Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

We maintain a stock-based compensation program intended to attract, retain and provide incentives for talented employees and directors and align stockholder and employee interests. During the 2021 and 2020 periods, we granted restricted stock units ("RSUs") from the 2017 Equity Compensation Plan, as amended (“2017 ECP”). RSU vesting periods are generally up to three years and/or achieving certain financial targets.

On January 1, 2021, in accordance with the plan provisions, the number of shares available for issuance under the 2017 ECP plan was increased by 150,000 shares.

Compensation Expense

During the three and nine months ended September 30, 2021, stock-based compensation expense was $613,544 and $1,566,016, respectively. During the three and nine months ended September 30, 2020, stock-based compensation expense was $258,430 and $660,615, respectively. Total compensation cost not yet recognized at September 30, 2021 was $4,208,496 to be recognized over a weighted-average recognition period of approximately two years.

The following table summarizes the stock grants outstanding under the 2017 ECP and the 2010 Equity Compensation Plan ("2010 ECP"), which expired on its terms in April 2020, for the nine months ended September 30, 2021:


	Options Outstanding	RSUs Outstanding	Options and RSUs Exercised	Available Shares	Total
2017 ECP	—	3,960,001	2,734,138	2,705,861	9,400,000
2010 ECP (*)	1,500	—	5,011,511	—	5,013,011
Total	1,500	3,960,001	7,745,649	2,705,861	14,413,011

(*) Expired April 2020

The following table summarizes the activity of stock option awards under the 2010 ECP for the nine months ended September 30, 2021:


	Shares Subject to Options Outstanding
	Number of Shares	Weighted Average Exercise Price
Balance as of December 31, 2020	9,500	$	0.56
Stock options exercised	4,750	$	0.56
Stock options canceled	3,250	$	0.56
Balance as of September 30, 2021	1,500	0.56
Stock options exercisable as of September 30, 2021	1,500	0.56

The following table summarizes the activities for our unvested RSUs for the nine months ended September 30, 2021:


	Unvested RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020	1,930,526	$	0.28
Granted	4,610,000	$	1.36
Vested	2,171,331	$	0.47
Forfeited	409,194	$	1.23
Unvested as of September 30, 2021	3,960,001	$	1.33