Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

12. Stockholders’ Equity

Preferred Stock – Our authorized preferred stock consists of 10,000,000 shares of preferred stock with a par value of $0.001, of which no shares have been issued or are outstanding.

Common Stock – Our authorized common stock consists of 200,000,000 shares of common stock with a par value of $0.001, of which 19,117,173 and 19,045,988 shares were issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

Employee Stock Purchase Plan – On September 17, 2014, our stockholders approved our 2014 Employee Stock Purchase Plan (as amended, the “ESPP”). On May 16, 2022, we issued 17,720 shares to employees for $76,666 under our ESPP for options that vested and were exercised. We recorded expense of $41,031 and $16,934 related to the ESPP for the six months ended June 30, 2022 and 2021, respectively.

Warrants – The following table summarizes the warrants issued and outstanding as of June 30, 2022:

Warrants Issued and Outstanding as of June 30, 2022
	Date of		Exercise		Shares of
Description	Issuance	Expiration			Common Stock
Exercisable Warrants	10/19/2020	3/19/2028	$	1.50		500,000
Exercisable Warrants	10/19/2021	3/19/2028	$	1.50		350,000
Total warrants issued and outstanding						850,000

Stock Options – We recorded stock option expense of $379,168 and $408,130 for the six months ended June 30, 2022 and 2021, respectively. The following table summarizes the stock option activity for the six months ended June 30, 2022:

	Stock Options
					Weighted-
				Exercise	Average
	Number			Price Per	Exercise Price
	of Shares			Share	Per Share
Outstanding at December 31, 2021		3,280,585		$1.17 — $23.20	$	2.87
Granted		276,389		$4.09  — $7.20	$	5.26
Exercised		(53,465	)	$1.51  — $3.98	$	1.73
Cancelled/Forfeited		(8,001	)	$1.94  — $3.98	$	2.12
Outstanding at June 30, 2022		3,495,508		$1.17 — $23.20	$	3.08

Deferred Stock Units – Effective September 1, 2019, nonemployee directors can elect to receive all or a portion of their annual retainers in the form of deferred stock units (“DSUs”). The DSUs are recognized at their fair value on the date of grant. Each DSU represents the right to receive one share of our common stock following the completion of a director’s service. During the six months ended June 30, 2022, we granted 3,610 DSUs and recorded director compensation expense of $19,280 related to the grants. In addition, during the six months ended June 30, 2022 we granted 8,170 DSUs to executive employees and recorded compensation expense of $146,053, which includes an accrual of anticipated bonus expense to be paid in DSUs for certain executive employees. During the six months ended June 30, 2021, we granted 64,698 DSUs and recorded director compensation expense of $271,124 related to the grants. In addition, during the six months ended June 30, 2021, we granted 13,333 DSUs to executive employees and recorded compensation expense of $119,812. We had 209,925 and 198,145 DSUs outstanding at June 30, 2022 and December 31, 2021, respectively.