STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-based compensation related to all stock-based incentive plans is presented in the following table:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Components of stock-based compensation:
Stock-based compensation	$	1,358,391	$	833,509	$	3,714,477	$	1,851,805
Stock-based compensation forfeitures	(7,888)		—		(858,651)		—
Stock-based compensation, net of forfeitures	$	1,350,503	$	833,509	$	2,855,826	$	1,851,805
Presentation of stock-based compensation in the unaudited consolidated financial statements:
Exploration and mine development costs	$	131,382	$	336,375	$	133,382	$	730,316
General and administrative expenses	1,129,146		497,134		2,510,051		1,121,489
Stock-based compensation expense, net of forfeitures(1)	1,260,528		833,509		2,643,433		1,851,805
Capitalized stock-based compensation(2)	89,975		—		212,393		—
Stock-based compensation, net of forfeitures	$	1,350,503	$	833,509	$	2,855,826	$	1,851,805

__________________________

(1)For the three and nine months ended September 30, 2022 and 2021, we did not reflect a tax benefit associated with stock-based compensation expense in our consolidated statements of operations because we had a full tax valuation allowance in impacted jurisdictions during these periods. As such, the table above does not reflect the tax impacts of stock-based compensation expense.

(2)Capitalized stock-based compensation relates to direct labor costs associated with our Carolina Lithium and Tennessee Lithium projects and is included in “Property, plant and mine development, net” in our consolidated balance sheets.

Share-Based Payment Arrangement, Activity

A summary of activity relating to our share-based awards is presented in the following table:

	2022			2021
	Stock Option Awards	Restricted Stock Units	Performance Rights Awards	Stock Option Awards	Restricted Stock Units	Performance Rights Awards
January 1	272,504	51,277	30,000	443,694	—	65,000
Granted	135,957	17,437	29,120	50,000	—	—
Exercised, surrendered or vested	(15,000)	(14,285)	—	(18,906)	—	—
Forfeited or expired	(19,458)	(17,209)	—	—	—	—
March 31	374,003	37,220	59,120	474,788	—	65,000
Granted	58,949	7,972	10,348	33,004	36,745	—
Exercised, surrendered or vested	(37,500)	(9,219)	—	(115,288)	—	(5,000)
Forfeited or expired	(719)	—	—	—	—	—
June 30	394,733	35,973	69,468	392,504	36,745	60,000
Granted	—	3,255	10,000	—	—	—
Exercised, surrendered or vested	(36,250)	(1,250)	—	(120,000)	—	—
Forfeited or expired	—	(561)	—	—	—	—
September 30	358,483	37,417	79,468	272,504	36,745	60,000