Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.23.1
Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Summary of Fair Values of Stock Options Granted The fair values of stock options granted during the second quarter of 2022 were estimated using the following assumptions:

 

 

 

Three Months Ended

June 30, 2022

 

 

Stock price

 

$

1.27

 

 

Dividend yield

 

 

0

%

 

Expected volatility

 

 

108

%

 

Risk-free interest rate

 

 

1.92

%

 

Expected life

 

5.6 years

 

 

 

 
Summary of Stock Option Activity

The following is a summary of the Company’s stock option activity during the three months ended March 31, 2023:

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Life In

Years

 

 

Intrinsic

Value

 

Outstanding at January 1, 2023

 

 

300,262

 

 

$

1.27

 

 

 

8.9

 

 

$

–

 

Granted

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

Exercised

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

Forfeited

 

 

(262

)

 

 

2.49

 

 

 

–

 

 

 

–

 

Outstanding at March 31, 2023

 

 

300,000

 

 

$

1.27

 

 

 

8.7

 

 

$

–

 

Exercisable at January 1, 2023

 

 

262

 

 

$

2.49

 

 

 

0.3

 

 

$

–

 

Vested

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

Exercised

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

Forfeited

 

 

(262

)

 

 

2.49

 

 

 

–

 

 

 

–

 

Exercisable at March 31, 2023

 

 

–

 

 

$

–

 

 

 

–

 

 

$

–

 
Schedule of Restricted Stock Units Activity A summary of the activity related to RSUs for the three months ended March 31, 2023 is presented below:

 

 

 

Total

 

 

Weighted

Average

Grant

Date Fair

Value

 

Outstanding at January 1, 2023

 

 

2,165,132

 

 

$

1.63

 

RSUs granted

 

 

708,202

 

 

 

0.69

 

RSUs forfeited

 

 

(12,500

)

 

 

1.27

 

RSUs vested

 

 

(186,878

)

 

 

2.08

 

Outstanding at March 31, 2023

 

 

2,673,956

 

 

$

1.35

 

 
Summary of Stock-based Compensation Costs Recognized

The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2023 and 2022:

 

 

 

Three Months Ended March 31,

 

 

 

 

2023

 

 

2022

 

 

Stock options

 

$

21,095

 

 

$

10,313

 

 

RSUs

 

 

476,242

 

 

 

745,620

 

 

ESPP

 

 

24,740

 

 

 

40,973

 

 

Total

 

$

522,077

 

 

$

796,906

 

 

 

 
Summary of Stock-based Compensation Reflected within Statements of Operations

The total amount of stock-based compensation was reflected within the statements of operations as:

 

 

 

Three Months Ended March 31,

 

 

 

 

2023

 

 

2022

 

 

Research and development

 

$

208,731

 

 

$

353,043

 

 

Sales and marketing

 

 

104,903

 

 

 

180,377

 

 

General and administrative

 

 

208,443

 

 

 

263,486

 

 

Total

 

$

522,077

 

 

$

796,906

 

 
Employee Stock Purchase Plan [Member]  
Summary of Fair Values of Stock Options Granted The fair values of ESPP purchase options granted were estimated using the following assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Stock price

 

$

0.836

 

 

$

1.25

 

Dividend yield

 

 

0

%

 

 

0

%

Expected volatility

 

 

59

%

 

 

61

%

Risk-free interest rate

 

 

4.42

%

 

 

0.19

%

Expected life

 

6 months

 

 

6 months