Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

A summary of the Company’s outstanding stock option activity for the three months ended June 30, 2022, and 2021 is as follows:

				June 30, 2022
				Weighted- Average		Weighted- Average Remaining Contractual Life		Intrinsic
	Options			Exercise Price		(Years)		Value
As of December 31, 2021		833,892		$	3.91		8.7		87,553
Granted		357,000			0.45		10.0		-
Exercised		-			-		-		-
Forfeited		-			-		-		-
Expired		(3	)		139,237.86		-		-
As of June 30, 2022		1,190,889		$	2.38		8.6	$	-
Exercisable at June 30, 2022		462,229		$	5.22		8.1	$	-
Vested and expected to vest at June 30, 2022		1,117,329		$	2.47		8.6	$	-

			June 30, 2021
			Weighted- Average		Weighted- Average Remaining Contractual Life		Intrinsic
	Options		Exercise Price		(Years)		Value
As of December 31, 2020		465,393	$	5.53		9.3		-
Granted		368,500		1.93		10.0		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Expired		-		-		-		-
As of June 30, 2021		833,893	$	3.98		9.2	$	743,089
Exercisable at June 30, 2021		376	$	6,977.42		3.8	$	-
Vested and expected to vest at June 30, 2021		833,893	$	3.98		9.2	$	743,089

The Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility of the Company. The expected term was contractual life of option. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees and non-employees during the six months ended June 30, 2022. During the six months ended June 30, 2022, the Company granted stock options with an estimated fair value of approximately $0.2 million.

	June 30, 2022
Weighted-average risk-free interest rate		1.70	%
Weighted-average expected life (in years)		5.5
Expected dividend yield		-	%
Weighted-average expected volatility		131.1	%

Of the 357,000 options granted during the six months ended June 30, 2022, 60,000 were to non-executive members of the board of directors. Of the 1,190,889 options outstanding as of June 30, 2022, 355,000 were awarded to non-executive members of the board of directors.

Unrecognized stock-based compensation as of June 30, 2022, is as follows (in thousands):

			Weighted Average
	Unrecognized Stock-Based		Remaining of Recognition
	Compensation		(in years)
Stock options	$	515		1.7
Stock grants	$	38		1.9