Note 11. Stock Options

A summary of options granted and outstanding is presented below:

Schedule of Stock Options Granted and Outstanding

During the nine months ended September 30 2022, the Company issued 367,500 stock options at exercise prices ranging from $1.08 to $4.25. As of September 30, 2022 there was $680,881 of unrecognized stock-based compensation related to unvested stock options, which is expected to be recognized over a weighted-average period of thirty seven months.

The following table summarizes information about options outstanding at September 30, 2022:

Schedule of Information About Options Outstanding 

For the three months ended September 30, 2022 and 2021, the Company recognized stock-based compensation expense of $287,298, of which $264,269 and $23,029 was recorded in general and administrative and research and development expenses, respectively and $606,315 in 2021, of which $573,911 and $32,404 was recorded in general and administrative and research and development expenses, respectively.

For the nine months ended September 30, 2022 and 2021, the Company recognized stock-based compensation expense of $876,851, of which $803,640 and $73,211 was recorded in general and administrative and research and development expenses, respectively and $932,722 in 2021, of which $838,442 and $94,280 was recorded in general and administrative and research and development expenses, respectively. Further, for the three and nine months ended September 30, 2022, the Company recorded stock-based charges of $19,534 and $60,435, respectively, relating to an Acquisition. (See Note 5)

The fair value of stock option awards accounted for under ASC 718 was estimated at the date of grant using the Black-Scholes option-pricing model.