STOCKHOLDERS' EQUITY |
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| STOCKHOLDERS' EQUITY |
NOTE 6 – STOCKHOLDERS’ EQUITY Stock-Based Compensation During the three months ended September 30, 2021 and 2020, the Company recognized aggregate stock-based compensation expense of $263,247 and $(5,465), respectively, related to common stock and options. During the nine months ended September 30, 2021 and 2020, the Company recognized aggregate stock-based compensation expense of $523,999 and $78,477, respectively, related to stock options and common stock. As of September 30, 2021, there was approximately $1,400,000 of unrecognized stock-based compensation expense related to awards probable to vest which will be recognized over approximately 2.9 years. Common Stock See Note 4 – Intangible Assets for details regarding the issuance of common stock as partial consideration for the acquisition of intangible assets. See Note 7 – Commitments and Contingencies – Employment Agreements for details regarding the grant of a bonus that is payable in common stock of the Company. During the three months ended March 31, 2021, the Company issued an aggregate of 70,040 shares of immediately vested common stock (30,040 shares were issued under the Company’s 2017 Plan) to an employee, four members of its board of directors and a consultant for services provided. The common stock had an aggregate issuance date fair value of $560,520 which was recognized immediately. During the three months ended June 30, 2021, the Company issued an aggregate of 167,600 restricted shares of its common stock under the Company’s 2017 Plan to six employees. The restricted stock had an aggregate issuance date fair value of $963,701, of which, awards with an aggregate fair value of $957,313 vest over a period of one year and an award with an aggregate fair value of $6,388 vests immediately. The fair value of the awards is being recognized over the vesting term. Stock Options During the three months ended September 30, 2021, the holder of an option under the 2017 Plan to purchase 2,815 shares of the Company’s common stock at an exercise price of $2.97 per share exercised such option resulting in cash proceeds of $8,361 to the Company. Stock Warrants During the three months ended March 31, 2021, warrants to purchase an aggregate of 2,169,021 shares of the Company’s common stock were exercised at prices between $4.20 and $6.25 per share, resulting in net cash proceeds to the Company of $9,274,911 (net of issuance costs of $433,127) and the issuance of an aggregate of 2,047,361 shares of the Company's common stock and five-year warrants to purchase 773,000 shares of common stock at an exercise price of $5.50 per share. During the three months ended June 30, 2021, warrants to purchase an aggregate of 112,647 shares of the Company’s common stock were exercised at prices between $4.20 and $6.25 per share, resulting in net cash proceeds to the Company of $428,719 (net of issuance costs of $32,270) and the issuance of an aggregate of 108,961 shares of the Company's common stock and five-year warrants to purchase 94,286 shares of common stock at an exercise price of $5.50 per share.
A summary of the warrant activity during the nine months ended September 30, 2021 is presented below:
[1] Excludes five-year warrants to purchase 368,711 shares of common stock at an exercise price of $5.50 per share that are issuable upon exercise of certain warrants. The following table presents information related to stock warrants as of September 30, 2021:
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