Stockholders’ Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Share Based Payment Arrangement Options Activity |
The
following table summarizes stock option activity for the nine months ended September 30, 2023.
Share
Based Payment Arrangement Options Activity
| |
|
Options |
|
| Outstanding at December 31, 2021 |
|
|
6,246,466 |
|
| Granted |
|
|
1,375,000 |
|
| Exercised |
|
|
— |
|
Forfeited/canceled |
|
|
(330,623 |
) |
| Expired |
|
|
(599,627 |
) |
| Outstanding at December 31, 2022 |
|
|
6,691,216 |
|
| Granted |
|
|
2,645,000 |
|
| Exercised |
|
|
— |
|
| Forfeited/canceled |
|
|
(79,165 |
) |
| Expired |
|
|
(1,340,384 |
) |
| Outstanding at September 30, 2023 |
|
|
7,916,667 |
|
|
| Schedule of Stock Options Valuation Assumptions |
The
fair value of each stock option award was calculated on the date of the grant using the Black-Scholes option pricing model. The following
weighted average assumptions were used for the nine months ended September 30, 2023 and 2022.
Schedule
of Stock Options Valuation Assumptions
| |
|
Nine Months Ended |
|
| |
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Risk-free interest rate |
|
|
3.99 |
% |
|
|
2.47 |
% |
| Expected life (years) |
|
|
7.50 |
|
|
|
5.90 |
|
| Expected dividend yield |
|
|
— |
% |
|
|
— |
% |
| Expected volatility |
|
|
73.47 |
% |
|
|
69.23 |
% |
|
| Schedule of Restricted Stock Unit Activity |
The
following table summarizes restricted stock unit activity under our stock-based plans for the year ended December 31, 2022 and for the
nine months ended September 30, 2023:
Schedule
of Restricted Stock Unit Activity
| |
|
Shares |
|
| Outstanding at December 31, 2021 |
|
|
1,685,141 |
|
| Awarded |
|
|
244,792 |
|
| Released |
|
|
— |
|
| Canceled/forfeited/expired |
|
|
— |
|
| Outstanding at December 31, 2022 |
|
|
1,929,933 |
|
| Awarded |
|
|
243,048 |
|
| Released |
|
|
(545,012 |
) |
| Canceled/forfeited/expired |
|
|
— |
|
| Outstanding at September 30, 2023 |
|
|
1,627,969 |
|
| |
|
|
|
|
| Expected to vest at September 30, 2023 |
|
|
1,627,969 |
|
| Vested at September 30, 2023 |
|
|
1,526,405 |
|
| Unvested at September 30, 2023 |
|
|
— |
|
| Unrecognized expense at September 30, 2023 |
|
$ |
— |
|
|
| Schedule of Investor Warrants |
The
following table summarizes investor warrants as of September 30, 2023 and the years ended December 31, 2022 and 2021:
Schedule
of Investor Warrants
| |
|
Shares |
|
|
Weighted Average Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Term (Years) |
|
| Outstanding at December 31, 2021 |
|
|
3,246,690 |
|
|
$ |
2.26 |
|
|
|
3.59 |
|
| Granted |
|
|
6,089,398 |
|
|
$ |
— |
|
|
|
— |
|
| Exercised |
|
|
(3,188,190 |
) |
|
$ |
— |
|
|
|
— |
|
| Canceled/forfeited/expired |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
| Outstanding at December 31, 2022 |
|
|
6,147,898 |
|
|
$ |
1.45 |
|
|
|
2.27 |
|
| Granted |
|
|
5,715,697 |
|
|
$ |
— |
|
|
|
— |
|
| Exercised |
|
|
(5,548,463 |
) |
|
$ |
— |
|
|
|
— |
|
| Canceled/forfeited/expired |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
| Outstanding at September 30, 2023 |
|
|
6,315,132 |
|
|
$ |
1.62 |
|
|
|
2.50 |
|
|
| Share-Based Payment Arrangement, Option [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock-based Compensation Expense |
The
impact on our results of operations of recording stock-based compensation expense for the three and nine months ended September 30, 2023
and 2022 were as follows:
Schedule
of Stock-based Compensation Expense
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| General and administrative |
|
$ |
62,599 |
|
|
$ |
65,800 |
|
|
$ |
181,382 |
|
|
$ |
571,462 |
|
| Sales and marketing |
|
|
108,348 |
|
|
|
20,972 |
|
|
|
248,790 |
|
|
|
56,183 |
|
| Engineering, research, and development |
|
|
46,830 |
|
|
|
41,185 |
|
|
|
119,334 |
|
|
|
171,734 |
|
| Total |
|
$ |
217,777 |
|
|
$ |
127,957 |
|
|
$ |
549,506 |
|
|
$ |
799,379 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock-based Compensation Expense |
The
impact on our results of operations of recording stock-based compensation expense for restricted stock units for the three and nine months
ended September 30, 2023 and 2022 was as follows:
Schedule
of Stock-based Compensation Expense
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| General and administrative |
|
$ |
65,001 |
|
|
$ |
65,002 |
|
|
$ |
195,006 |
|
|
$ |
195,005 |
|
| Sales and marketing |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Total |
|
$ |
65,001 |
|
|
$ |
65,002 |
|
|
$ |
195,006 |
|
|
$ |
195,005 |
|
|