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Common Stock Options and Restricted Stock Units (RSUs)
 12 Months Ended
Dec. 31, 2022
Common Stock Options and Restricted Stock Units (RSUs)  
Common Stock Options and Restricted Stock Units (RSU's)

Note 8 - Common Stock Options and Restricted Stock Units (RSUs)

 

Common Stock Options

 

Stock options are awarded to the Company’s employees, consultants and non-employee members of the board of directors under the Omnibus Plan and are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The aggregate fair value of these stock options granted by the Company during the year ended December 31, 2022 was determined to be $919,915 using the Black-Scholes-Merton option-pricing model based on the following assumptions: (i) volatility rate of 74% to 99%, (ii) discount rate of 0%, (iii) zero expected dividend yield, (iv) risk free rate of 1.37% to 4.36%, and (v) expected life of 8-10 years. A summary of option activity under the Company’s Omnibus Plan as of December 31, 2022, and changes during the year then ended, is presented below:

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term (Years)

 

Balance outstanding at December 31, 2021

 

 

262,481

 

 

$44.17

 

 

 

7.42

 

Granted

 

 

141,975

 

 

 

8.08

 

 

 

9.05

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

Cancelled or expired

 

 

(12,554 )

 

 

-

 

 

 

-

 

Balance outstanding at December 31, 2022

 

 

391,902

 

 

$31.47

 

 

 

7.41

 

Exercisable at December 31, 2022

 

 

180,742

 

 

$41.21

 

 

 

5.69