Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

We maintain a stock-based compensation program intended to attract, retain and provide incentives for talented employees and directors and align stockholder and employee interests. During the 2022 and 2021 periods, we granted restricted stock units ("RSUs") from the 2017 Equity Compensation Plan, as amended (“2017 ECP”). RSU vesting periods are generally up to three years and/or achieving certain financial targets.

On January 1, 2022, in accordance with the plan provisions, the number of shares available for issuance under the 2017 ECP was increased by 150,000 shares. On June 16, 2022, our stockholders approved an amendment to the 2017 ECP increasing the number of shares of our common stock reserved for issuance by 15,000,000 shares. As of June 30, 2022, the total number of shares of our common stock reserved for issuance under the 2017 ECP was 24,550,000.

Compensation Expense

For the three and six months ended June 30, 2022, we recorded stock-based compensation expense for all equity incentive plans of $684,376 and $1,355,534, respectively. For the three and six months ended June 30, 2021, we recorded stock-based compensation expense for all equity incentive plans of $557,602 and $952,472, respectively. Total compensation cost not yet recognized at June 30, 2022 was $3,176,577, which will be recognized over a weighted-average recognition period of approximately three years.

The following table summarizes the stock grants outstanding under the 2017 ECP and the 2010 Equity Compensation Plan (“2010 ECP”) for the three months ended June 30, 2022:


	Options Outstanding	RSUs Outstanding	Options and RSUs Exercised	Available Shares	Total Awards Authorized
2017 ECP	—	5,133,340	4,160,798	15,255,862	24,550,000
2010 ECP (*)	1,500	—	5,011,511	—	5,013,011
Total	1,500	5,133,340	9,172,309	15,255,862	29,563,011

(*) Expired April 2020

The following table summarizes the activity of stock option awards under the 2010 ECP for the six months ended June 30, 2022:


	Shares Subject to Options Outstanding
	Number of Shares	Weighted Average Exercise Price
Outstanding, beginning of period	1,500	$	0.56
Stock options exercised	—	$	—
Stock options canceled	—	$	—
Outstanding, end of period	1,500	0.56
Exercisable, end of period	1,500	0.56

The following table summarizes the activities for our unvested RSUs for the six months ended June 30, 2022:


	Unvested RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding, beginning of period	3,960,001	$	1.33
Granted	2,750,000	$	0.40
Vested	(1,426,660)	$	1.34
Canceled	(150,001)	$	1.03
Outstanding, end of period	5,133,340	$	0.84