Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation

Summary of assumptions used for estimating fair value

	2022
Exercise price	$	2.60
Expected dividends		0	%
Expected volatility		95	%
Risk free interest rate		2.65	%
Expected life of option (years)		4.3

Summary of stock option activity

A summary of stock option activity for the nine months ended September 30, 2022 and the year ended December 31, 2021 is as follows:

		Weighted		Weighted Average	Aggregate
		Average Exercise		Remaining	Intrinsic
	Options	Price		Contractual Life	Value
Balance - December 31, 2020	399,779	$	23.52	6.09 years	$	—
Granted	226,000		3.30
Exercised	—		—
Expired	(214)		431.50
Forfeited	—		—
Balance - December 31, 2021	625,565		16.12	5.58 years		—
Granted	3,000		2.60
Exercised	—		—
Expired	(6,654)		39.92
Forfeited	(14,541)		3.61
Balance - September 30, 2022 - outstanding	607,370	$	16.09	4.82 years	$	—
Balance - September 30, 2022 - exercisable	403,250	$	22.42	4.33 years	$	—
Grant date fair value of options granted – nine months ended September 30, 2022		$	5,408
Weighted average grant date fair value – nine months ended September 30, 2022		$	1.80
Grant date fair value of options granted – year ended December 31, 2021		$	50,100
Weighted average grant date fair value – year ended December 31, 2021		$	2.20