Stock Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Note 8 - Stock Based Compensation

2019 Equity Incentive Plan

On December 19, 2019, the Oblong, Inc. 2019 Equity Incentive Plan (the “2019 Plan”) was approved by the Company’s stockholders at the Company’s 2019 Annual Meeting of Stockholders. The 2019 Plan is an omnibus equity incentive plan pursuant to which the Company may grant equity and cash incentive awards to certain key service providers of the Company and its subsidiaries. As of June 30, 2022, the share pool available for new grants under the 2019 Plan is 2,663,500.

Stock Options

For the six months ended June 30, 2022 no stock options were granted, 50,000 stock options vested, 7,500 vested stock options expired and 150,000 unvested stock options were forfeited. In accordance with the 2019 Plan, these cancelled unvested options were added back into the share pool. For the six months ended June 30, 2021, 300,000 stock options were granted.

A summary of stock options granted, expired, and forfeited under our plans, and options outstanding as of, and changes made during, the six months ended June 30, 2022 and the year ended December 31, 2021 is presented below:

	Outstanding			Exercisable
	Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price
Options outstanding and exercisable, December 31, 2020	107,500	$	19.64	107,500	$	19.64
Granted	300,000	3.25		—	—
Options outstanding and exercisable, December 31, 2021	407,500	7.57		107,500	19.64
Vested	—	—		50,000	3.25
Expired	(7,500)	27.40		(7,500)	27.40
Forfeited	(150,000)	3.25		—	—
Options outstanding and exercisable, June 30, 2022	250,000	$	9.57	150,000	$	12.98

Additional information as of June 30, 2022 is as follows:

	Outstanding				Exercisable
Range of price	Number of Options	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price
$0.00 – $10.00	152,500	8.88	$	3.34	52,500	$	1.20
$10.01 – $20.00	97,500	0.56	19.32		97,500	19.32
	250,000	5.63	$	9.57	150,000	$	12.98

The intrinsic value of vested options, unvested options and exercised options were not significant for all periods presented. Net stock compensation expense, related to stock options, for the six months ended June 30, 2022 was a negative $1,000 made up of $83,000 in expense and $84,000 in forfeiture credits. No stock compensation expense, related to stock options, was recorded for the six months ended June 30, 2021. The remaining unrecognized stock-based compensation expense for options as of June 30, 2022 is $247,000, which will be recognized over a weighted average period of 2.00 years.

Restricted Stock Awards

As of June 30, 2022 and 2021, there were 627 unvested restricted stock awards outstanding, with a weighted average grant date price of $15.80. The awards were issued in 2014 and vest over the lesser of ten years, a change in control, or separation from the company. Due to the variability of the vesting, the expense was amortized over an average service period of five years, therefore, there is no unrecognized stock-based compensation expense for restricted stock awards as of June 30, 2022.

Restricted Stock Units

As of June 30, 2022 and 2021, there were no unvested restricted stock units (“RSUs”) outstanding. As of June 30, 2022, 28,904 vested RSUs remain outstanding as shares of common stock have not yet been delivered for these units in accordance with the terms of the RSUs.

There was no stock compensation expense related to RSUs for the three and six months ended June 30, 2022 and 2021. There was no remaining unrecognized stock-based compensation expense for RSUs as of June 30, 2022.