NOTE 4 – STOCKHOLDERS’ EQUITY

Stock-Based Compensation

For three months ended March 31, 2021 and 2020, the Company recognized aggregate stock-based compensation expense of $241,214 and $21,519, respectively, related to stock options and common stock. As of March 31, 2021, there was $35,710 of unrecognized stock-based compensation expense which will be recognized over approximately 3.4 years.

Common Stock

During the three months ended March 31, 2021, the Company issued an aggregate of 70,040 shares of 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.

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.

A summary of the warrant activity during the three months ended March 31, 2021 is presented below:

[1]Excludes five-year warrants to purchase 462,997 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 March 31, 2021: