Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS

The Company has recorded stock-based compensation expense (credit) related to the issuance of stock option awards in the following line items in the accompanying condensed consolidated statement of operations:

 

    2023     2022  
    Three Months Ended
March 31,		  
    2023     2022  
             
Research and development   $ 11,268     $ 4,643  
General and administrative     146,345       101,404  
Total stock-based compensation expense   $ 157,613     $ 106,047  
SUMMARY OF OPTION ACTIVITY

The following table summarizes stock option activity under the Plan:

 

    Number of
options		     Weighted-average
exercise price		     Weighted-average
remaining
contractual term
(in years)		     Aggregate
intrinsic value		  
Outstanding at December 31, 2022     806,392     $ 4.33                  
Granted     —       —                  
Exercised     —       —                  
Forfeited     —       —                  
Outstanding at March 31, 2023     806,392     $ 4.33       3.8     $ 271,298  
                                 
Vested and exercisable at March 31, 2023     803,218     $ 4.31       3.7     $ 271,298  
SCHEDULE OF FAIR VALUE ASSUMPTIONS

The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during the three months ended March 31, 2022:

 

    2022  
Fair value of Common Stock   $ 4.62  
Volatility     63.9 %
Expected term (years)     6.0  
Risk-free interest rate     2.20 %
Dividend yield     0 %