Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.22.2.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 5 - Stockholders’ Equity

 

Authorized Capital

 

The Company has authorized the issuance and sale of up to 17.0 million shares of stock, consisting of 12.0 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 September 30, 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 September 30, 2022, there were 0.1 million shares remaining available for issuance under the 2011 Plan.

 

During the nine months ended September 30, 2022, stock options to purchase 19.4 thousand shares of common stock were granted at a weighted average exercise price of $10.42 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 $0.2 million.

During the nine months ended September 30, 2022, stock options to purchase 53.2 thousand shares of common stock with a weighted average exercise price of $56.39 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 September 30,		     For the Nine Months
Ended September 30,		  
    2022     2021     2022     2021  
Research and development   $ 17,639     $ 23,362     $ 64,048     $ 200,092  
General and administrative     372,423       658,473       1,217,393       1,759,745  
Total   $ 390,062     $ 681,835     $ 1,281,441     $ 1,959,837  

 

The following table represents stock option activity for the nine months ended September 30, 2022:

 

                Weighted Average        
    Stock Options     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2021     366,411       204,230     $ 51.30     $ 47.40     $ 47.40       6.27     $        -  
Granted     19,367       278       10.42       10.42       4.53       6.27       -  
Exercised     -       -       -       -       -       -       -  
Cancelled     (53,227 )     -       -       -       -       -       -  
Balance  – September 30, 2022     332,551       197,585     $ 49.08     $ 43.12     $ 43.12       6.27     $ -  

 

The following table summarizes information on stock options outstanding and exercisable as of September 30, 2022:

 

Grant Price     Weighted
Average
     Total     Number     Weighted
Average
Remaining
Contractual		  
From     To     Exercise Price     Outstanding     Exercisable     Term  
$ 6.00     $ 60.60     $ 34.41       270,963       138,680     7.46 years  
$ 63.00     $ 138.00     $ 82.13       46,821       44,138     5.46 years  
$ 159.00     $ 265.80     $ 193.28       14,767       14,767     5.60 years  
                  Totals       332,551       197,585                     

 

Warrants

During the nine months ended September 30, 2022, 9.6 thousand warrants to purchase 9.6 thousand shares of common stock at a weighted average exercise price of $114.33 expired and were cancelled.

 

                Weighted Average        
    Warrants     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2021     1,187,803       1,187,664     $ 31.35     $ 31.35     $ 15.90       4.38     $       -  
Granted     -       -       -       -       -       -       -  
Exercised     -       -       -       -       -       -       -  
Cancelled     (9,634 )     -       -       -       -       -       -  
Balance  – September 30, 2022     1,178,169       1,178,169     $ 30.67     $ 30.67     $ 17.83       3.66     $ -