|3 Months Ended|
Mar. 31, 2023
|Stockholders’ Equity [Abstract]|
Note 6. Stockholders’ Equity
The Company has 45,000,000 Common shares and 900,000 Series A convertible preferred shares authorized with a par value of $0.001 per share.
Issuance of Shares for Vested Restricted Stock Units
Between January 10, 2023 and January 26, 2023, the Company issued a total of 11,332 shares of common stock to holders of fully vested restricted stock units.
During May 2020, the Company received $515,000 of a committed $565,000 from the sale of 135,527 shares of common stock (at a price of $3.80 per share) and warrants to purchase 169,409 shares of common stock, at an exercise price of $4.00 per share. As of March 31, 2023, $415,000 worth of the shares and warrants have been issued. The remaining $125,000 received by the Company is included in equity financing within current liabilities on the consolidated balance sheet.
Stock Incentive Plan
The number of shares of the Company’s common stock that are issuable pursuant to warrant and stock option grants with time-based vesting as of and for the three months ended March 31, 2023 were:
The Company has classified the warrant as having Level 2 inputs, and has used the Black-Scholes option-pricing model to value the warrants.
The Company’s outstanding warrants and options at March 31, 2023 are as follows:
As of March 31, 2023 and December 31, 2022, the total unrecognized expense for unvested stock options and restricted stock awards was approximately $259,000 and $222,000, respectively, to be recognized over a twelve month to three year period from the original grant dates.
Stock-based compensation expense for three months ended March 31, 2023 and 2022 was as follows:
Stock-based compensation expense categorized by the equity components for three months ended March 31, 2023 and 2022 was as follows:
The entire disclosure for equity.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef