Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.22.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 6 - Stockholders’ Equity

 

Authorized Capital

 

The Company has authorized the issuance and sale of up to 185.0 million shares of stock, consisting of 180.0 million shares of common stock having a par value of $0.001 and 5.0 million shares of Preferred Stock having a par value of $0.001 per share. As of March 31, 2022 and December 31, 2021, there were no shares of Preferred Stock outstanding and there were no declared but unpaid dividends or undeclared dividend arrearages on any shares of the Company’s capital stock.

 

Stock Options

 

The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of March 31, 2022, there were 2.9 million shares remaining available for issuance under the 2011 Plan.

 

During the three months ended March 31, 2022, stock options to purchase 0.4 million shares of common stock were granted at an exercise price of $0.43 per share. The stock options have a term of ten years and are subject to vesting based on continuous service of the awardee over a period of four years. The stock options have an aggregate grant date fair value of $0.1 million.

 

During the three months ended March 31, 2022, stock options to purchase 30,208 shares of common stock expired, were cancelled and returned to the option pool for future issuance.

 

The Company recorded stock-based compensation as follows:

 

    For the Three Months
Ended March 31,		  
    2022     2021  
Research and development   $ 28,808     $ 57,102  
General and administrative     427,615       263,342  
Total   $ 456,423     $ 320,444  

 

The following table represents stock option activity for the three months ended March 31, 2022:

 

                Weighted Average  
    Stock Options     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2021     10,992,335       6,126,901     $ 1.71     $ 1.58     $ 1.58       6.27     $
-
  
Granted     375,000      
-
      
-
      
-
      
-
       -      
-
  
Exercised    
-
      
-
      
-
      
-
      
-
       -      
-
  
Cancelled     (30,208 )    
-
      
-
      
-
      
-
       -      
-
  
Balance – March 31, 2022     11,337,127       6,317,609     $ 1.67     $ 1.56     $ 1.56       6.27     $ 20,912  

 

The following table summarizes information on stock options outstanding and exercisable as of March 31, 2022:

 

Grant Price     Weighted
Average		  
   Total     Number     Weighted
Average
Remaining
Contractual
From     To     Exercise Price     Outstanding     Exercisable     Term
$ 0.26     $ 2.02     $ 1.17       8,356,377       3,149,818     7.83 years
$ 2.10     $ 4.60     $ 2.47       2,537,750       2,724,791     6.48 years
$ 5.30     $ 8.86     $ 6.44       443,000       443,000     6.10 years
                 
Totals
       11,337,127       6,317,609      

   

Warrants

 

During the three months ended March 31, 2022, warrants to purchase 0.2 million shares of common stock expired and were cancelled.

 

The following table summarizes information on warrants outstanding as of March 31, 2022:

 

                Weighted Average        
    Warrants     Exercise Price     Fair Value     Contractual
Life		     Aggregate
Intrinsic		  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     (Years)     Value  
Balance – December 31, 2021     35,634,075       35,629,908     $ 1.04     $ 1.04     $ 0.53       4.38     $
-
  
Granted    
-
      
-
      
-
      
-
      
-
       -      
-
  
Exercised    
-
      
-
      
-
      
-
      
-
       -      
-
  
Cancelled     (159,000 )    
-
      
-
      
-
      
-
       -      
-
  
Balance – March 31, 2022     35,475,075       35,475,075     $ 1.03     $ 1.03     $ 0.61       4.15     $ 43,042