XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.2

Stock Options

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Stock Options

10. Stock Options

In March 2023, the Company’s Board of Directors and stockholders approved the 2023 Stock Incentive Plan (“2023 Plan”).The 2023 Plan allows the Committee to grant up to 2,000,000 shares of Common Stock in the form of incentive and non-statutory stock options, restricted stock awards, restricted stock units, and other stock-based awards to employees, directors, and non-employees. As of June 30, 2023, there were no awards issued under the 2023 Plan.

During 2016, the Company established the Azitra Inc. 2016 Stock Incentive Plan (the Plan) which provides for the granting of stock options and restricted shares to the Company’s employees, officers, directors, advisors and consultants. There were 1,490,595 shares available for granting under the Plan at December 31, 2022. Options vest over varying time frames.

During the three and months ended June 30, 2023 and 2022, the Company did not grant any stock options to acquire shares of common stock. During the three and six months ended June 30, 2023, the Company recognized stock compensation expense of $38,974 and $77,588, respectively, relating to the issuance of service-based stock options. During the three and six months ended June 30, 2022, the Company recognized stock compensation expense of $53,826 and $110,809, respectively, relating to the issuance of service-based stock options. At June 30, 2023, there was $350,197 of unamortized compensation expense that will be amortized over the remaining vesting period. At June 30, 2023 and 2022, there were 13,120 performance-based options outstanding with a fair value of $109,551. During the three and six months ended June 30, 2023 and 2022, the Company did not recognize any compensation expense for performance-based options. The Company determined the options qualified as plain vanilla under the provisions of SAB 107 and the simplified method was used to estimate the expected option life.

The following table summarizes information about options outstanding and exercisable at June 30, 2023:

Schedule of Information about Options Outstanding and Exercisable 

				Options Outstanding										Options Exercisable
Exercise Price				Number of Options at 6/30/2023				Weighted Average Remaining Contractual Life		Weighted Average Exercise Price				Number of Options at 6/30/2023				Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$	0.48				246,137			2.5 years		$	0.48				246,137			2.6 years		$	0.48
$	0.93				202,040			2.5 years		$	0.93				198,290			2.5 years		$	0.93
$	1.70				812,504			7.8 years		$	1.70				518,227			7.6 years		$	1.70
					1,260,681										962,654

AZITRA, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For The Three and Six Months Ended June 30, 2023 and 2022

Total stock option activity for the six months ended June 30, 2023 is summarized as follows:

Schedule of Stock Option Activity 

		Shares				Weighted Average Exercise Price
Outstanding at December 31, 2022			1,290,325			$	1.27
Granted			-				-
Exercised			-				-
Forfeited			(29,644	)			0.93
Outstanding at June 30, 2023			1,260,681			$	1.28

There are 229,914 shares available for future grant under the Plan at June 30, 2023.

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 825
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//825/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-32

+ Details

Name:	us-gaap_FairValueOptionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration