing Date. This vesting period and compensation expense were accelerated, in February 2021, when the Restricted Series D shares were converted to shares of Common Stock. Refer to Note 11 - Preferred Stock for discussion on the conversion of the Series D Restricted Preferred Stock. Stock-based compensation expense relating to Restricted Series D Preferred Stock is allocated as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Research and development | $ | — |  |  | $ | 17 |
Sales, general and administrative | — |  |  | 16 |
| $ | — |  |  | $ | 33 |
During the years ended December 31, 2022 and 2021, 81 and 28,618 shares of Restricted Series D Preferred Stock were forfeited, respectively and no shares were outstanding and there was no remaining unrecognized stock-based compensation related to Restricted Series D Preferred Stock as of December 31, 2022.

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