4. Stock-based Compensation

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

 Schedule of Stock Based Compensation Expenses Recognized

The following table summarizes the stock option activity during the nine months ended September 30, 2022:

 Summary of Stock Option Activity

Total unrecognized compensation cost related to unvested stock options was $517,724 as of September 30, 2022 and is expected to be recognized over a weighted-average period of less than two years.

On February 25, 2022, the Company held its reconvened 2020 Annual Meeting. At the reconvened 2020Annual Meeting, the shareholders of the Company approved and ratified the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) which is a successor to the Company’s 2012 Equity Incentive Plan (the “2012 Plan”).The 2021 Plan provides the aggregate number of shares of Common Stock that may be issued under the 2021 Plan will not exceed the sum of (i) 10,000,000 new shares, (ii) the number of shares remaining available for the grant of new awards under the 2012 Plan as of immediately prior to the effective date of the 2021 Plan, and (iii) certain shares subject to outstanding awards granted under the 2012 Plan that may become available for issuance under the 2021 Plan, as such shares become available from time to time. As of September 30, 2022, 9,877,306 shares of common stock are available for future awards under the 2021 Plan.

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 2021 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 2021 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 2021 Plan.