Stockholders’ Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders’ Equity

4. Stockholders’ Equity 

Stock-Based Compensation Plans

In November 2012, the Company’s 2012 Equity Incentive Plan (the “12 Plan”) was approved by the stockholders. Pursuant to the terms of the 12 Plan, stock options, stock appreciation rights, restricted stock and restricted stock units (sometimes referred to individually or collectively as “awards”) may be granted to officers and other employees, non-employee directors and independent consultants and advisors who render services to the Company. The Company was authorized to issue options to purchase up to 643,797 shares of common stock, stock appreciation rights, or restricted stock in accordance with the terms of the 12 Plan.

In the case of a restricted stock award, the entire number of shares subject to such award would be issued at the time of the grant and subject to vesting provisions based on time or other conditions specified by the Board or an authorized committee of the Board. For awards based on time, should the grantee’s service to the Company end before full vesting occurred, all unvested shares would be forfeited and returned to the Company. In the case of awards granted with vesting provisions based on specific performance conditions, if those conditions were not met, then all shares forfeited and returned to the Company. Until forfeited, all shares issued under a restricted stock award were considered outstanding for dividend, voting and other purposes.

Under the 12 Plan, the exercise price of non-qualified stock options granted is to be no less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The exercise price of incentive stock options granted was not to be no less than 100% of the fair market value of the Company’s common stock on the date the option was granted provided, however, that if the recipient of the incentive stock option owns greater than 10% of the voting power of all shares of the Company’s capital stock then the exercise price would be no less than 110% of the fair market value of the Company’s common stock on the date the option is granted. The purchase price of the restricted stock issued under the 12 Plan shall also was not to not be less than 100% of the fair market value of the Company’s common stock on the date the restricted stock was granted.

All options granted under the 12 Plan were immediately exercisable by the optionee; however, there was a vesting period for the options. The options (and the shares of common stock issuable upon exercise of such options) vest, ratably, over a 33-month period; however, no options (and the underlying shares of common stock) vest until after three months from the date of the option grant. The exercise price was immediately due upon exercise of the option. The maximum term of options issued under the 12 Plan is ten years. Shares issued upon exercise of options are subject to the Company’s repurchase, which right lapses as the shares vest. The 12 Plan terminated was on November 7, 2022. As of December 31, 2022, there was no shares of common stock remained available for issuance under the 12 Plan.

The following table summarizes the stock option activity for the year ended December 31, 2022 and 2021.

						Weighted-
						Average
				Weighted-		Remaining
				Average		Contractual
				Exercise		Life
	Options			Price		(Years)
Outstanding at December 31, 2020		93,076		$	3.03		0.74
Granted		-
Forfeited/cancelled		(88,130	)
Outstanding at December 31, 2021		4,94		$	3.86		0.12
Granted		-
Forfeited/cancelled		(4,946	)
Exercised		-
Outstanding at December 31, 2022		-		$	-		-
Vested and expected to vest at December 31, 2022		-		$	-		-
Exercisable at December 31, 2022		-		$	-		-

Warrants

During both years ended December 31, 2022 and 2021, the Company did not issue any shares of common stock and had 248,216 warrants outstanding. The warrants outstanding at December 31, 2022 are all exercisable at $0.01 and have an expiration date of May 20, 2023.

The following summarized changes in the number of warrants outstanding for the year ended December 31, 2022 and 2021.

	Warrants
Outstanding at December 31, 2020		248,216
Granted		-
Exercised		-
Outstanding at December 31, 2021		248,216
Granted		-
Exercised		-
Outstanding at December 31, 2022		248,216