Stock Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

4. Stock Based Compensation

The Company has a 2008 Stock Incentive Plan (the “2008 Plan”) under which 5 million shares of common stock are reserved for issuance. As of September 30, 2022, there were approximately 2.3 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 (the “2019 Plan”) under which 5.4 million shares of common stock were reserved for issuance. As of March 10, 2023, there were 0.5 million shares subject to outstanding stock options from the 2019 Plan. The 2019 Plan expires on November 14, 2029.

There were no options granted to employees, directors or consultants in either of the periods ended March 31, 2023 or March 31, 2022.

During the three months ended March 31, 2023, no options were exercised. During the three months ended March 31, 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:

	Three Months Ended March 31, 2023
	Number of Options (Employees)		Number of Options (Non-Employees)		Total Number of Options		Weighted-Average Exercise Price
Outstanding at January 1, 2023		1,400,108		365,000		1,765,108	$	6.83
Exercised		—		—		—		—
Forfeited or expired		—		—		—		—
Outstanding at March 31, 2023		1,400,108		365,000		1,765,108	$	6.83
Exercisable at March 31, 2023		1,400,108		365,000		1,765,108	$	6.83

The following table summarizes significant ranges of outstanding stock options under our plans at March 31, 2023:

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		6.71	$	0.26		500,000		6.71	$	0.26
$	1.01 – $3.00		634,006		4.46	$	1.96		634,006		4.46	$	1.96
$	3.01 – $15.00		371,663		2.54	$	12.13		371,663		2.54	$	12.13
$	15.01 –$42.42		259,439		1.00	$	23.82		259,439		1.00	$	23.82
			1,765,108		4.48	$	7.02		1,765,108		4.48	$	7.02

The Company recorded no stock compensation costs in either periods ended March 31, 2023 or March 31, 2022 as all options had previously vested. At March 31, 2023, there was no unrecognized compensation expense related to unvested stock options.

There was no aggregate intrinsic value of the outstanding options and options vested as of March 31, 2023.

At March 31, 2023 and March 31, 2022, the Company had warrants to purchase up to 4,167 shares of common stock outstanding at a weighted average exercise price of $10.44. At March 31, 2023, the warrants to purchase up to 4,167 shares of common stock outstanding had no intrinsic value.