Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
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 related to the issuance of stock option awards in the following line items in the accompanying consolidated statements of operations:

 

    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:

 

    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  
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 years ended December 31, 2022, and 2021, respectively:

 

    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 %