Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
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

For the three months ended March 31, 2021 and 2020, we recorded stock-based compensation expense for all equity incentive plans of $394,870 and $208,897, respectively. Total compensation cost not yet recognized at March 31, 2021 was $5,634,951 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 three months ended March 31, 2021:

  Options Outstanding RSUs Outstanding Options and RSUs Exercised Available Shares Total
2017 ECP —  4,376,667  2,367,472  2,655,861  9,400,000 
2010 ECP (*) 1,500  —  5,011,511  —  5,013,011 
Total 1,500  4,376,667  7,378,983  2,655,861  14,413,011 
(*) Expired April 2020
The following table summarizes the activity of stock option awards under the 2010 ECP for the three months ended March 31, 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 March 31, 2021 1,500  0.56 
Stock options exercisable as of March 31, 2021 1,500  0.56 



The following table summarizes the activities for our unvested RSUs for the three months ended March 31, 2021:
Unvested RSUs
Number of Shares Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020 1,930,526  $ 0.28 
Granted 4,310,000  $ 1.40 
Vested 1,804,665  $ 0.28 
Forfeited 59,194  $ 0.29 
Unvested as of March 31, 2021 4,376,667  $ 1.38