Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Stock-based Compensation

Note 4 - Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Text Block]

4.	Stock-Based Compensation

For the three-month periods ended March 31, 2022 and 2021, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was $184,850 and $121,298, respectively. We have not recorded any income tax benefit related to stock-based compensation in either of the three-month periods ended March 31, 2022 and 2021.

A summary of the status of our stock options as of March 31, 2022, and changes during the three-month period then ended, is presented below.

	Three Months Ended March 31, 2022
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding, January 1, 2022		919,790		$	5.67	6.5	$	—
Granted		2,500			0.97
Cancelled/Forfeited		(27,455	)		6.29
Expired		(6,185	)		64.17
Outstanding, March 31, 2022		888,650		$	5.23	6.3	$	—
Exercisable, March 31, 2022		634,485		$	6.73	5.1	$	—

The weighted average grant date fair value per stock option granted during the three-month period ended March 31, 2022 was $0.77. Key assumptions used in the Black-Scholes option pricing model for stock options granted during the three-month period ended March 31, 2022 were the Company’s stock price, an expected volatility rate of 99.92%, a risk-free rate of 1.69%, and an expected life of 6.25 years.

A summary of the status of our unvested restricted stock as of March 31, 2022, and changes during the three-month period then ended, is presented below.

	Three Months Ended March 31, 2022
	Number of Shares			Weighted Average Grant-Date Fair Value
Unvested, January 1, 2022		95,000		$	1.40
Vested		(2,500	)		2.28
Unvested, March 31, 2022		92,500		$	1.38

As of March 31, 2022, there was $161,015 of total unrecognized compensation expense related to unvested stock-based awards, which we expect to recognize over the remaining weighted average vesting term of 1.65 years.