Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value of Each Option Award Estimated Assumption

For stock options requiring an assessment of value during the six months ended June 30, 2023, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

Risk-free interest rate     4.565 %
Expected dividend yield     0 %
Expected volatility     138.05 %
Expected life     3.5 years  

 

 

For stock options requiring an assessment of value during the six months ended June 30, 2022, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

Risk-free interest rate     3.03 %
Expected dividend yield     0 %
Expected volatility     153.17 %
Expected life     3.5 years  
Summary of Stock-based Compensation Costs

A summary of stock-based compensation costs for the three months and six months ended June 30, 2023 and 2022 is as follows:

    2023     2022     2023     2022  
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2023     2022     2023     2022  
                         
Related parties   $ 280,060     $ 424,094     $ 557,040     $ 763,766  
Non-related parties     —       —       —       —  
Total stock-based compensation costs   $ 280,060     $ 424,094     $ 557,040     $ 763,766  
Summary of Stock Option Activity Including Options Form of Warrants

A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2023 is as follows:

    Number of Shares    

Weighted Average

Exercise

Price

    

Weighted Average Remaining Contractual Life

(in Years)

  
                   
Stock options outstanding at December 31, 2022     389,479     $ 29.1826          
Granted     40,000       5.8800          
Exercised     (1,250 )     5.0250          
Expired     —       —          
Stock options outstanding at June 30, 2023     428,229     $ 27.0764       2.77  
                         
Stock options exercisable at December 31, 2022     281,979     $ 32.8335          
Stock options exercisable at June 30, 2023     301,979     $ 31.9708       2.75  
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants

The exercise prices of common stock options outstanding and exercisable, including options issued in the form of warrants, at June 30, 2023 are as follows:

Exercise

Prices

    

Options

Outstanding

(Shares)

    

Options

Exercisable

(Shares)

  
               
$ 5.025       8,750       8,750  
$ 5.880       40,000       —  
$ 7.400       57,500       36,250  
$ 16.800       3,333       3,333  
$ 20.000       80,000       20,000  
$ 20.600       20,000       20,000  
$ 28.000       25,000       25,000  
$ 30.000       66,667       66,667  
$ 30.300       42,500       42,500  
$ 32.000       20,313       20,313  
$ 32.100       15,000       15,000  
$ 60.000       16,667       16,667  
$ 66.000       4,167       4,167  
$ 71.400       20,000       15,000  
$ 120.000       8,332       8,332  
          428,229       301,979