Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

On June 26, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a one-for-eight (1-for-8) reverse split (the “Reverse Split”) of the shares of the Company’s common stock. The Reverse Split became effective on July 7, 2023. As a result of the Reverse Split, every eight shares of the Company’s issued and outstanding common stock automatically converted into one share of common stock, without any change in the par value per share, and began trading on a post-split basis under the Company’s existing trading symbol, “AUID”, when the market opened on July 10, 2023. The Reverse Split affected all holders of common stock uniformly and did not affect any common stockholder’s percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares. A total of 62,816,330 shares of common stock were issued and outstanding immediately prior to the Reverse Split, and 7,874,962 shares of common stock were issued and outstanding immediately after the Reverse Split. No fractional shares were outstanding following the Reverse Split. Any holder who would have received a fractional share of common stock received an additional fraction of a share of common stock to round up their holding to the next whole share. In addition, effective as of the Reverse Split, proportionate adjustments were made to all then-outstanding options and warrants with respect to the number of shares of common stock subject to such options or warrants and the exercise prices thereof, as well as to the conversion price under the remaining Convertible Notes. The impact of this change in capital structure has been retroactively applied to all periods presented herein.

Common Stock

There was no common stock issued during the three months ended March 31, 2024.

During the quarter ended March 31, 2023, the Company issued 68,186 shares of common stock for approximately $222,000 of interest accrued under the Convertible Notes.

Warrants

There was no warrant activity for the three months ended March 31, 2024 and 2023. As of March 31, 2024, there are warrants to acquire 598,267 shares for a weighted average exercise price of $11.89 per share with weighted average remaining life of 3.7 years.  

Stock Options

During the three months ended March 31, 2024, the Company granted a total of 100,000 options to certain new employees at exercise prices ranging from $9.05 to $9.61 per share.

During the three months ended March 31, 2024 the Company agreed to accelerate the vesting of 6,511 options for Mr. Joe Trelin under the terms of his resignation with an exercise price of $5.48 per share. These accelerated options would not otherwise have vested prior to termination of service according to their Service conditions. Therefore, the Company recalculated the fair value of these options as of his termination date of February 20, 2024 using the Black Scholes method.

The Company determined the grant date fair value of options granted for the three months ended March 31, 2024, using the Black Scholes Method, as applicable, with the following assumptions:

Expected volatility	123%
Expected term	5 years
Risk free rate	3.80% – 4.03%
Dividend rate	0.00%

Activity related to stock options for the three months ended March 31, 2024 (unaudited), is summarized as follows:

				Weighted		Weighted
				Average		Average		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term (Yrs.)		Value
Outstanding at December 31, 2023		1,796,743		$	25.20		6.5	$	3,630,733
Granted		100,000		$	9.38		10.0	$	-
Exercised		-		$	-		-	$	-
Forfeited/cancelled		(15,772	)	$	13.35		4.3	$	-
Outstanding as of March 31, 2024		1,880,971		$	24.23		6.4	$	2,163,663
Exercisable as of March 31, 2024		1,158,568		$	30.57		5.0	$	1,085,676

The following table summarizes stock option information as of March 31, 2024 (unaudited):  

			Weighted
			Average
			Contractual
Exercise Price	Outstanding		Term (Yrs.)		Exercisable
$2.64 – $5.00		354,379		8.8		171,103
$5.01 – $10.00		661,189		9.1		224,949
$10.01 – $15.00		43,703		2.7		43,703
$15.01 – $20.00		252,084		1.5		252,084
$20.01 – $121.28		569,616		4.1		466,729
		1,880,971		6.1		1,158,568

During the three months ended March 31, 2024, the Company recognized approximately $0.72 million of stock option-based compensation expense. As of March 31, 2024, there was approximately $2.6 million of unrecognized compensation costs related to stock options outstanding that will be expensed through 2027.