Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.2.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
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 2022 and 2021 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 based upon achieving certain financial targets.

On January 1, 2022, in accordance with the plan provisions, the number of shares available for issuance under the 2017 ECP was increased by 150,000 shares. On June 16, 2022, our stockholders approved an amendment to the 2017 ECP increasing the number of shares of our common stock reserved for issuance by 15,000,000 shares. As of September 30, 2022, the total number of shares of our common stock reserved for issuance under the 2017 ECP was 24,550,000.

Compensation Expense

For the three and nine months ended September 30, 2022, we recorded stock-based compensation expense for all equity incentive plans of $535,457 and $1,890,991, respectively. For the three and nine months ended September 30, 2021, we recorded stock-based compensation expense for all equity incentive plans of $613,544 and $1,566,016, respectively. Total
compensation cost not yet recognized at September 30, 2022 was $2,762,270, which will be recognized over a weighted-average recognition period of approximately one year.

The following table summarizes the stock grants outstanding under the 2017 ECP and the 2010 Equity Compensation Plan (“2010 ECP”) for the nine months ended September 30, 2022:

  Options Outstanding RSUs Outstanding Options and RSUs Exercised Available Shares Total Awards Authorized
2017 ECP 100,000  4,913,339  4,560,799  14,975,862  24,550,000 
2010 ECP (*) —  —  5,011,511  —  5,011,511 
Total 100,000  4,913,339  9,572,310  14,975,862  29,561,511 
(*) Expired April 2020

The following table summarizes the activity of stock option awards for the nine months ended September 30, 2022:
Shares Subject to Options Outstanding
Number of Shares Weighted Average Exercise Price
Outstanding, beginning of period 1,500  $ 0.56 
Stock options exercised —  $ — 
Stock options granted 100,000  $ 0.52 
Stock options canceled (1,500) $ 0.56 
Outstanding, end of period 100,000  0.52 
Exercisable, end of period 100,000  0.52 

The following table summarizes the activities for our RSUs for the nine months ended September 30, 2022:
RSUs
Number of Shares Weighted Average Grant Date Fair Value
Outstanding, beginning of period 3,960,001  $ 1.33 
Granted 2,960,000  $ 0.41 
Vested (1,826,661) $ 1.34 
Canceled (180,001) $ 0.95 
Outstanding, end of period 4,913,339  $ 0.79