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Stock Compensation
 12 Months Ended
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.