XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
Note 8 - Equity Incentive Plan
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(8) EQUITY INCENTIVE PLAN:

 

On August 29, 2019, the Company’s stockholders approved the Company’s 2019 Omnibus Equity Incentive Plan at a special meeting of stockholders (the “Incentive Plan”). The Incentive Plan provides for the issuance of up to 68,437 shares of common stock pursuant to the grant of shares of common stock, stock options or other awards, to employees, officers or directors of, and consultants to, the Company and its subsidiaries. Options granted under the Incentive Plan may either be intended to qualify as incentive stock options under the Internal Revenue Code of 1986, or may be non-qualified options, and are exercisable over periods not exceeding ten years from date of grant. As of September 30, 2022, we had awarded 68,437 shares of common stock as awards under the Incentive Plan, with no shares of common stock remaining available for future awards under the Incentive Plan.

 

On June 24, 2021, the Company’s stockholders approved the Company’s 2021 Equity Incentive Plan at its annual meeting of stockholders (the “2021 Plan”). The 2021 Plan provides for the issuance of up to 3,000,000 shares of common stock pursuant to the grant of shares of common stock, stock options or other awards, to employees, officers or directors of, and consultants to, the Company and its subsidiaries. Options granted under the 2021 Plan may either be intended to qualify as incentive stock options under the Internal Revenue Code of 1986, or may be non-qualified options, and are exercisable over periods not exceeding ten years from date of grant. As of September 30, 2022, we had awarded 68,636 shares of common stock and granted options to purchase 425,646 shares of common stock under the 2021 Plan, with 2,505,718 shares of common stock remaining available for future awards.

 

During the three months ended September 30, 2022, the Company did not grant any options. During the nine months ended September 30, 2022, the Company granted options to purchase 226,746 shares of common stock at exercise prices of $2.10 to $3.39 per share to employees. Under the option agreements, the options vest either immediately or in equal quarterly installments over four years, and have a 10-year term. The options granted during the nine months ended September 30, 2022 were valued using the Black Scholes option pricing model using the following assumptions: i) expected term of 5.00 to 6.25 years; (ii) risk free interest rate of 1.83% to 2.76%; (iii) expected volatility of 90.5% to 92.3%; and (iv) dividend yield of 0.0%. The weighted-average grant date fair value of the options issued by the Company during the nine months ended September 30, 2022 ranged from $1.60 to $2.47 per share.