Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

Stock Options

The 2015 Omnibus Incentive Plan provides for the issuance of stock options, stock appreciation rights, performance shares,

performance units, restricted stock, restricted stock units, shares of our common stock, dividend equivalent units, incentive cash

awards or other awards based on our common stock. Awards may be granted alone or in addition to, in tandem with, or (subject to the

2015 Omnibus Incentive Plan’s prohibitions on repricing) in substitution for any other award (or any other award granted under

another plan of ours or of any of our affiliates).

The following is a summary of the stock option plan activity during the Three Months ended March 31, 2022 and 2021:

	2022				2021
	Number of		Weighted Average		Number of		Weighted Average
	Options		Exercise Price		Options		Exercise Price
Options Outstanding at Beginning of the year		3,956,827	$	6.22		3,860	$	302.55
Granted		-		-		-		-
Exercised		-		-		-		-
Adjustment		-		-		-		-
Forfeited		-		-		-		-
Options Outstanding at March 31,		3,956,827	$	6.22		3,860	$	302.55
Options Exercisable at March 31,		3,760	$	293.95		3,193	$	320.00

Stock compensation expense recognized for the Three Months ended March 31, 2022 and 2021 was approximately $ 3,318 thousand and $nil. thousand, respectively. There was $13.5 million of unrecognized compensation cost associated with unvested stock options as of March 31, 2022.

The aggregate intrinsic value of the outstanding common stock options as of March 31, 2022 and December 31, 2021 was approximately $0 and $0, respectively.

Stock Issuance

In the year ended December 31, 2021, the Company issued 73,940 shares to management as part of their employment contracts of which $229,500 was expensed. The shares were physically issued in February 2022.

The Company issued 200,000 shares on November 4, 2021 pursuant to an agreement that is for one year with two vendors who provide consulting in the blockchain and crypto currency field.  The total fair value of the stock at the time of issuance was approximately $1,318,000 of which we expensed $329,500 for the Three Months ended March 31, 2022.

Warrants

The following is a summary of the warrant activity during the Three Months ended March 31, 2022 and 2021:

	2022				2021
	Number of		Weighted Average		Number of		Weighted Average
	Warrants		Exercise Price		Warrants		Exercise Price
Warrants Outstanding at Beginning of the year		7,702,441	$	5.00		2,718,012	$	4.20
Granted		-		-		-		-
Exercised		-		-		(2,326,112)		4.08
Warrants Outstanding at March 31,		7,702,441	$	5.00		391,900	$	4.35

During the Three Months ended March 31, 2021, the Company received approximately $9.5 million upon the exercise by warrant holders of warrants for approximately 2.3 million shares.  There was also a cashless warrant exercise for approximately 129,800 shares on January 29, 2021. The aggregate intrinsic value of the outstanding common stock warrants as of March 31, 2022 and December 31, 2021 was approximately $0 and $177,000 respectively.