Note 6 - Stockholders’ Equity

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, 2020, there were 1,065,566 shares remaining available for issuance under the 2011 Plan.

During the three months ended March 31, 2020, the Company granted a stock option to an employee to purchase 125,000 shares of the Company’s common stock with a grant date price of $2.24 per share. The stock option has a term of ten years and is subject to vesting based on continuous service of the awardee over a four-year period. The stock option has an aggregate grant date fair value of $217,813.

During the three months ended March 31, 2020, stock options to purchase 71,981 shares of common stock were exercised for cash proceeds of $42,226.

The Company recorded stock-based compensation as follows:

The following table represents stock option activity for the three months ended March 31, 2020:

The following table summarizes information on stock options outstanding and exercisable as of March 31, 2020:

Warrants

The following table summarizes information on warrants outstanding as of March 31, 2020.