Stock Based Compensation |
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Stock Based Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Note 8 — Stock Based Compensation
The equity incentive plan of the Company was established in February of 2017. The Board of Directors of the Company may from time to time, in its discretion grant to directors, officers, consultants and employees of the Company, non-transferable options to purchase common shares, provided that the number of options issued do not exceed 20,000,000. The options are exercisable for a period of up to 4 years from the date of the grant. The number of shares authorized to be issued under the equity incentive plan was increased from 10,000,000 to 25,000,000 through consent of stockholders to amend and restate the equity incentive plan.
The average fair value of stock options granted was estimated to be $0.14 and $0.07. This estimate was made using the Black-Scholes option pricing model and the following weighted average assumptions:
A summary of option activity under the employee share option plan as of December 31, 2023 and changes during the year then ended is presented below.
A summary of the status of the Company’s nonvested shares as of December 31, 2023, and changes during the quarter December 31, 2023, is presented below:
Stock-based compensation expense attributable to stock options was approximately $86,487 for the quarter ended December 31, 2023. As of December 31, 2023, there was approximately $155,226 of unrecognized compensation expense related to 143,425 nonvested stock options outstanding, and the weighted average vesting period for those options was 1 year. Warrants
At December 31, 2023, the Company had outstanding warrants to purchase the Company’s common stock which were issued in connection with multiple financing arrangements. Information relating to these warrants is summarized as follows:
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