Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

v3.23.1
Stock Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:

 

    2022     2021  
             
Expected dividend yield     0 %     0 %
Weighted-average expected volatility     137-150 %     146-149 %
Weighted-average risk-free interest rate     1.28-3.09 %     1.29-1.48 %
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, 2022:

 

   

Number of

Options

     Weighted Average Exercise Price     Weighted Average Contractual Term (In Years)     Aggregate Intrinsic Value  
Outstanding at December 31, 2021     112,074     $ 57.04       7.99     $ 2,773  
Forfeited     (22,192 )     47.98       -       -  
Granted     49,208       20.26       -       -  
Exercised     -       -       -       -  
Outstanding at December 31, 2022     139,090     $ 41.49       7.85     $ -  
Exercisable at December 31, 2022     118,236     $ 45.54       6.43     $ -  
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, 2022 and 2021:

 

    2022     2021  
Weighted average grant date fair value of stock options granted per share   $ 19.44     $ 0.99  
Intrinsic value of stock options exercised   $ —     $ 117,211  
Grant date fair value of stock options that vested   $ 9,395     $ 1,775,810