Stock Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

5. Stock Based Compensation

The Company has a 2008 Stock Incentive Plan (“2008 Plan”) under which 5 million shares of common stock are reserved for issuance. As of June 30, 2022, there were approximately 1.8 million shares subject to outstanding stock options and approximately 0.8 million shares outstanding related to restricted stock grants issued from the 2008 Plan. This plan expired on November 20, 2018 and thus no further shares are available for future grant under this plan.

In November 2019, the Company adopted a 2019 Stock Incentive Plan (“2019 Plan”) under which 5.4 million shares of common stock are reserved for issuance. As of June 30, 2022, there were 0.5 million shares subject to outstanding stock options. This plan expires on November 14, 2029.

There were no options granted in either of the periods ended June 30, 2022 and June 30, 2021.

During the six months ended June 30, 2022, 50,000 options were exercised on a cashless basis in exchange for 21,404 shares of common stock.

Presented below is our stock option activity:

	Six Months Ended June 30, 2022
	Number of Options (Employees)			Number of Options (Non-Employees)		Total Number of Options			Weighted-Average Exercise Price
Outstanding at January 1, 2022		2,462,830			365,000		2,827,830		$	8.09
Exercised		(50,000	)		—		(50,000	)	$	0.26
Forfeited or expired		(930,219	)		—		(930,219	)	$	10.65
Outstanding at June 30, 2022		1,482,611			365,000		1,847,611		$	7.02
Exercisable at June 30, 2022		1,482,611			365,000		1,847,611		$	7.02

The following table summarizes significant ranges of outstanding stock options under our plans at June 30, 2022:

Range of Exercise Prices	Number of Options		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price		Number of Options Exercisable		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price
$0.26 - $1.00		500,000		7.46	$	0.26		500,000		7.46	$	0.26
$1.01 – $3.00		634,006		5.21	$	1.96		634,006		5.21	$	1.96
$3.01 – $15.00		454,166		2.77	$	11.92		454,166		2.77	$	11.92
$15.01 –$42.42		259,439		1.75	$	23.82		254,439		1.75	$	23.82
		1,847,611		5.28	$	3.32		1,847,611		5.28	$	3.32

The Company recorded no stock compensation costs in either periods ended June 30, 2022 or June 30, 2021 as all options had previously vested. At June 30, 2022, there was no unrecognized compensation expense related to unvested stock options.

The aggregate intrinsic value of the outstanding options and options vested as of June 30, 2022 was $0.

At June 30, 2022 and June 30, 2021, the Company had 4,167 warrants outstanding at a weighted average exercise price of $10.44. At June 30, 2022, the 4,167 warrants outstanding had no intrinsic value.

Restricted Stock

On December 15, 2021, the Company granted to Jennifer Simpson, who serves on our Board of Directors, 25,000 shares of restricted common stock, pursuant to the 2019 Plan. This restricted stock vests on the first anniversary of the date of the grant. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date. The fair value of the restricted stock on the grant date was $11,200 and recognized stock compensation expense was $6,104 during the six months ended June 30, 2022.. As of June 30, 2022, there is approximately $5,148 of unamortized stock compensation that will be amortized through December 2022.