Stock Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 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:
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Three Months Ended June 30, |
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|
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 six months ended June 30, 2023:
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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 |
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|
– |
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|
|
– |
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|
|
– |
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|
– |
|
Exercised |
|
|
– |
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|
|
– |
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|
|
– |
|
|
|
– |
|
Forfeited |
|
|
(262 |
) |
|
|
2.49 |
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|
|
– |
|
|
|
– |
|
Outstanding at June 30, 2023 |
|
|
300,000 |
|
|
$ |
1.27 |
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|
8.4 |
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|
$ |
– |
|
Exercisable at January 1, 2023 |
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|
262 |
|
|
$ |
2.49 |
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|
0.3 |
|
|
$ |
– |
|
Vested |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Forfeited |
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|
(262 |
) |
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|
2.49 |
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– |
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– |
|
Exercisable at June 30, 2023 |
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|
– |
|
|
$ |
– |
|
|
|
– |
|
|
$ |
– |
|
|
| Summary of Activity Related to PSUs |
A summary of the activity related to PSUs for the six months ended June 30, 2023 is presented below:
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Total |
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|
Weighted
Average Grant
Date Fair Value |
|
Outstanding at January 1, 2023 |
|
|
– |
|
|
$ |
– |
|
PSUs granted |
|
|
50,000 |
|
|
|
0.31 |
|
PSUs forfeited |
|
|
– |
|
|
|
– |
|
PSUs vested |
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|
– |
|
|
|
– |
|
Outstanding at June 30, 2023 |
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|
50,000 |
|
|
$ |
0.31 |
|
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| Schedule of Restricted Stock Units Activity |
A summary of the activity related to RSUs for the six months ended June 30, 2023 is presented below:
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Total |
|
|
Weighted
Average
Grant
Date Fair
Value |
|
Outstanding at January 1, 2023 |
|
|
2,165,132 |
|
|
$ |
1.63 |
|
RSUs granted |
|
|
808,202 |
|
|
|
0.64 |
|
RSUs forfeited |
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|
(111,319 |
) |
|
|
1.37 |
|
RSUs vested |
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|
(868,312 |
) |
|
|
1.54 |
|
Outstanding at June 30, 2023 |
|
|
1,993,703 |
|
|
$ |
1.29 |
|
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| Summary of Stock-based Compensation Costs Recognized |
The following tables summarize total stock-based compensation costs recognized for the three and six months ended June 30, 2023 and 2022:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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|
2022 |
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|
2023 |
|
|
2022 |
|
Stock options |
|
$ |
21,330 |
|
|
$ |
21,330 |
|
|
$ |
42,425 |
|
|
$ |
31,643 |
|
RSUs |
|
|
455,695 |
|
|
|
601,029 |
|
|
|
931,937 |
|
|
|
1,346,649 |
|
PSUs |
|
|
10,601 |
|
|
|
– |
|
|
|
10,601 |
|
|
|
– |
|
ESPP |
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|
16,267 |
|
|
|
41,428 |
|
|
|
41,007 |
|
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|
82,401 |
|
Total |
|
$ |
503,893 |
|
|
$ |
663,787 |
|
|
$ |
1,025,970 |
|
|
$ |
1,460,693 |
|
|
| 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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
2023 |
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|
2022 |
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|
2023 |
|
|
2022 |
|
Research and development |
|
$ |
210,060 |
|
|
$ |
295,481 |
|
|
$ |
418,791 |
|
|
$ |
648,524 |
|
Sales and marketing |
|
|
103,456 |
|
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|
54,399 |
|
|
|
208,359 |
|
|
|
234,776 |
|
General and administrative |
|
|
190,377 |
|
|
|
226,245 |
|
|
|
398,820 |
|
|
|
489,731 |
|
Severance expense |
|
|
– |
|
|
|
87,662 |
|
|
|
– |
|
|
|
87,662 |
|
Total |
|
$ |
503,893 |
|
|
$ |
663,787 |
|
|
$ |
1,025,970 |
|
|
$ |
1,460,693 |
|
|
| 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:
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|
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|
Six Months Ended June 30, |
|
|
|
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 |
|
|