4. Stock-based Compensation

The Company recognized stock-based compensation on all employee and non-employee awards as follows:

 

		For the Three Months Ended June 30, 2018				For the Three Months Ended June 30, 2017				For the Six Months Ended June 30, 2018				For the Six Months Ended June 30, 2017
Research and development		$	9,192			$	5,643			$	18,048			$	12,257
General and administrative			97,114				117,105				206,582				282,509
Total Stock based compensation		$	106,306			$	122,748			$	224,630			$	294,766

At our Annual Meeting of Shareholders held on June 22, 2018, our shareholders approved an amendment to our 2012 Equity Incentive Plan to increase the shares available for awards thereunder by 1,500,000 shares.

The Company granted 128,000 and 128,000 stock options, with a weighted-average grant date fair value of $1.52 and $1.52 per share, during three and six months ended June 30, 2018, respectively. The Company granted 105,600 and 105,600 stock options, with a weighted-average grant date fair value of $3.60 and $3.60 per share, during the three and six months ended June 30, 2017, respectively.

During the six months ended June 30, 2018, 116,199 stock options previously granted have vested and no stock options were forfeited and no stock options were exercised.

On June 22, 2018, in connection with, and in furtherance of, the non-employee director compensation program, the Board approved stock option awards in the amount of 14,000 to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, and Robert Koski under the Company’s 2012 Equity Incentive Plan at an exercise price of $1.52 per share, the closing price on June 22, 2018, the date of the grant.

Also, on June 22, 2018, and in connection with, and in furtherance of, the non-employee director compensation program, the Board approved the award of 4,000 restricted shares of the Company’s common stock to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, and Robert Koski under the Company’s 2012 Equity Incentive Plan. Pursuant to the terms of the award, the restricted shares were immediately vested.

In addition, on June 22, 2018, in connection with, and in furtherance of, the equity based award program, the Board approved stock option awards in the amount of 62,000 to management and 10,000 to staff under the Company’s 2012 Equity Incentive Plan at an exercise price of $1.52 per share, the closing price on June 22, 2018, the date of the grant.

On June 22, 2017, in connection with, and in furtherance of, the non-employee director compensation program, the Board approved stock option awards in the amount of 14,000 to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, and Robert Koski under the Company’s 2012 Equity Incentive Plan at an exercise price of $3.70 per share, the closing price on June 22, 2017, the date of the grant.

In addition, on June 22, 2017, in connection with, and in furtherance of, the new equity based award program, the Board approved stock option awards in the amount of 45,500 to management and 4,100 to staff under the Company’s 2012 Equity Incentive Plan at an exercise price of $3.70 per share, the closing price on June 22, 2017, the date of the grant.

 

On February 9, 2017, in connection with, and in furtherance of, the non-employee director compensation program, the Board approved the award of 4,000 restricted shares of the Company’s common stock to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, and Robert Koski under the Company’s 2012 Equity Incentive Plan, of which, 1,000 restricted shares vested at the end of each calendar quarter in 2017.

Each executive officer and non-employee director receiving equity based awards is subject to a minimum dollar value stock ownership holding requirement with respect to the awards received as well as all prior equity awards under the 2012 Equity Incentive Plan which requirements are intended to align the ability to sell shares with the performance of the Company’s stock price. The executive officer recipients each have a minimum dollar value stock ownership holding requirement threshold equal to two times (2x) their then base salaries below which dollar threshold they would be precluded from selling any shares of Company stock obtained from the Company under its 2012 Equity Incentive Plan. Also, the non-employee directors are each subject to a minimum dollar value stock ownership holding requirement threshold equal to six times the annual Board retainer ($270,000) below which dollar threshold they would be precluded from selling shares of Company stock acquired from the Company under its 2012 Equity Incentive Plan.