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Stock Option Awards
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

10. Stock Option Awards

 

The following table represents the employee stock option activity during the three months ended March 31, 2023 and 2022.

 

           

Weighted Average

   

Aggregate

 
   

Shares

   

Exercise Price

   

Intrinsic Value

 
                         

Outstanding at December 31, 2021

    391,562     $ 5.08          

Granted

    -       -          

Exercised

    (13,019

)

    0.42          

Forfeited or expired

    (322

)

    12.10          

Outstanding at March 31, 2022

    378,221     $ 5.21     $ -  

Exercisable at March 31, 2022

    378,221     $ 5.21     $ -  

Vested and Expected to Vest at March 31, 2022

    378,221     $ 5.21     $ -  
                         

Outstanding at December 31, 2022

    319,627     $ 4.29          

Granted

    -       -          

Exercised

    -       -          

Forfeited or expired

    -       -          

Outstanding at March 31, 2023

    319,627     $ 4.29     $ -  

Exercisable at March 31, 2023

    319,627     $ 4.29     $ -  

Vested and Expected to Vest at March 31, 2023

    319,627     $ 4.29     $ -  

 

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $0.41 and $4.22 as of March 31, 2023, and 2022, respectively, which would have been received by the option holders had all option holders exercised their options as of that date. As of March 31, 2023, there was no unrecognized compensation cost related to non-vested stock options.

 

The Company adopted the 2021 Restricted Stock Plan (“2021 Plan”) in November 2021, which provides for the grant of restricted stock awards and performance stock awards to executive officers, non-employee directors and other key employees of the Company. The 2021 Plan provides for up to 5,000,000 shares of common stock. These awards will have such vesting or other provisions as may be established by the Board of Directors at the time of each award.

 

The following table represents the restricted stock award activity during the three months ended March 31, 2023 and 2022.

 

   

Non-vested Restricted Stock Awards

   

Weighted Average Grant Date Fair Value

 

Non-vested at January 1, 2022

    -          

Granted

    39,413     $ 3.24  

Vested

    (39,413 )     (3.24 )

Forfeited

    -       -  

Non-vested at March 31, 2022

    -       -  
                 

Non-vested at January 1, 2023

    667,277     $ 1.20  

Granted

    13,907     $ 0.63  

Vested

    (315,816 )     (1.29 )

Forfeited

    -       0  

Non-vested at March 31, 2023

    365,368     $ 1.02  

 

Total stock-based compensation expense recognized for the Company’s 2021 Plan was $126,414 and $0 for the three months ended March 31, 2023, and 2022, respectively.