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]  
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 restricted stock awards in the following line items in the accompanying condensed consolidated statement of operations:

 

 

    2023     2022     2023     2022  
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2023     2022     2023     2022  
                         
Research and development   $ 10,620     $ 2,363     $ 21,889     $ 7,860  
General and administrative     159,634       24,322       305,979       124,872  
Total stock-based compensation expense   $ 170,255     $ 26,685     $ 327,868     $ 132,732  
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 June 30, 2023     806,392     $ 4.33       3.8     $ 271,298  
                                 
Vested and exercisable at June 30, 2023     803,813     $ 4.32       3.7     $ 271,298  
SUMMARY OF RESTRICTED STOCK AWARD

The following table summarizes restricted stock award activity under the Plan:

 

 

    Number of restricted stock awards (RSA)     Weighted-average grant price     FMV on grant date     Vested number of RSA     Unvested number of RSA  
Balance at December 31, 2022     114,920     $ 3.56     $ 409,437       32,008       82,912  
Granted     219,812       1.82       401,079       174,043          
Forfeited     —       —       —       —       —  
Balance at June 30, 2023     806,392     $ 4.33     $ 810,517       206,051       128,681  

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 six months ended June 30, 2022. No stock options have been issued during the six months ended June 30, 2023:

 

 

    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 %