COMMON STOCK

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

COMMON STOCK

6.     COMMON STOCK

At June 30, 2024, the Company's authorized capital stock was 150,000,000 shares of common stock, par value $0.001 per share, and 25,000,000 shares of preferred stock, par value $0.001 per share. On that date, the Company had 53,782,382 shares of common stock issued and 53,084,374 shares of common stock outstanding, and no shares of preferred stock outstanding.

Stock-based compensation expense related to Company grants for the three and six months ended June 30, 2024 was $670,138 and $1,334,089, respectively. Stock-based compensation expense related to Company grants for the three and six months ended June 30, 2023 was $830,426 and $1,448,670, respectively.

2024 Transactions – During the three and six months ended June 30, 2024, the Company issued 116,000 and 330,000 shares of common stock for vested stock awards and the exercise of stock options. The Company received proceeds of $24,000 for the exercise of stock options.

The Company granted 180,000 restricted stock awards during the three months ended June 30, 2024; the weighted average grant date fair value was $4.44. The Company granted 480,000 restricted stock awards during the six months ended June 30, 2024; the weighted average grant date fair value was $3.53. The restricted stock awards granted vest over a period of five years.

2023 Transactions – During the three and six months ended June 30, 2023 the Company issued 74,000 and 192,000 shares of common stock for vested stock awards and the exercise of stock options. The Company received proceeds of $9,600 for the exercise of stock options.

During the three and six months ended June 30, 2023 the Company repurchased 119,558 and 319,558 shares of its common stock at a cost of $311,649 or weighted average price of $2.61 and $977,667 or weighted average price of $3.06 per share, respectively.

The Company granted 80,000 restricted stock awards during the three months ended June 30, 2023; the weighted average grant date fair value was $3.40. The Company granted 350,000 restricted stock awards during the six months ended June 30, 2023; the weighted average grant date fair value was $2.96. The restricted stock awards granted vest over a period of two months to five years.