STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| 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:
SUMMARY
OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
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 |
|
|
The
Company has recorded stock-based compensation expense related to the issuance of stock option awards in the following line items in the
accompanying consolidated statements of operations:
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Research and development |
|
$ |
7,832 |
|
|
$ |
25,262 |
|
| Selling, general and administrative |
|
|
240,760 |
|
|
|
17,750 |
|
| Total stock-based compensation expense |
|
$ |
248,592 |
|
|
$ |
43,012 |
|
|
| SUMMARY OF OPTION ACTIVITY |
The
following table summarizes stock option activity under the Plan:
SUMMARY
OF OPTION ACTIVITY
| |
|
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 |
|
|
The
following table summarizes stock option activity under the Plan:
SUMMARY OF OPTION ACTIVITY
| |
|
Number of
options |
|
|
Weighted-
average
exercise price |
|
|
Weighted-
average
remaining
contractual
term (in years) |
|
|
Aggregate
intrinsic value |
|
| Outstanding at December 31, 2020 |
|
|
824,104 |
|
|
$ |
4.10 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
79,273 |
|
|
|
5.49 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(24,997 |
) |
|
|
7.70 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2021 |
|
|
878,380 |
|
|
$ |
4.12 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
7,142 |
|
|
|
4.20 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(64,848 |
) |
|
|
1.16 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(14,282 |
) |
|
|
5.95 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2022 |
|
|
806,392 |
|
|
$ |
4.33 |
|
|
|
4.0 |
|
|
$ |
164,255 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested and exercisable at December 31, 2022 |
|
|
800,838 |
|
|
$ |
4.31 |
|
|
|
4.0 |
|
|
$ |
164,255 |
|
|
| SUMMARY OF RESTRICTED STOCK AWARD |
The
following table summarizes restricted stock award activity under the Plan:
SUMMARY
OF RESTRICTED STOCK AWARD
| |
|
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:
SCHEDULE
OF FAIR VALUE ASSUMPTIONS
| |
|
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 |
% |
|
The
following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued
during the years ended December 31, 2022, and 2021, respectively:
SCHEDULE OF FAIR VALUE ASSUMPTIONS
| |
|
2022 |
|
|
2021 |
|
| Fair value of Common Stock |
|
$ |
4.62 |
|
|
$ |
3.79 |
|
| Volatility |
|
|
63.9 |
% |
|
|
72.8 |
% |
| Expected term (years) |
|
|
6.0 |
|
|
|
6.1 |
|
| Risk-free interest rate |
|
|
2.20 |
% |
|
|
1.14 |
% |
| Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|