Note 14 - Stock Based Compensation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE

14:

STOCK BASED COMPENSATION

Stock Option and Incentive Plan

On

March 

24,

2020,

the Board of Directors approved the adoption of the

2020

Stock Incentive Plan (the

"2020

 Plan”) to provide for the grant of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. 

No

awards

may

be granted under the

2020

Plan after the date that is

10

years from the date of stockholder approval. An aggregate of

3,000,000

 shares were initially reserved for issuance in connection with awards granted under the

2020

 Plan and on

March 29, 2021

the Board of Directors approved adding

15,000,000

shares to the

2020

Plan, subject to stockholder approval.

The Company did

not

grant options to purchase shares of common stock during the

three

months ended

March 

31,

2021

 and

2020.

 There were

no

options exercised during the

three

 months ended

March 

31,

2021

 and

2020.

There are

670,000

 shares available for grant under the

2020

Plan as of

March 31, 2021.

Shares

may

no

longer be granted under the expired

2010

Stock Option and Incentive Plan (the

"2010

Plan").

Compensation costs associated with the Company's stock options are recognized, based on the grant-date fair values of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock-based compensation expense of

$639,751

 and

$687,752

 for the

three

 months ended

March 

31,

2021

 and

2020.

 Compensation cost is recognized in the following captions in the condensed consolidated statements of operations. 

	Three Months Ended March 31,
	2021		2020
General and administrative	$	449,944	$	483,000
Research and development		189,807		204,752
Total stock compensation expense	$	639,751	$	687,752

Options issued and outstanding as of

March 31, 2021,

under the

2020

and

2010

Plans and their activities during the

three

 months then ended are as follows:

	Number of Underlying Shares		Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2021		7,067,436	$	2.74		-	$
Granted		-		-		-
Exercised		-		-		-
Forfeited		-		-		-
Expired		-		-		-		-
Outstanding as of March 31, 2021		7,067,436		2.74		8.36	$	3,865,800
Exercisable as of March 31, 2021		5,108,435		3.05		8.09	$	2,943,244
Vested and expected to vest		7,067,436	$	2.74		8.36	$	3,865,800

At

March 

31,

2021,

there were

1,959,001

unvested options outstanding and the related unrecognized total compensation cost associated with these options was approximately

$2,656,735.

This expense is expected to be recognized over a weighted-average period of

1.62

 years.