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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

NOTE 9 – STOCK-BASED COMPENSATION

 

Stock-based compensation expense for the nine months ended September 30, 2022, and 2021 was $1,860,767 and $1,096,441, respectively, based on the vesting schedule of the stock grants and options. Stock-based compensation expense for the three months ended September 30, 2022 and 2021 was $96,767 and $506,034, respectively, based on the vesting schedule of the stock grants and options. No cash flow effects are anticipated for stock grants.

 

The following schedule shows stock grant activity for the nine months ended September 30, 2022:

 

    

Number of

shares

 
     
Grants unissued as of December 31, 2021   153,673 
      
Issued   542,584 
Forfeiture/Cancelled   (139,226)
Grants Vested   (62,172)
Grants unissued as of September 30, 2022   494,859 

 

 

As of September 30, 2022, the Company has $2.3 million in unrecognized stock-based compensation expense related to these stock grants.

 

The following schedule shows stock option activity for the nine months ended September 30, 2022.

 

   Number of Shares  

Weighted

Average

Remaining

Life (Years)

  

Weighted

Average

Exercise

Price

 
Stock options outstanding as of December 31, 2021   641,337    7.55   $6.27 
Issued   76,246    

9.20

   $10.48 
Forfeiture/Expired   (40,982)   6.81   $6.05 
Exercised   (4,555)   -   $6.00 
Stock options outstanding as of September 30, 2022   672,046    7.83   $6.76 
Stock options exercisable as of September 30, 2022   462,798    7.01   $5.66 

 

The fair value of the options is calculated using the Black-Scholes pricing model based on the market value of the underlying common stock at the valuation measurement date of $10.48, the remaining contractual term of the options of 10 years, risk-free interest rate of 1.61% and expected volatility of the price of the underlying common stock of 100%.

 

As of September 30, 2022, the Company has $0.3 million in unrecognized stock-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable at September 30, 2022 is $0.