Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Stock-based Compensation

v3.22.2.2
Note 4 - Stock-based Compensation
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

4.

Stock-Based Compensation

 

For the three-month periods ended September 30, 2022 and 2021, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was $41,052 and $108,157, respectively. For the nine-month periods ended September 30, 2022 and 2021, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was $266,456 and $371,635, respectively. We have not recorded any income tax benefit related to stock-based compensation in any of the three-month or nine-month periods ended September 30, 2022 and 2021.

 

A summary of the status of our stock options as of September 30, 2022, and changes during the nine-month period then ended, is presented below.

 

   

Nine Months Ended September 30, 2022

 
   

Number of

Options

   

Weighted

Average

Exercise

Price

   

Weighted

Average

Remaining

Contractual

Life (in years)

   

Aggregate

Intrinsic

Value

 

Outstanding, January 1, 2022

    919,790     $ 5.67       6.5     $  

Granted

    12,500       0.83                  

Cancelled/Forfeited

    (152,455

)

    2.38                  

Expired

    (73,755

)

    22.96                  

Outstanding, September 30, 2022

    706,080     $ 4.48       5.7     $  

Exercisable, September 30, 2022

    532,749     $ 5.45       4.7     $  

 

The weighted average grant date fair value per stock option granted during the nine-month period ended September 30, 2022 was $0.65. Key assumptions used in the Black-Scholes option pricing model for stock options granted during the nine-month period ended September 30, 2022 were the Company’s stock price, an expected volatility rate of 93.94%, a risk-free rate of 2.34%, and an expected life of 6.25 years. 

 

A summary of the status of our unvested restricted stock as of September 30, 2022, and changes during the nine-month period then ended, is presented below.

 

   

Nine Months Ended

September 30, 2022

 
   

Number of

Shares

   

Weighted

Average

Grant-Date

Fair Value

 

Unvested, January 1, 2022

    95,000     $ 1.40  

Vested

    (5,000

)

    1.96  

Unvested, September 30, 2022

    90,000     $ 1.37  

 

As of September 30, 2022, there was $106,476 of total unrecognized compensation expense related to unvested stock-based awards, which we expect to recognize over the remaining weighted average vesting term of 1.5 years.