Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.22.1
Stock Options
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Options

Note 9. Stock Options

 

A summary of options granted and outstanding is presented below.

 

    March 31, 2022  
    Shares     Weighted
Average
Exercise
Price		  
Outstanding at Beginning of year     1,137,479     $ 5.18  
                 
Outstanding at end of period     1,137,479     $ 5.18  
                 
Exercisable at end of period     936,905     $ 4.94  

 

As of March 31, 2022 there was $932,530 of unrecognized stock-based compensation related to unvested stock options, which is expected to be recognized over a weighted-average period of 34 months.

 

The following table summarizes information about options outstanding at March 31, 2022:

 

Exercise
Prices		     Shares
Outstanding		     Weighted Average
Remaining
Contractual Life		     Shares
Exercisable		  
$ 1.75       97,143     $ 1.00       97,143  
$ 2.80       155,714     $ 1.30       155,714  
$ 4.38       344,286     $ 3.00       291,223  
$ 7.00       540,336     $ 4.00       392,825  

 

For the three months ended March 31, 2022 and 2021, the Company recognized stock-based compensation expense of $223,947, of which $213,635 and $10,312 was recorded in general and administrative and research and development expenses, respectively and $189,237, of which $137,673 and $51,564 was recorded in general and administrative and research and development expenses, respectively. Further, for the three months ended March 31, 2022, the Company recorded stock-based charges relating to consideration for purchase of machinery of $63,512 (see Note 4) and $40,901 relating to an Acquisition (see Note 5).