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Stock Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
STOCK COMPENSATION | 8. STOCK COMPENSATION Stock Incentive Plans In 2018, the Company adopted the 2018 Stock Incentive Plan (the “2018 Plan”) for employees, consultants, and directors. The 2018 Plan, which is administered by the Company’s Board of Directors, permits the Company to grant incentive and nonqualified stock options for the purchase of common stock, and restricted stock awards. The maximum number of shares of common stock reserved for issuance under the 2018 Plan is 629,440. At December 31, 2022 there were 262,269 shares of common stock available for grant under the 2018 Plan. On July 6, 2021, the Company’s Board of Directors and stockholders approved and adopted the Bluejay Diagnostics, Inc. 2021 Stock Plan (the “2021 Plan”). A total of 1,960,000 shares of common stock were approved to be initially reserved for issuance under the 2021 Stock Plan. At December 31, 2022 there were 1,339,721 shares of common stock available for grant under the 2021 Plan. Stock Award Activity The following table summarizes the status of the Company’s non-vested restricted stock awards for years ended December 31, 2022:
|  | Non-vested Restricted Stock Awards |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2021 |  |  | - |  |  | $ | - |
Granted |  |  | 105,000 |  |  |  | 1.29 |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | (45,000 | ) |  |  | 1.29 |
Outstanding at December, 2022 |  |  | 60,000 |  |  | $ | 1.29 |
The following is a summary of stock option activity for the year ended December 31, 2022:
|  | Number of Stock Options |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2021 |  |  | 589,786 |  |  | $ | 1.86 |  |  |  | 8.3 |  |  | $ | 605,187 |
Granted |  |  | 236,279 |  |  |  | 1.80 |  |  |  |  |  |  |  |  |
Exercised |  |  | (62,944 | ) |  |  | 0.46 |  |  |  |  |  |  |  | 21,354 |
Cancelled and forfeited |  |  | (43,286 | ) |  |  | 1.86 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 719,835 |  |  | $ | 1.96 |  |  |  | 6.5 |  |  | $ | 20,578 |
Exercisable at December 31, 2022 |  |  | 495,101 |  |  | $ | 1.97 |  |  |  | 7.6 |  |  | $ | 20,578 |
The weighted average grant date fair value of options granted during the years ended December 31, 2022 and 2021 was $1.42 per share and $1.16 per share, respectively. The Company calculated the grant-date fair value of stock option awards granted during the years ended December 31, 2022 and 2021 using the Black-Scholes model with the following assumptions:
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 1.58% – 4.35% |  |  |  | 0.78% – 1.27% |
Expected dividend yield |  |  | 0.00% |  |  |  | 0.00% |
Volatility factor |  |  | 102.03% – 107.36% |  |  |  | 106.00% – 114.76% |
Expected life of option (in years) |  |  | 5.40 – 6.00 |  |  |  | 5.00 – 6.00 |
Stock-Based Compensation Expense For the years ended December 31, 2022 and 2021, the Company recorded stock-based compensation expense as follows:
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 64,352 |  |  | $ | 29,543 |
General and administrative |  |  | 367,702 |  |  |  | 17,315 |
Marketing and business development |  |  | 950 |  |  |  | 21,600 |
Total stock-based compensation |  | $ | 433,004 |  |  | $ | 68,458 |
At December 31, 2022, there was approximately $111,357 of unrecognized compensation expense related to non-vested stock option awards that are expected to be recognized over a weighted-average period of 2.2 years. At December 31, 2022, there was approximately $50,859 of unrecognized compensation expense related to non-vested restricted stock awards that are expected to be recognized over a weighted-average period of 2.1 years.

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