Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

v3.22.1
Stock Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Summary of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2021 and 2020:

 

    2021     2020  
Expected dividend yield     0 %     0 %
Weighted-average expected volatility     146-149 %     149-150 %
Weighted-average risk-free interest rate     1.29-1.48 %     0.61-1.66 %
Expected life of options     10 years       10 years  
Summary of Stock Option Activity

The following table represents stock option activity for the year ended December 31, 2021:

 

   

Number of

Options

     Weighted Average Exercise Price     Weighted Average Contractual Term (In Years)     Aggregate Intrinsic Value  
Outstanding at December 31, 2020     5,801,349     $ 0.90       8.52     $ 2,773  
Expired     (2,180 )     19.13                  
Forfeited     (638,227 )     1.20                  
Granted     2,320,000       1.01                  
Exercised     (756,540 )     0.48                  
Outstanding at December 31, 2021     6,724,402     $ 0.95       7.99     $ 2,773  
Exercisable at December 31, 2021     5,702,734     $ 0.97       7.80     $ 2,773  
Summary of Weighted Average Grant Fair Value of Stock Options

The following table summarizes the weighted average grant date fair value of stock options granted per share, the total intrinsic value of stock options exercised and the grant date fair value of stock options that vested during the years ended December 31, 2021 and 2020:

 

    2021     2020  
Weighted average grant date fair value of stock options granted per share   $ 0.99     $ 0.49  
Intrinsic value of stock options exercised   $ 117,211       —  
Grant date fair value of stock options that vested   $ 1,775,810     $ 1,212,483